• Morocco is ready to introduce its crypto regulatory bill after collaboration with the International Monetary Fund, World Bank, Moroccan Capital Markets Authority, and Insurance Supervisory Authority and Social Security.
• Governor of Moroccan Central Bank, Bank Al-Maghrib, Abdellatif Jouahiri, has stated that the bill is ready and the country might see it released “in the following days.”
• After a series of numerous discussions, the bill is in its final stages and is being discussed with the different stakeholders.
Morocco is preparing to introduce its crypto regulatory bill in the coming days. This news comes after a series of numerous discussions and collaboration with the International Monetary Fund, World Bank, Moroccan Capital Markets Authority, and Insurance Supervisory Authority and Social Security.
The Governor of Moroccan Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, has stated that the project is ready and is now in the discussion stage with the different stakeholders. According to Jouahiri, this discussion is necessary to allow everyone to adhere to the project and make the most out of it. He further stated that the different chapters of the bill are completed and the bill is in its final stages.
The bill is being considered by the Moroccan capital market and insurance watchdogs, namely the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS). Once the bill is finalized and approved, Morocco will become the first North African country to regulate the digital currency.
The final bill will include the regulation of crypto assets, how to report and keep records of crypto transactions, and the taxation of digital currencies. It will also address the issue of money laundering and other financial crimes using digital currencies.
As of now, there is no specific timeline for the release of the crypto regulatory bill, however, the authorities have assured that it will be released soon. This will be a major milestone for the African country, as it will become the first North African country to regulate digital currencies. With the introduction of this bill, it is expected that more cryptocurrency exchanges and businesses will enter the country and the crypto sector will witness an upsurge.