Morocco finalizes crypto laws with World Bank and IMF proposals

A raft of new laws could be introduced in Morocco in the coming days, designed to regulate and oversee the crypto sector in the North African nation. Abdellatif Jouahiri, the governor of Bank Al-Maghrib (BAM), reportedly said that the Moroccan central bank had already finalized the drafted legislation. Morocco’s financial authorities are working with members of the World Bank and the International Monetary Fund to prepare these laws, Jouahiri said.

The laws were enacted in accordance with Morocco’s existing financial systems. While details of the legislation have yet to be announced, the central bank governor said the rules are expected to encourage a safe crypto ecosystemthan to limit experimentation, according to Morocco World News report.

The Central Bank of Morocco will now engage in dialogue with companies and members of its crypto ecosystem as part of its roadmap to gradually bring the crypto sector into the legal framework.

“For cryptocurrencies, I can assure you that the project is finished. We are now in discussion with the various stakeholders. Allowing everyone to stick to this project is lengthy but necessary,” according to Morocco World News [quoted] Jouahiri, as he said on Tuesday.

The central bank will also start discussions on the laws with the Moroccan Capital Markets Authority (AMMC), the Insurance Regulatory Authority and Social Security (ACAPS).

Of Morocco’s estimated population of 38 million are crypto assets allegedly owned by over a million people in the country.

It is only natural that the Moroccan government is working towards regularisation Virtual Digital Assets (VDA) Sector.

Over the past year, the nation has emerged as the fastest growing crypto market in North Africa. The crypto industry has seen tremendous growth African financial market.

According to the IMF KenyaNigeria and South Africa have the highest number of crypto users in the region.

Already in November last year the IMF devices all crypto-friendly African nations to introduce stricter regulations in the field of digital assets. At that time, the IMF had determined that regulating a highly volatile and decentralized system remained a challenge.