Morocco, formerly opposed to cryptocurrencies, is now part of the global race for regulation with a bill in preparation. In a context marked by the upcoming entry into force of the MiCA regulation in Europe and the efforts of other nations, the Kingdom is seeking to catch up to remain competitive in financial innovation.
From rejection to regulation: the evolution of cryptocurrencies in Morocco
On Tuesday, November 26, Abdellatif Jouahri, governor of the central bank of Morocco, announced that his institution was working on a bill aimed at regulating the adoption of cryptocurrencies.
In November 2017, the central bank (Bank Al Maghrib or BAM) and the Office des Changes prohibited the use of cryptocurrencies within the country, describing transactions in Bitcoin and other cryptos as “ violation of foreign exchange regulations “.
It was also in October 2022 that a French national received an 18-month prison sentence and a fine of 3.4 million euros for a Bitcoin transaction.
I didn't know that the use of cryptocurrency was prohibited in Morocco. And I especially insist on the fact that all these transactions were made in France.
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Despite these restrictions, the public has never stopped using them informally, circumventing government restrictions.
With a significant increase in the number of crypto users, Morocco has established itself as the industry leader in North Africa.
In September 2023, following the terrible earthquake that hit Morocco and the generosity of Changpeng Zhao, CEO of Binance, Binance Charity mobilized $3 million in BNB to support Morocco.
This event probably accelerated the change in position of the central bank of Morocco since it was already working at the time on a bill aimed at regulating and legalizing the cryptocurrency industry.
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Regulation of cryptocurrencies: a race against time
Here we are at the end of 2024, BTC has come within a few hundred dollars of crossing the 6-figure mark for the first time in its history. With the arrival of Donald Trump as President of the United States, we are seeing favorable announcements multiply, both in the public and private sectors.
As we know, the MiCA regulation will come into force within the European Union on December 30. This common and uniform framework places Europe in an advantageous position and pushes close neighbors to look into the issue.
A few days ago, it was the United Kingdom which announced that it wanted to propose its own regulatory framework for cryptocurrencies from 2025. This is also the case for the South Korean regulator, which is maintaining a position of restraint and observation in the face of to a lawmaker who woos his electorate with progressive promises.
👉 In the news – South Korea rejects the idea of a national treasure in Bitcoin
Within days of each other, Morocco's central bank, known as Bank Al Maghrib, ” prepared a draft law regulating crypto assets, which is currently being adopted “, declared Abdellatif Jouahri during an international conference in Rabat.
The Moroccan central bank is also studying the possibility of a central bank digital currency (MNBC):
Regarding central bank digital currencies, and like many countries around the world, we are exploring the extent to which this new form of money could contribute to the achievement of certain public policy objectives, particularly in terms of financial inclusion.
Faced with the irresistible growth of the cryptocurrency market, regulators can no longer afford to remain passive. A real race for innovation is underway, where each nation strives not to be overtaken by its rivals.
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Source: Reuters
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