Abdellatif Jouahri, Governor of Morocco’s central bank, Bank Al-Maghrib, announced on Tuesday that a draft law regulating cryptocurrencies is undergoing adoption.
The draft law will seek to clarify and oversee cryptocurrency activities in Morocco, balancing innovation with financial stability and consumer protection. Jouahri emphasized that the central bank has been working on the legislation in consultation with international stakeholders, including the International Monetary Fund (IMF) and the World Bank, to align it with global standards.
The proposed legislation aims to create a legal framework for digital assets, marking a significant development for a country that has historically restricted cryptocurrency use. In 2017, Morocco’s foreign exchange authority, the Office des Changes, banned cryptocurrency transactions, citing fraud risks, money laundering, and terrorism financing. Violations of this ban were subject to severe…
