Morocco is advancing legislation to regulate cryptocurrencies, according to the governor of the country’s central bank. 

The proposed law, which is still under review, represents a shift from the current 2017 ban on cryptocurrencies. Despite the prohibition, underground use of digital assets remains widespread.

Morocco’s Crypto Regulations are Already In the Works

According to a Reuters report, the central bank, Bank Al-Maghrib, has spearheaded the drafting of this regulatory framework. The legislation aims to provide clarity on crypto asset management and ensure compliance with international standards.

The central banks are also reportedly exploring options to develop a central bank digital currency (CBDC). 

Following this news, there has been positive enthusiasm across the crypto community. Morocco has historically been one of the harshest critics of digital assets in the region.

“Morocco will unban crypto, which was banned in 2017. Now, the country plans to fully legalize cryptocurrencies. Next will be China unban. Giga bullish for crypto as more and more countries are adopting Bitcoin & crypto,” popular influencer Ash Crypto wrote on X (formerly Twitter). 

This move aligns with a global trend of countries revisiting crypto regulations in response to growing adoption. 

Earlier this month, China’s High Court recognized the “property attributes” of cryptocurrencies under its laws. The court clarified tha

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Author: Mohammad Shahid