Morocco to Legalize Crypto: MiCA Framework Sparks Action

• Morocco is moving toward legalizing and regulating crypto, inspired by the MiCA framework, and exploring the potential of CBDCs to enhance financial inclusion.
• Bitcoin’s recent surge, nearing $100,000, highlights the global trend of governments adapting their regulations to the growing significance of digital assets.

After a six-year ban on cryptocurrencies, Morocco is moving toward embracing digital assets. Bank Al-Maghrib, the country’s central bank, has drafted legislation to regulate crypto, as announced by Governor Abdellatif Jouahri. This marks a shift from the 2017 ban on Bitcoin and other cryptocurrencies, which failed to curb widespread adoption among citizens.

As detailed in a CoinMarketCap Glossary, the Markets in Crypto-Assets (MiCA) regulation is a comprehensive regulatory framework instituted by the European Union (EU) to govern the issuance, trading, and provision of services related to crypto. It is further explained that

for crypto-asset issuers, MiCA mandates disclosure through “whitepapers” — documents that provide details about the asset’s rights and risks. Stablecoins also face heightened reserve, governance, and stabilization requirements under the rules.

Previously, as explained in a CNF update, the MiCA Regulation was approved by the European Parliament. This means that a framework promises to bring clarity and stability to the European Union’s crypto ecosystem. The current draft law is undergoing review, indicating the country’s pivot toward a more regulated crypto landscape.

Global Trends Drive Policy Shift

The Markets in Crypto-Assets Regulation (MiCA), Europe’s pioneering regulatory framework set to launch in late 2024, has inspired Morocco’s move. Jouahri confirmed that the central bank is also exploring the potential of central bank digital currencies (CBDCs) to enhance financial inclusion.

These developments align with a global push for structured digital asset governance, mirrored by the United Kingdom’s recent roadmap targeting 2026 for crypto regulation.

Bitcoin Frenzy Highlights Timing

Morocco’s shift comes as Bitcoin’s value flirts with unprecedented heights, recently nearing $100,000. This surge underscores the growing significance of digital assets worldwide.

With other nations ramping up efforts to regulate and integrate cryptocurrencies, Morocco’s move reflects a broader trend of governments adapting to the rapidly evolving financial ecosystem. This development coincides with a surge in Bitcoin’s popularity, highlighted by its recent near-record performance. On November 22, BTC came just $200 shy of reaching the six-figure mark for the first time in its history.

As of now, at the time of writing, Bitcoin (BTC) is currently trading at the price of $93,222.83, surged by 1.43% in the past day and a slight decrease of 0.55% in the past week. See BTC price chart below.