Adoption of Crypto by Moroccan Residents is Now Inevitable
Morocco's Central Bank has announced that a draft law governing cryptocurrency is now ready.
The draft bill includes a Moroccan-specific definition of cryptocurrency.
As per recent reports, the number of cryptocurrency holders in the country reached 1.5 million by 2022.
The fallout of the Terra Luna ecosystem,
as well as the bankruptcy filings of multiple exchanges, has heightened the necessity of adopting a crypto regulation to safeguard crypto investors from potential risks.
As CoinGabbar previously reported, governments around the world are adopting or drafting a framework for regulating cryptocurrencies. In line with this, the governor of a North American country's central bank announced that the country's crypto draft law is now ready.
Last week, the governor of Morocco’s Central bank, Bank Al-Maghrib (BAM), announced that the country's draft crypto law is ready and will soon be presented to stakeholders. On the development, the governor noted,
“For cryptocurrencies, I can promise you that the project is ready. To make it happen, we collaborated with the World Bank and a consultant. The various chapters have been completed. We are now in discussions with the different stakeholders. It is lengthy, but necessary in order for everyone to stay on track with this project.”
Morocco, a country in North America, currently has no way of acquiring bitcoin or any other cryptocurrency. This is due to the ban and a lack of business ventures in the cryptocurrency space in Morocco. Experts believe that the announcement may represent a sign of relief for Morocco's crypto community.
Morocco’s Crypto Draft Law
Speaking at a press conference following the BAM's fourth annual meeting, the central bank governor, Abdellatif Jouahiri, stated that the Moroccan central bank will shortly begin a series of discussions with multiple stakeholders in the ecosystem.
BAM will notably enter into talks with Morocco's capital market and insurance regulators, including the Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority, and the Social Security Authority (ACAPS).
In addition, the draft law will provide a definition for cryptocurrency that is tailored to the Moroccan context. The governor added that the legislation does not seek to limit innovation but rather to protect individuals from the risks associated with dealing in the highly speculative market.
Conclusion
By announcing the development, Morocco joins other North American countries in regulating cryptocurrencies. The measure will undoubtedly assist citizens, who are currently trading in cryptocurrency via overseas markets.
The law will also allow crypto exchanges to establish themselves in the country, making things easier and safer for the country's crypto enthusiasts. Meanwhile, as per recent reports, the number of cryptocurrency holders in the country reached 1.5 million by 2022. And by proposing such regulations, the numbers may rise in the future.
What are your thoughts on the development? Will the draft crypto bill increase the country's crypto holdings? Please share your valuable thoughts in the comment section below.
