Moroccan Central Bank Governor: Morocco's new cryptocurrency framework aims to balance regulation and innovation

According to Moroccan World News, Abdellatif Jouahri, the Governor of the Bank of Morocco (BAM), announced that Morocco is about to adopt a legal framework aimed at managing the use of cryptocurrency and encouraging financial innovation. At a press conference after the final meeting of the 2024 BAM Council on Tuesday, Jouahri pointed out that the regulation not only aligns with the latest recommendations of the G20, but also addresses financial risks related to cryptocurrency assets. He emphasized, "We hope to regulate the use of encrypted assets while not hindering the innovation that their ecosystem may bring The development of this framework has received technical assistance from the International Monetary Fund (IMF) and the World Bank, aiming to balance two core objectives: ensuring a safe and properly regulated environment, and promoting innovation. By implementing this legal framework, Morocco hopes to become one of the first developing countries to provide clear and comprehensive regulation for cryptocurrency assets, thus preparing itself to address the economic and financial challenges brought about by the digitization of the currency system. At present, the legal text is in the stage of adoption, including public consultation, and will subsequently receive approval from the government and parliament.