Abdellatif Jouahiri, Governor of the Central Bank of Morocco, has declared that the nation’s cryptocurrency legal guidelines have been completed and will soon be made available for consultation.
The aim of the new law would be to protect investors from the potential hazards of investing and trading digital assets.
The Central Bank of Morocco has sought advice from the International Monetary Fund and the World Bank on the most effective methods for cryptocurrency regulation and has formed a committee to manage the regulation of cryptocurrencies and central bank digital currencies.
Discussions concerning the new law have been held with the Moroccan Capital Markets Authority, Insurance Supervisory Authority, and Social Security, and further consultation is necessary before the law is enforced.
The Central Bank of Morocco has come to the conclusion that the adoption of cryptocurrency by Moroccan citizens is unavoidable, and, as such, a regulated framework is needed.