Morocco’s Central Bank Will Launch A Bill Regulating Cryptocurrency

Morocco’s Central Bank Will Launch A Bill Regulating Cryptocurrency

A bill establishing a framework for cryptocurrency regulation is now being developed by the Morocco’s central bank, and its governor, Abdellatif Jouahri, expects it to be submitted shortly. The regulatory framework under development will lead to an update of Morocco’s anti-money laundering and counter-terrorism funding laws.

According to reports, Bank Al-Maghrib (BAM) governor Abdellatif Jouahri is working with a committee of the Moroccan central bank to establish an acceptable regulatory framework for cryptocurrencies. The governor also disclosed that his agency has consulted with the World Bank and the International Monetary Fund (IMF) on the standards that would be used.

The central banks of France, Sweden, and Switzerland, as well as two international financial organizations, were in discussions with the central bank of Morocco in March. According to the central bank, the discussions at the time were centered on the best methods for regulating cryptocurrency.

The proposed regulatory framework for cryptocurrencies by BAM, according to a Mapnews story, is anticipated to strike a balance between the need to promote innovation and the welfare of consumers.

Jouhari stated that the framework under development will strengthen Morocco’s money laundering and anti-terrorism funding legislation in addition to addressing difficulties with the regulation of cryptocurrencies.

Although the central bank has previously acknowledged that Moroccans are likely to adopt cryptocurrencies, BAM has regularly issued warnings about the hazards connected with cryptocurrency use, together with the Ministry of Finance and the Moroccan Capital Market Authority.

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