Morocco to regulate crypto without stifling innovation, says Central Bank Governor

Governor of Morocco’s central bank, Bank Al-Maghrib (BAM), Abdellatif Jouahri, said earlier this week that the legal framework governing crypto-assets in Morocco, currently undergoing adoption process, aims to regulate this ecosystem while preserving the financial innovation that can emerge from it.

“We wanted to regulate the use of crypto-assets, without stifling the innovation that can emerge from this ecosystem,” Jouahri said at a press conference held at the end of the fourth and final BAM Board meeting for 2024.

Morocco is thus among the first developing countries to offer clear and comprehensive regulation of crypto-assets, he added, noting that this approach aims to prepare the Kingdom for the economic and financial challenges posed by the digitization of monetary systems.

He explained that the legal framework is in line with the latest G20 recommendations, while taking into account the risks inherent in these financial assets.

He also explained that this text was developed with technical support from the International Monetary Fund (IMF) and the World Bank, to balance the two major imperatives of guaranteeing both a regulated and secure environment.

He emphasized that the process involved extensive consultation with national and international institutions, as well as with the relevant economic stakeholders.

“We have involved all stakeholders in developing this framework. It’s an approach that guarantees optimum adoption and minimizes grey areas,” Jouahri said.