Morocco to Introduce Cryptocurrency Regulation Bill to Combat Illegal Activities

The announcement was made by the Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri, specifying that a committee has been set up to define an appropriate regulatory framework allowing to combine innovation, technology and consumer protection.

The reflections will have to focus on the development of a draft law, in particular the global experiences in this area, he stressed, noting that a benchmarking is underway with the International Monetary Fund (IMF) and the World Bank to make the necessary consultations in this direction. The objective is also to update the legislation relating to the fight against money laundering and the financing of terrorism.

It should be recalled that Morocco has repeatedly warned about the risks associated with the use of virtual currencies, including the lack of consumer protection, the volatility of the exchange rate of these virtual currencies against a legal tender currency, in addition to the use of these currencies for illicit or criminal purposes, in particular money laundering and the financing of terrorism.