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coinpedia 2024-12-20 10:14:13

Morocco’s Crypto Regulation: Collaborating with IMF and World Bank for Success

The post Morocco’s Crypto Regulation: Collaborating with IMF and World Bank for Success appeared first on Coinpedia Fintech News As cryptocurrencies grow in popularity, governments worldwide are rushing to figure out how to manage them. The goal is to protect users, prevent illegal activities, and ensure financial systems stay stable—all while encouraging innovation. Morocco is one of the latest countries stepping up to create a legal framework for crypto. Recently India also announced to bring crypto policies by 2025 following the G20 announcement. Morocco’s Plan to Regulate Crypto Looking at the crypto usage in Morocco despite its ban since 2017, the Morocco government is close to finalizing its first set of rules for cryptocurrencies. Supporting the innovation, Abdellatif Jouahri, governor of Morocco’s central bank, Bank Al-Maghrib (BAM), announced that the framework is nearly ready and is crypto-friendly. The goal is to regulate crypto assets without stopping the innovation they bring. This framework has been developed with help from the World Bank and the International Monetary Fund (IMF). Jouahri explained, “We want to regulate crypto without slowing its potential. This plan ensures smooth adoption and reduces uncertainty.” The drive gained momentum after Bitcoin touched the historic high of $100,000 though it is hovering below the critical level of $96K the market is optimistic of its recovery. The proposed laws will first go through public discussions before heading to Morocco’s parliament and cabinet for approval. If passed, Morocco will become one of the first developing countries to establish clear crypto regulations. Why Now? Crypto adoption in Morocco has been growing fast. In 2023, the country ranked 20th globally for crypto usage, according to Chainalysis, and 13th for Bitcoin adoption in another survey. However, the lack of clear rules has created confusion and risks for users. By introducing these laws, Morocco hopes to manage the challenges of digital finance while creating a welcoming space for innovation and investment. This move could position Morocco as a leader in crypto regulation among developing nations, setting an example for others to follow.