Once again the Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, has spoken about the crypto assets regulatory framework that the country will soon adopt noting that it will align with G20 recommendations. In a press conference this week, during the BAM’s council for 2024, he noted that the crypto framework will manage the use of crypto assets while encouraging innovation in the financial sector.
Last month the Governor also noted that the crypto framework was in the adoption phase. Morocco has been working on this crypto framework since 2022.
Jouahri said that the regulation aligns with the latest G20 recommendations. It also addresses the financial risks linked to crypto-assets.
“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem,” Jouahri said.
The governor explained that the framework was developed with technical assistance from the International Monetary Fund (IMF) and the World Bank. It seeks to balance two priorities; ensuring a secure and well-regulated environment and fostering innovation.
The drafting process included broad consultations with national and international institutions, as well as economic stakeholders. “We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties,” Jouahri added.
In September 2024, Chainalysis in its 2024 Geography of Cryptocurrency report covering the MENA region noted that MENA is the seventh largest crypto market globally in 2024 with the biggest two crypto countries being Turkey and Morocco. Turkey held 11th position while Morocco 27th where Turkey capture $137 billion and Morocco $12.7 billion.
