Morocco will adopt a system of operating licenses

The bill governing crypto-currencies in Morocco will establish a system of authorization for the operation of trading platforms for these virtual currencies, said an official at Bank Al Maghrib. The model should resemble the one adopted in France.

“Bank Al-Maghrib had apprehensions when crypto-currencies took over the world, and we considered them then and still today as crypto-assets and not crypto-currencies,” said Adil Zoubir, who oversees the infrastructure of financial markets and payment systems at the central bank of Morocco.

During his speech at a seminar, within the framework of the 14th session of the United States-Africa Business Summit, the official mentioned the French experience in the matter. The country grants licenses to trading platforms dedicated to these cryptocurrencies.

In this sense, Zoubir reiterated Bank Al Maghrib’s apprehensions regarding digital currencies, explaining that already, in 2017, BAM had published a press release concerning the trade in digital currencies in Morocco, and which did not speak of a ban, but the institution adopted rather the language of the warning, considering the risks that these cryptocurrencies for the consumers.

“We are vigilant on this issue. A bill is being prepared in Morocco with the aim of legalizing cryptocurrency trading platforms. In France, for example, the licensing system has been adopted so that these platforms can provide their services to consumers,” added the manager.

And to indicate that the legalization “will allow these platforms to operate in Morocco in complete safety, especially since this question raises risks of money laundering and terrorist financing”.

Furthermore, that today, crypto asset transfers are characterized by fluctuations, he noted.

In Morocco, the absence of a legal framework surrounding cryptocurrencies has not prevented Moroccan courts from ruling in a certain number of cases, in particular related to the transfer of capital without authorization from a currency exchange office because it is necessary to pass from dirhams to another. currency such as euro or dollar to buy digital currencies;

A resounding case in this context had cost the accused 1 year and a half in prison, a fine of 100,000 dirhams, and 11.2 million dirhams and 2.2 million dirhams for the administration of Customs and Indirect Taxes.

Last week, the founder and CEO of the cryptocurrency exchange “Binance”, Zhang Bing Zhao, visited Morocco where he was welcomed by officials of Bank Al-Maghrib specialized in cryptocurrency, and he also met Abdellatif Jouahri, wali of Bank Al-Maghrib, for a few minutes.

Abdellatif Jouahri had previously announced that a working group on the issue of crypto-currencies would be formed to study the issue and subsequently propose a bill to regulate this new trade.

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