The bill regulating the use of cryptocurrencies is on track. This was announced by Abdellatif Jouahri, wali of Bank Al-Maghrib (BAM), during the traditional press conference which followed the Central Bank board meeting on Tuesday, December 17.
«For the moment, I cannot reveal the broad outlines of this text, which has been finalized and sent for analysis», he declared, specifying that BAM developed this bill taking into account the objectives defined in this area at the international level, «including recent G20 recommendations».
“Don’t slow down innovation”
According to Abdellatif Jouahri, Morocco will position itself as follows:among the first countries to establish a clear and precise legal framework for crypto-assets”, with a law that “is aimed at both users and investors, allowing everyone to understand their role and responsibilities, while respecting the necessary considerations, including major risks such as money laundering».
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He also revealed that to design this bill, the Central Bank benefited from the assistance of the International Monetary Fund (IMF) and the World Bank. «On a methodological level, we involved the various stakeholders in the development of this text, which is now finalized“, he explained, indicating that the future regulations provide “a certain flexibility with regard to crypto-assets, without slowing down innovation in this sector».
Place for application texts
After finalizing the bill, and while awaiting its adoption, the BAM team is currently working on the implementing texts, essential for the implementation of its provisions. “We are currently working on the implementing texts, because the drafting work is not limited to the main law. Here too, we will benefit from technical assistance from the IMF and the World Bank», Specified the wali.
All the texts in preparation are also intended to serve as a model for other countries. “This framework could be generalized in emerging and developing countries which in turn are preparing legislation governing the use of this category of financial assets.», concluded Abdellatif Jouahri.
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