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Report: Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon

News Feed - 2022-06-28 06:06:03

Report: Morocco"s Central Bank to Unveil Crypto Regulation Bill Soon


The Moroccan central bank is presently working on a cryptocurrency regulation framework bill and according to the bank’s governor, Abdellatif Jouahri, this is set to be introduced soon. The regulatory framework being worked on will result in Morocco’s money laundering and anti-terrorism financing regulations being upgraded. Crypto Regulation 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 his institution has engaged both the International Monetary Fund (IMF) and the World Bank over the benchmarks that will be used.


Before Jouhari’s latest remarks, Bitcoin.com News reported in March 2022 that the Moroccan central bank was in talks with two global financial institutions as well as with the central banks of France, Sweden, and Switzerland. At the time, The talks, according to the central bank, were focused on what would be the crypto regulation best practices.


Balancing Innovation and Consumer Protection


Meanwhile, a Mapnews report stated BAM’s mooted regulatory framework for cryptocurrencies is expected to strike a balance between the need to foster innovation and the welfare of consumers.


In addition to addressing issues around the regulation of cryptocurrencies, Jouhari hinted that the framework being worked on will also see Morocco’s money laundering and anti-terrorism financing regulations being upgraded.


While the central bank has in the past conceded that Moroccans will likely adopt cryptocurrencies, BAM, alongside the Ministry of Finance and the Moroccan Capital Market Authority, has repeatedly warned of the risks that are associated with the use of cryptocurrencies. Tags in this story Abdellatif Jouahri, anti-money laundering, Bank-Al-Maghrib (BAM), Crypto regulation, IMF, Moroccan Capital Market Authority, regulatory framework, 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. SEC Chair Gensler Proposes "One Rule Book" Crypto Regulation REGULATION | 1 day ago Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThe New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars 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


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