Abdellatif Jouahri, Governor of Morocco’s central bank, Bank Al-Maghrib, has confirmed that the development of a draft law to regulate cryptocurrency activities is currently underway. This announcement marks a notable shift for Morocco, a country which has historically imposed strict limitations on the use of digital currencies.
The draft legislation aims to balance the promotion of innovation while maintaining financial stability and ensuring consumer protection. Jouahri highlighted that the drafting process involved consultation with key international stakeholders such as the International Monetary Fund (IMF) and the World Bank to ensure alignment with global standards. Details of his remarks can be found in his speech.
Historically, cryptocurrency transactions were banned by Morocco’s foreign exchange authority, the Office des Changes, in 2017 due to concerns over fraud, money laundering, and terrorism financing risks. Despite this, cryptocurrencies continued to circulate, especially within informal and illicit sectors, as noted by authorities and reports from entities like the Financial Action Task Force.
The introduction of a regulated framework could help Morocco harness the potential benefits of digital currencies, such as attracting technology investments, fostering financial inclusion, and creating a structured environment for digital finance adoption. The development is in line with global regulatory trends, as seen in the efforts of countries such as the United States, the European Union, and India, which are all exploring or implementing comprehensive cryptocurrency regulations. For further information, the evolving regulatory landscape is discussed by the World Economic Forum.
The draft law is still subject to further deliberation and its ultimate impact will depend on its formal adoption and effective implementation within Morocco’s financial system. The news was reported by JURIST.