The Moroccan central bank is currently working on a draft framework law for the regulation of cryptocurrencies and, according to the bank’s governor, Abdellatif Jouahri, this should be introduced soon. The regulatory framework being developed will lead to an upgrade of Moroccan regulations on money laundering and the fight against the financing of terrorism.
Crypto Regulatory Best Practices
A Moroccan central bank committee is working to put in place an appropriate regulatory framework for cryptocurrencies, Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri has reportedly said. The governor also revealed that his institution had engaged both the International Monetary Fund (IMF) and the World Bank on the benchmarks that will be used.
Prior to Jouhari’s final remarks, Bitcoin.com News reported in March 2022 that Morocco’s central bank was in talks with two global financial institutions as well as the central banks of France, Sweden, and Switzerland. At the time, the talks, according to the central bank, focused on what would be the best practices for regulating crypto.
Balancing innovation and consumer protection
Meanwhile, a Mapnews report said BAM’s discussed regulatory framework for cryptocurrencies should strike a balance between the need to foster innovation and consumer welfare.
In addition to addressing issues around cryptocurrency regulation, Jouhari hinted that the framework being developed will also see the upgrade of Morocco’s money laundering and debt financing regulations. fight against terrorism.
While the central bank has in the past admitted that Moroccans are likely to adopt cryptocurrencies, BAM, alongside the Ministry of Finance and the Moroccan Capital Market Authority, has repeatedly warned of the associated risks. to the use of cryptocurrencies.
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