North African country, Morocco is preparing for the introduction of its cryptocurrency regulation bill. According to a recent report, the Central Bank of Morocco has prepared the bill and it’s currently working on how to discuss it with relevant stakeholders in the country.
The advancement of cryptocurrency picked up from where it stopped last year. Recall that the cryptocurrency sphere rounded 2022 with positive news following the adoption of a virtual assets bill by the Brazilian Government.
Now, Morocco is setting the pace for a year many cryptocurrency enthusiasts expected to come with the introduction of numerous regulatory frameworks across different jurisdictions. Reports revealed that during a press conference today, the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri disclosed the development.
Jouahiri said the apex financial body will consult regulators and other stakeholders about the framework. Some of the regulators include Moroccan Capital Markets Authority (AMMC), the Insurance Supervisory Authority and Social Security (ACAPS).
However, the details of the bill are not publicized, but there are pointers about its content. More so, reports indicated that the proposed bill defines cryptocurrency in line with what’s obtainable in the country. The bill aims at protecting customers while contributing to the growth of the sector. Presently, the existing regulation in the country frowns toward cryptocurrency trading.
Notable side notes on the cryptocurrency industry in Morocco and Africa
Gradually, regulators around the globe are addressing the usage of cryptocurrency in their region. At the end of 2022, the industry witnessed more introduction of regulatory frameworks globally. As the pace continues to increase, there are hopes that the cryptocurrency industry will recover its losses.
The recent development will push Morocco into the limelight in the cryptocurrency space. Last year, the country made major headlines after becoming the fastest-growing cryptocurrency market in North Africa. The population of cryptocurrency owners in Morocco grew from 2.4% to 3.1% within a year.
Likewise, other countries in Africa are bracing up for cryptocurrency regulation. Reports in local media within Nigeria have it that the government is working on a cryptocurrency regulatory stipulation. Presently, cryptocurrency hasn’t gained much attention in Africa, but countries like Nigeria, the Central African Republic, Ghana and Morocco are familiar with the innovation.Â
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