Morocco Remains North Africa’s BTC Trading Hub with Complete Crypto-Regulatory Framework

• According to Abdellatif Jouahiri, the governor of the Moroccan central bank, a Moroccan draft crypto law that seeks to motivate innovation in the crypto space is ready.
• Morocco ranks 24th globally and first in crypto transaction volumes within the North African region.

The Moroccan central bank, Bank Al-Maghrib (BAM), has announced that it has completed a draft cryptocurrency regulation and will soon be presenting it to stakeholders in the market.

The draft regulation aims to protect individuals from the risks associated with cryptocurrency trading while not constraining innovation. BAM has been working with the World Bank and the International Monetary Fund (IMF) to develop the regulation, and has also consulted with central banks in France, Sweden, and Switzerland.

Morocco has been a relatively latecomer to the cryptocurrency space, but it has quickly become a major player. The country ranks 24th globally in terms of cryptocurrency transaction volumes, and first in the North African region.

The introduction of cryptocurrency regulations in Morocco is a significant development. It shows that the country is taking cryptocurrency seriously and is committed to creating a safe and regulated environment for cryptocurrency trading.

The timing of the announcement is also interesting. It comes at a time when the cryptocurrency market is experiencing a bear market. Many experts have speculated that the crisis in the crypto market is an echo of the uncertainty prevailing in the conventional financial market.

However, the introduction of regulations in Morocco could help to stabilize the cryptocurrency market and attract more institutional investors. It remains to be seen how the market will react to the news, but it is clear that Morocco is taking a leading role in the regulation of cryptocurrencies.