“Morocco will be one of the first countries in the world to have a legal framework for cryptoassets”

According to the Wali of the Central Bank, the law on the use of cryptoassets has been finalized and submitted to the legislative circuit. During the press conference which followed the quarterly meeting of BAM, this December 17, during which it was decided to reduce the key rate to 2.50%, Abdellatif Jouahri explained that this text was carried out by involving all the stakeholders, at national and international levels.

“We worked with the combined assistance of the International Monetary Fund and the World Bank. Methodologically, we have integrated international best practices”, explained the Wali.

Without revealing the content of the text, Abdellatif Jouahri affirmed that it takes into account all the considerations raised at the international level, including the latest recommendations of the G20. “With this in mind, we have left a certain flexibility regarding cryptoassets, so as not to slow down the innovation that can be associated with them.”, he clarified.

With this law, Morocco will be “one of the first countries to have regulated cryptoassets by offering them a clear and precise framework, both for users and investors”, he congratulated himself.

“This framework allows everyone to understand their actions and responsibilities, while taking into account essential considerations, such as inherent risks, such as money laundering. It also aims to alert users to the potential losses that they must assume in accordance with the provisions of the text“, continued the Wali.

“The law has been finalized, and today we are working on the implementing texts. Here too, technical assistance continues to support us, because together we are preparing a framework that could be generalized to the different legislations of developing or emerging countries.”, he concluded.