The Governor of Morocco’s central bank, Bank Al-Maghrib (BAM), Abdellatif Jouahri, announced that a draft law to regulate the use of cryptocurrencies is ready.
Mr. Jouahri stated that the draft is ready to establish a proper regulatory framework and that discussions will be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS).
Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS)
Abdellatif Jouahri – Central Bank Governor
Mr. Jouahri also mentioned that BAM has defined cryptocurrency and conducted a public survey detailing its use in Morocco.
We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco
Abdellatif Jouahri – Central Bank Governor
Previously, BAM, the Ministry of Economy and Finance, and the AMMC had warned about the risks associated with using virtual currencies, including a lack of consumer protection, volatility in exchange rates against legal tender, and the potential for their use in illegal or criminal activities such as money laundering and terrorist financing.
