"Hopefully with the crypto laws in place, people don't take advantage anymore."
Morocco is about to launch its first cryptocurrency bill after being approved by the Bank Negara before continuing with discussions with stakeholders.
According to Abdellatif Jouahiri, the Governor of the Central Bank of Morocco called Bank Al-Maghrib (BAM) has collaborated with the Moroccan Capital Markets Authority (AMMC) including the Insurance and Social Security Supervisory Authority (ACAPS) for the implementation of crypto laws.
He added that BAM joined forces with the International Monetary Fund and the World Bank to work on documents regarding the bill.
While Moroccan officials contacted the central banks of France, Sweden and Switzerland to research their regulatory systems for digital assets.
Although the details of the bill have not been revealed yet, the main objective of the draft is to protect investors from any fraud.
It is also worth noting that Morocco is one of the countries that have grown their crypto market in North Africa since 2022 with an increase of 3.1% from 2.4%.
Among the areas most exposed to crypto is the Middle East and North Africa (MENA) region with a total transaction amount of $566 billion in the expected period of July 2021 to June 2022, where the jump is around 48%.
