Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon – Regulation Bitcoin News

Morocco’s central bank is currently working on a cryptocurrency regulatory framework bill, and according to the bank’s governor, Abdellatif Jouahri, it will be introduced soon. The regulatory framework that is being worked on will result in the improvement of Moroccan regulations on money laundering and financing of terrorism.

Crypto regulation best practices

A Moroccan central bank committee is working to establish an appropriate regulatory framework for cryptocurrencies, Banco Al-Maghrib (BAM) Governor Abdellatif Jouahri reportedly said. The governor also revealed that his institution has engaged with both the International Monetary Fund (IMF) and the World Bank on the benchmarks to be used.

Before Jouhari’s Latest Comments, News reported in March 2022 that the Moroccan central bank was in talks with two global financial institutions, as well as the central banks of France, Sweden and Switzerland. At the time, the talks, according to the central bank, centered on what would be the best practices for crypto regulation.

Balancing innovation and consumer protection

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

In addition to addressing issues related to cryptocurrency regulation, Jouhari hinted that the framework being worked on will also improve Morocco’s regulations against money laundering and terrorist financing.

While the central bank has admitted in the past that Moroccans are likely to adopt cryptocurrencies, BAM, along with the Ministry of Finance and the Moroccan Capital Markets Authority, have repeatedly warned of the risks associated with the use of cryptocurrencies.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries and how digital currencies can provide Africans with a way out.

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