Recent initiatives in Morocco aim to establish a legal framework for regulating crypto-assets to manage their usage and foster financial innovation.
Morocco's Near-Future Plans for Crypto Asset Regulation
The Governor of Bank Al-Maghrib, Abdellatif Jouahri, has revealed that Morocco is near adopting a legal framework to regulate crypto-assets. This step is a crucial part of strategy to manage cryptocurrency use, based on recent G20 recommendations.
Promoting Innovation and Risk Management
The new legal framework is developed with technical support from the IMF and the World Bank and aims to create a secure, regulated environment that also promotes innovation. Jouahri noted that the development involved consultations with national and international institutions and economic stakeholders. “We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties,” Jouahri added.
Market Development and State Support
Morocco also observes a growing secondary market for non-performing loans. A successful securitization operation valued at MAD 400 million ($40 million USD) highlights this market's growth potential. Jouahri highlighted that a developed legal framework will help improve banks’ solvency and support the national economy.
Morocco aims to position itself as a leader among developing countries in crypto asset regulation. The adoption of this legal framework is expected to reduce economic and financial risks associated with the digitalization of monetary systems.
