Director of Banking Supervision at Bank Al-Maghrib Heba Zahoui during the presentation of the annual report on banking supervision, Monday, July 25, 2022 in Casablanca.
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We know more about the cryptocurrency regulatory law announced by Abdellatif Jouahri during the recent Board of Directors meeting of Bank Al-Maghrib. The text, which should reach Parliament before the end of the year, will in particular identify the institutions authorized to carry out operations on crypto assets.
News about the crypto asset bill prepared by Bank Al-Maghrib. The Director of Banking Supervision at the Central Bank, Heba Al-Zahawi, confirmed, Monday, July 25, 2022 in Casablanca, during a press briefing, that the first draft of the bill will be available by the end of the year, before it is discussed in Parliament.
“There is a benchmarking study that has been done to assess the practices adopted at the level of a certain number of jurisdictions that are ahead of the curve on the subject and we are in the process of making our choices on the Moroccan case. Heba Zaoui indicates that we will be able to have the first bill by the end of the year, and its adoption will be after It’s up to the legislature.”
As for the content of this law, the Director of Banking Supervision explained it in these terms, saying: “It is still too early to say exactly what this law will look like, but it is certain that” We will have a legislative amendment that will define what is the origin of cryptography, and what institutions will be able to Executing operations on these crypto assets, whether in terms of investment, exchange or transfer.”
Heba Al-Zawi confirms that the draft law will also allow determining the guarantees that will be put in place at the regulatory level, whether in terms of registering trading platforms, issuing approvals, internal control or governance.
According to the director of banking supervision, this regulatory approach is primarily aimed at protecting cryptocurrency users themselves and preventing and combating money laundering and terrorist financing.
“It is better to organize and know what we are talking about in order to protect users and players in the financial system than to remain in the form of a ban that does not allow us to understand the risks that may arise from the use of these crypto assets,” she concludes.
Note that until now, the use of coins in Morocco is strictly prohibited. According to the Foreign Exchange Office, any cryptocurrency transaction on Moroccan soil has been banned since 2017. The regulator specifies in particular that “transactions made via virtual currencies constitute a violation of the regulations, and are subject to penalties and fines.”