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Rabat – The Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, has announced that a legal framework regulating crypto-assets in Morocco is nearing adoption. The aim of this framework is to manage the use of crypto-assets while encouraging financial innovation.
Speaking at a press conference on Tuesday after the fourth and final meeting of BAM’s Council for 2024, Jouahri said that the regulation aligns with the latest G20 recommendations. It also addresses the financial risks linked to crypto-assets.
“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem,” Jouahri said.
The governor explained that the framework was developed with technical assistance from the International Monetary Fund (IMF) and the World Bank. It seeks to balance two priorities; ensuring a secure and well-regulated environment and fostering innovation.
The drafting process included broad consultations with national and international institutions, as well as economic stakeholders. “We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties,” Jouahri added.
By implementing this legal framework, Morocco aims to position itself as one of the first developing countries to offer clear and comprehensive regulations for crypto-assets. This initiative prepares the country to tackle the economic and financial challenges brought by the digitalization of monetary systems.
Jouahri noted growing interest in Morocco’s secondary market for non-performing loans. Following a successful securitization operation worth MAD 400 million (40 million USD) by a Moroccan bank, this market shows significant potential for expansion.
According to the governor, the finalized legal framework for this market will help boost banks’ solvency and support the national economy. “An active management of non-performing loans will streamline financial institutions’ balance sheets and enhance their ability to operate effectively,” he said.
The legal text is undergoing adoption, which includes a public consultation phase followed by government and parliamentary approval.
A 2023 study by finance website Insider Monkey put Morocco among the top 20 countries with the highest use of Bitcoin, ranking 13.
Meanwhile, a report by Chainanalysis put the North African country in the 20th position in its global crypto index.
