Originally published on: November 26, 2024
Morocco is reportedly gearing up to legalize all cryptocurrencies following a ban on digital assets back in 2017.
According to Reuters, the central bank of Morocco, Bank Al-Maghrib, has drafted a new law for regulating cryptocurrencies, which is currently under review.
Abdellatif Jouahri, the governor of the Moroccan central bank, disclosed the plan to Reuters, stating that the bank has developed a draft law for overseeing crypto assets that is in the process of approval.
Although Morocco implemented a ban on Bitcoin and other cryptocurrencies in November 2017, the restriction has not deterred a substantial portion of the population from holding digital assets.
The announcement comes at a time of increased interest in Bitcoin, with the cryptocurrency nearly reaching the $100,000 mark recently. The country’s central bank is also considering the potential launch of a central bank digital currency (CBDC), as Jouahri mentioned.
Morocco’s move to embrace cryptocurrencies is part of a wider trend of growing global interest in regulating digital assets. The UK’s Financial Conduct Authority (FCA) recently outlined plans to regulate cryptocurrencies by 2026, reflecting the rising adoption of digital assets globally.
In Europe, the Markets in Crypto-Assets Regulation (MiCA) is set to establish the world’s first comprehensive regulatory framework for digital assets by the end of 2024.
As countries worldwide adapt to the evolving landscape of digital currencies, Morocco’s decision to legalize cryptocurrencies marks a significant step towards integrating this innovative financial technology into its economic framework.
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