Morocco could see its first crypto bill presented “in the following days”. The document is already drafted by the Central Bank and will be discussed with the players in the sector.
On January 3, during the press conference, the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, announced a series of discussions between BAM and market participants. Regulators, such as the Moroccan Capital Markets Authority (AMMC), and the Insurance and Social Security Supervisory Authority (ACAPS), will also participate. It will precede the implementation of the law on cryptocurrency.
According to him, the BAM collaborated with the International Monetary Fund and the World Bank during the development of the document. Earlier reports claim that Moroccan officials have also contacted the central banks of France, Sweden, and Switzerland to study their experience in regulating digital assets.
The project will propose a definition of crypto, “adapted to the Moroccan context, ” aiming to protect individuals while not limiting innovation. Although the details of the bill have yet to be revealed, it could hardly be more restrictive than current legislation, which completely bans crypto trading.
In 2022, Morocco became the fastest-growing crypto market in North Africa, growing from 2.4% of the population owning digital assets in 2021 to 3.1% a year later. In 2020, Soluna deployed the first blockchain-powered wind farm in Dakhla, the southern and windiest district of Morocco. Surplus energy from this farm powers cryptocurrency mining operations.
