Morocco’s central bank is moving closer to legalizing cryptocurrencies, marking a significant shift in its approach to digital assets. According to a report published on Nov. 21, Bank Al-Maghrib is working on a regulatory framework that will enable the use of cryptocurrencies within the country, focusing on strict compliance measures to mitigate risks. The plan aims to balance innovation with the need for financial stability and consumer protection.
The proposed framework will likely include measures for anti-money laundering (AML) and combating the financing of terrorism (CFT). Morocco’s central bank has indicated that regulations will ensure cryptocurrency transactions remain transparent and traceable. Additionally, the framework seeks to create a secure environment for blockchain-based financial services while protecting users from potential fraud or market volatility.
This regulatory move comes as Morocco experiences growing interest in cryptocurrencies, particularly among its younger population. Despite a long-standing ban on crypto trading, reports suggest that peer-to-peer platforms have gained significant traction in the country. Legalizing cryptocurrencies under a robust framework is expected to formalize the market, attract blockchain-based businesses, and foster financial innovation.
Morocco’s decision aligns with a global trend of nations seeking to regulate digital assets to harness their potential while addressing associated risks. By establishing clear rules, Morocco could position itself as a regional leader in the cryptocurrency space, promoting economic inclusion and technological advancement. Analysts view this development as a crucial step in integrating blockchain technology into Morocco’s financial landscape.
