tl;dr
Morocco's government has drafted new regulations for the digital asset sector, signaling the end of a seven-year ban on cryptocurrencies. The initiative, led by the central bank with support from the World Bank, aims to present a new legal framework to lawmakers soon. The shift represents a signific...
Morocco's government has drafted new regulations for the digital asset sector, signaling the end of a seven-year ban on cryptocurrencies. The initiative, led by the central bank with support from the World Bank, aims to present a new legal framework to lawmakers soon. The shift represents a significant change in approach, as the country previously warned against digital assets, citing risks for users.
Additionally, the central bank is exploring the potential of a digital dirham and a central bank digital currency (CBDC) project, with a focus on cybersecurity. These developments reflect a broader effort to adapt to emerging technologies and ensure global competitiveness.
In a recent speech, Abdellatif Jouahri, the governor of the Bank Al-Maghrib (BAM), revealed that the country is softening its stance on digital assets. He confirmed that the central bank had led the initiative and that the new legal framework is in the last stages and will be presented to lawmakers soon. Jouahri stated, "The Moroccan authorities adopted a regulatory approach aimed at ensuring adequate protection for users and investors, while preserving the opportunities to capitalize on these innovations."
Morocco banned digital assets in 2017, but despite this, the country's adoption of cryptocurrencies continued to grow. Last year, Morocco ranked 14th globally for adoption. The draft regulations represent a drastic shift for Morocco’s top bank, aligning with the bank’s recent approach of reducing the hurdles barring the adoption of emerging technologies to ensure global competitiveness.
Beyond digital assets, the regulator is also exploring a digital dirham and how it could "contribute to achieving public policy objectives, particularly in terms of financial inclusion." The central bank digital currency (CBDC) project has been ongoing for over three years, with a focus on cybersecurity and collaboration with global partners.