Originally published on: November 26, 2024
Morocco is on the verge of legalizing all cryptocurrencies, a significant move after banning digital assets back in 2017. According to reports from Reuters, the country’s central bank, Bank Al-Maghrib, has put together a draft law for regulating cryptocurrencies, currently undergoing review.
Governor Abdellatif Jouahri announced the plan, stating that the central bank is in the process of adopting the draft law to regulate crypto assets. This development follows Morocco’s unsuccessful attempt to ban Bitcoin and other cryptocurrencies in 2017, as a large portion of the population still actively participates in digital asset transactions.
The timing of this news coincides with a resurgence of interest in Bitcoin, just days after it nearly reached the $100,000 mark. Morocco’s central bank is also exploring the possibility of launching a central bank digital currency (CBDC), which involves issuing digital currencies on permissioned blockchain networks.
This shift in Morocco’s stance towards cryptocurrencies mirrors a global trend of regulatory developments in the digital asset space. The UK’s Financial Conduct Authority recently revealed plans to regulate cryptocurrencies by 2026, with a growing number of UK adults already holding crypto assets.
Moreover, Europe’s upcoming implementation of the Markets in Crypto-Assets Regulation (MiCA) is set to be the world’s first comprehensive regulatory framework for digital assets, expected to go live by the end of 2024.
With these regulatory changes on the horizon, the crypto industry is poised for significant growth and evolution. Stay tuned for more updates on this developing story and subscribe to our newsletter for the latest insights and analysis in the world of finance and cryptocurrencies.