The Moroccan central bank is all set to introduce the crypto regulation bill in the Moroccan Parliament soon. The proposed bill will offer a framework for crypto regulation to strike a balance between consumer welfare and technological innovation in the nation. The governor of the Moroccan central bank, Abdellatif Jouahri, devised the crypto regulatory framework. He revealed that the framework would be unveiled soon. The proposed regulatory framework will provide an update of existing Morocco’s anti-money laundering and counter-terrorism financing laws.
Binance CEO Changpeng Zhao has also praised the Moroccan crypto regulation bill, stating that not everyone can be first, but no one wants to be last. He tweeted on June 28:
Just remember, adoption growth curve is exponential.
No one wants to be first, even fewer can afford to be last.
» Report: Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon https://t.co/vYwivtLhXR
— CZ 🔶 Binance (@cz_binance) June 28, 2022
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 BAM governor also revealed that his bank and the Moroccan central bank had discussions regarding the applicable crypto regulation standards with the International Monetary Fund (IMF), World Bank, and the central banks of Sweden, Switzerland, and France. The goal of these discussions was for the Moroccan central bank to establish the best regulatory strategy for the nation.
The governor of the Moroccan central bank, Abdul Latif Al Jawhari, initially discussed the Moroccan government’s plans for crypto regulation on March 23. At that time, the CBM governor acknowledged that Moroccans would eventually adopt cryptocurrencies. However, he insists that this shouldn’t happen until a regulatory framework is in place.
He explained:
“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 central bank digital currencies [CBDC].”
According to a Mapnews story, the proposed regulatory framework for cryptocurrencies by BAM is anticipated to find a balance between the need to promote innovation and the welfare of customers. Jouhari stated that the proposed framework will strengthen Morocco’s money laundering and anti-terrorism financing legislation in addition to addressing difficulties with the regulation of cryptocurrencies.
Morocco has recently emerged as the most prominent peer-to-peer crypto trading market in North Africa, which has forced the government to introduce crypto regulation in the nation as soon as possible. Although the crypto regulatory framework is almost ready. Together with the Moroccan Capital Market Authority and the Ministry of Finance, BAM has often issued alerts regarding the risks associated with crypto usage.
