Morocco is working on a regulatory framework to manage the crypto market, joining the list of nations that aspire to oversee the crypto business legally.
The Bank Al-Maghrib (BAM), the country’s central bank, is working with international financial institutions to establish a crypto regulatory vision.
According to Abdellatif Jouahri, governor of BAM, they have worked with the IMF and World Bank to establish precise criteria.
However, the IMF has played an important role in urging governments to regulate the crypto industry while warning about the risks of legalising assets like Bitcoin. The IMF has lobbied El Salvador to remove Bitcoin as legal tender, claiming that the move will harm the country’s economy.
Protecting the interests of consumers
Rather than outright outlawing cryptocurrencies, the new rules seem to encourage innovations in the sector while still preserving the interests of consumers. Morocco’s policymakers want to alleviate the country’s issues by cracking down on money laundering and terrorist funding.
Previously, BAM’s governor Abdul Latif Al Jawhari said that implementing cryptocurrency in the nation was a question of “when” rather than “if.” “
“Currently, we cannot adopt cryptocurrencies given the lack of regulatory and legislative frameworks both nationally and internationally. The G20 and many countries stress the importance of having a crypto regulatory framework as well as a regulatory framework for CBDCs (Central Bank Digital Currencies),” said Jawhari.
According to a recent news release, Bitcoin and other cryptocurrencies have been more popular in China in recent years. However, users should be aware of the hazards linked with the crypto sector.
It’s interesting to note that despite the country’s 2017 ban on Bitcoin trading, the asset’s appeal has risen in tandem with its rising price. Due to the gaining popularity, the administration could no longer ignore the issue.
The nation ranked fourth in Africa’s crypto trading volume by 2021, after Nigeria, South Africa, and Kenya.
