Morocco’s central bank is currently working on a cryptocurrency regulatory framework bill, which will be introduced soon, according to the bank’s governor Abdellatif Jouahri. The regulatory framework currently being worked on will result in an upgrade of Morocco’s money laundering and anti-terrorist financing regulations.
best practices in cryptography regulation
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Morocco’s central bank committee is working to put in place an appropriate regulatory framework for cryptocurrencies, Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri is reported to have said. The governor also revealed that the institution is involved with both the International Monetary Fund (IMF) and the World Bank over the benchmarks to be used.
Prior to Jouhari’s latest remarks, Bitcoin.com News reported in March 2022 that Morocco’s central bank was in talks with the two global financial institutions as well as the central banks of France, Sweden and Switzerland. At the time, according to the central bank, The talks focused on what would become best practices in crypto regulation.
Balancing Innovation and Consumer Protection
Meanwhile, Mapnews’reporton BAM’s discussion regulatory framework for cryptocurrencies balances the need to promote innovation and consumer welfare It states that it is expected to
In addition to addressing issues related to the regulation of cryptocurrencies, Jouhari hints that the framework in the works will upgrade Morocco’s money laundering and anti-terror financing regulations.
The central bank has acknowledged in the past that Moroccans may adopt cryptocurrencies, but the BAM, along with the Ministry of Finance and the Moroccan Capital Markets Authority, has repeatedly warned of the risks associated with the use of cryptocurrencies.
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