As cryptocurrencies grow in popularity, governments around the world are rushing to figure out how to manage them. The aim is to protect users, prevent illegal activities and ensure that financial systems remain stable – while encouraging innovation. Morocco is one of the latest countries to commit to creating a legal framework for crypto. Recently, India also announced to implement a crypto policy by 2025, following the G20 announcement.
Morocco’s plan to regulate crypto
Looking at crypto usage in Morocco, despite the ban since 2017, the Moroccan government is about to finalize the first set of regulations for cryptocurrencies. In support of the innovation, Abdellatif Jouahri, Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), announced that the framework is almost ready and is crypto-friendly. The goal is to regulate crypto assets without holding back the innovation they bring.
This framework was developed with the help of the World Bank and the International Monetary Fund (IMF). Jouahri explained: “We want to regulate crypto without slowing down its potential. This plan ensures smooth adoption and reduces uncertainty.” The move gained momentum after Bitcoin reached all-time highs of $100,000, although it is hovering below the critical $96,000 level. The market is optimistic about its recovery.
The proposed laws will first undergo public discussions before going to the Moroccan parliament and cabinet for approval. If passed, Morocco will become one of the first developing countries to establish clear crypto regulations.
Why now?
Cryptocurrency adoption in Morocco is growing rapidly. According to Chainalysis, the country ranked 20th globally in crypto usage in 2023, and 13th in Bitcoin adoption in another study. However, the lack of clear rules has led to confusion and risks for users.
By introducing these laws, Morocco hopes to meet the challenges of digital finance while creating a welcoming space for innovation and investment. This move could position Morocco as a leader in crypto regulation among developing countries, and set an example for others to follow.
