The Governor of the Moroccan Central Bank (Bank Al-Maghrib), Abdellatif Jouahri, revealed on Tuesday in Rabat that the kingdom is preparing to adopt a law governing the use of cryptoassets.
The use of cryptoassets in Morocco remains governed by strict regulations, with an official ban since 2017, although their informal adoption continues to grow, particularly for international transfers and digital investments.
The Wali of Bank Al-Maghrib (BAM) and Chairman of the Moroccan Committee for the Coordination and Monitoring of Systemic Risks explained that the legislation, currently being adopted, aims to reconcile
the protection of investors and users with the opportunities offered by these innovations, while aligning with developments in international regulation.
Regarding central bank digital currencies, BAM is exploring their potential to achieve public policy objectives, particularly in terms of financial inclusion.
During the 4th edition of the High-Level Regional Symposium on Financial Stability (November 26-27), the Wali also highlighted the efforts of the Moroccan financial sector to integrate climate risks into their strategies and regulatory frameworks.
In this regard, BAM published a directive in March 2021 inviting banks to include these risks in their governance mechanisms and conducted, with the World Bank, a first-of-its-kind study in the region on these issues, the results of which were published in April 2024.
In parallel, the Insurance and Social Security Supervisory Authority (ACAPS) issued instructions on the management of financial risks linked to climate change, addressed to insurance and reinsurance companies.
The Wali also drew attention to geoeconomic changes, including fragmentation, growing protectionism, digitalization, artificial intelligence and demographic dynamics, which are redefining global balances.
These transformations are accompanied by high levels of uncertainty and complex risks, making decision-making, both public and private, increasingly difficult.
Under the theme “Financial stability in Africa in the face of geoeconomic uncertainties and emerging risks,” this
symposium provided an opportunity to share experiences and expertise on the challenges of financial stability, while strengthening cooperation in macroprudential supervision.
SL/Sf/ac/fss/as/APA