Morocco is preparing to present its newly drafted cryptocurrency bill to interested and concerned regulatory bodies before implementation.
Final Stage Of Bill Concluded
In 2022, Morocco sought help from the World Bank on how to proceed with cryptocurrency regulation for its country. Fast forward to 2023, this measure is already in place and ready to be implemented after passing through required regulatory bodies.
Abdellatif Jouahiri, governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), announced the approval of this cryptocurrency regulatory bill, which has been in the works since early 2022.
The governor claims in an interview that the main objective of the bill is to safeguard investors from hazardous investments and bad actors in the cryptocurrency industry.
Jouahiri buttressed on this move with details of how BAM processed the bill and other follow-up conversations with officials and legislators.
He stated that efforts were made in conjunction with the World Bank and BAM to make this a reality in order to stabilize the cryptocurrency market, and that step has now been completed.
As we go on to the next phase, there are continuing interactions between the various stakeholders, which is essential to ensure that everyone adheres to the project at hand.
Morocco is likewise getting ready to utilize cryptocurrency on a large scale in its country.
According to Morocco’s news media, BAM will also consult with Morocco Capital Market Authority and other regulatory bodies such as Social Security on the issue of this measure before putting it into law and implementing it.
Early Stage Of This Bill Drafting
During the early stages of this regulatory push, BAM met with the IMF and World Bank to examine the subject of crypto risks and hazards, as well as possible regulations to address these issues.
BAM was also said to have formed a committee to oversee the central bank’s Digital currency laws in 2022.
The response from Moroccan residents was tremendous and encouraging, with the majority following these restrictions while using cryptocurrencies in their daily operations.
According to BAM, reports suggested that crypto adoption by local exchanges was unavoidable, and in order to keep this under control, the country moved to implement and establish rules to regulate their operations in the field.
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