Morocco is set to take a significant step in managing crypto-assets by establishing a legal framework aimed at regulating their use while promoting financial innovation. This initiative, led by Abdellatif Jouahri, Governor of Bank Al-Maghrib (BAM), aligns with G20 recommendations and seeks to mitigate financial risks associated with these digital assets.
Following the BAM council meeting, Jouahri emphasized that the framework is not intended to stifle the opportunities presented by crypto-assets but to responsibly harness their potential. This framework will be developed with the support of the International Monetary Fund (IMF), the World Bank, and various national and international partners.
Morocco’s strategy is thoughtful, moving away from the stringent bans adopted by some countries. Since the 2017 cryptocurrency ban, Morocco is transitioning towards a tailored regulation that balances security with modernization, aligning its legal framework with global standards, particularly those of the Financial Stability Board (FSB) and the G20. The involvement of these entities strengthens the credibility of the approach and positions Rabat as a pioneer among emerging economies.
This regulatory framework is expected to have significant impacts, both nationally and internationally. Morocco, ranked 13th globally for Bitcoin usage according to a 2023 Insider Monkey study, shows a growing demand for cryptocurrencies. Key opportunities presented by this framework include the forthcoming introduction of a central bank digital currency (CBDC), dubbed “e-Dirham,” and the modernization of financial transactions, especially for small businesses involved in international trade.
