Morocco is making progress in regulating the cryptocurrency sector, despite having banned crypto in 2017. Abdellatif Jouahri, the governor of Bank Al-Maghrib, announced that the country has drafted regulations for cryptoassets. Although details were scarce, the governor mentioned that the draft law is currently in the adoption process with the support of the World Bank.
Additionally, Morocco is exploring the potential of central bank digital currencies (CBDCs) to achieve policy objectives such as financial inclusion. The country initiated its CBDC project three years ago, but specific information about the project was not disclosed. Jouahri emphasized that the development of CBDCs should consider various factors, including the national socioeconomic context and the impact on central bank missions like monetary policy and financial stability.
This move by Morocco aligns with other African nations’ efforts to regulate the cryptocurrency sector in line with western countries. For instance, South Africa implemented a licensing regime for crypto firms last year, while Nigeria has been focusing on enforcement-based approaches. Nigeria’s recent actions against the Binance exchange and its compliance chief, Tigran Gambaryan, exemplify this approach.
Camomile Shumba, a regulatory reporter at CoinDesk, highlighted these developments in the cryptocurrency sector in Africa. Shumba, based in the UK, has a background in politics, philosophy, and economics. She has contributed to various publications and media outlets, including Business Insider, Bloomberg, and the BBC. Shumba’s expertise in regulatory matters sheds light on the evolving landscape of cryptocurrency regulations in different regions.
As Morocco progresses towards regulating cryptocurrencies and exploring CBDCs, it reflects a broader trend in the African continent. The collaboration with international institutions like the World Bank indicates a strategic approach to harnessing the benefits of digital assets while ensuring regulatory oversight. With the cryptocurrency sector evolving rapidly, countries like Morocco are adapting their regulatory frameworks to foster innovation and financial inclusion.