Upcoming Crypto Legislation in Morocco
Morocco is on the brink of introducing its first ever crypto bill, with the Central Bank poised to unveil the draft in the coming days. This pivotal document, crafted by Bank Al-Maghrib (BAM), aims to set the stage for a more regulated digital currency landscape within the country.
Industry Collaboration
The process is not happening in a vacuum. In late September, BAM Governor Abdellatif Jouahiri announced that discussions involving a variety of industry stakeholders would help mold the regulatory framework. In addition to BAM, overseers from the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS) will weigh in on the bill, ensuring that a broad spectrum of interests is represented.
International Insights
What’s particularly intriguing is the international collaboration involved in drafting this legislation. The BAM has partnered with heavyweights like the International Monetary Fund and the World Bank. Moreover, they’ve taken cues from the experiences of central banks in France, Sweden, and Switzerland, examining how these nations have navigated the tumultuous waters of digital asset regulation.
Defining Crypto with a Local Perspective
While the specifics of the draft have not been disclosed, it reportedly aims to provide a definition of cryptocurrencies tailored to the Moroccan context. The overarching goal is to strike a balance—protecting consumers while encouraging innovation. Considering that current regulations outright ban crypto trade, it begs the question: How much less restrictive can this new bill be?
The Rise of Crypto in Morocco
Morocco is not an emerging player in the crypto scene for nothing. In 2022, it was noted as the fastest-growing crypto market in Northern Africa, with ownership of digital assets increasing from 2.4% of the population in 2021 to a robust 3.1% in just a year. This unprecedented growth reflects a heightened interest and adoption of cryptocurrency among Moroccans.
Innovative Energy Solutions
The country has even initiated innovative projects like the blockchain-powered wind farm operated by Soluna in Dakhla, which uses excess energy to fuel crypto mining operations. It’s a win-win scenario, as both energy for mining and renewable resources are utilized to their fullest potential.
Highlighting a Global Trend
Morocco’s movements are part of a broader wave of interest in digital currencies across the Middle East and North Africa (MENA). A recent Chainalysis report reveals that the region is experiencing the fastest growth in the global crypto market, with a staggering $566 billion in crypto transactions recorded from July 2021 to June 2022—an increase of 48% from the previous year.
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