Report: Morocco Central Bank Governor Says Crypto Draft Law Now "Ready"
A Moroccan draft crypto law, which seeks to protect individuals from the risks associated with crypto trading, is ready and will soon be presented to stakeholders, Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), has said. Adoption of crypto by Moroccan residents is now inevitable hence a regulatory framework is needed. BAM to Hold Discussions With the Capital and Insurance Market Regulators
According to Abdellatif Jouahiri, the governor of the Moroccan central bank also known as Bank Al-Maghrib (BAM), the country’s draft law on crypto is now ready, and will soon be presented to interested parties. In his comments reportedly made during a press conference, Jouahiri insisted the draft law seeks to protect individuals from risks that come with crypto investing.
As per a report by Morocco World News, the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority, and Social Security (ACAPS) are some of the stakeholders the central bank is expected to engage before taking steps to implement the proposed law.
Commenting on the BAM’s journey in drafting the document as well as the planned discussions with other regulators, Jouhari reportedly said: For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long, but necessary to allow everyone to adhere to this project.
As reported by Bitcoin.com News in early 2022, the BAM sought both the International Monetary Fund (IMF) and the World Bank’s perspectives on what would be considered crypto regulation best practices. In addition, the central bank was also reported to have created a council that oversaw regulations governing both cryptos and central bank digital currencies.
By taking these steps, the BAM appeared to be preparing for a scenario where more Moroccans embraced crypto. In fact, as suggested by the same report, the Moroccan central bank believed the adoption of cryptocurrency by local residents was inevitable therefore a regulatory framework was needed.
Register your email here to get a weekly update on African news sent to your inbox:
Tags in this story Abdellatif Jouahiri, Bank-Al-Maghrib (BAM), Central Bank of Morocco, crypto draft, Crypto law, IMF, Insurance Supervisory Authority and Social Security (ACAPS), Moroccan Capital Market Authority (AMMC), World Bank
What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India"s Presidency REGULATION | 2 days ago Robert Kiyosaki Buying More Bitcoin — Warns SEC Regulations Will Crush Most Cryptocurrencies REGULATION | 2 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: JackKPhoto / Shutterstock.com Previous article‘Big Short’ Investor Michael Burry Warns of Another Inflation Spike — Expects US to Be ‘in Recession by Any Definition’ Next article2022 in Review: ViaBTC Capital Gathers Momentum and Delivers Win-win Results Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin