ACR #6: Another step in the right direction?
Morocco finalises its crypto regulatory framework.
Morocco, a North African nation, is putting the finishing touches on its crypto regulatory framework. It is going to be launched soon after a series of deliberation.
The law is set to be presented to stakeholders soon. The Moroccan Capital Markets Authority (AMMC), Insurance Supervisory Authority (ISA), and American Council on Pension and Social Security (ACAPS) are among the market participants who will play an essential role in determining the flow of the regulatory process.
In the words of Abdellatif Jouahri, Governor of Morocco’s Central Bank:
“For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in discussions with the different stakeholders. It is long but necessary to allow everyone to adhere to this project”.
What does this mean?
According to a report by Chainalysis, the Middle East and North Africa (MENA) are one of the smaller crypto markets in the 2022 Global Crypto Adoption Index. However, it is also the fastest growing. MENA-based users received $556 billion in cryptocurrency from July 2021 to June 2022, 48% more than they received the year prior.
However, as the wildfire of the crypto revolution continues to burn across all corners of the globe, it has become pertinent for the central banks of MENA nations to find regulations that protect their citizens, and this Morocco regulatory framework is a step in the right direction.
When the Moroccan crypto bill is finally launched, other North African nations like Algeria, Egypt, and Tunisia, where crypto trading is prohibited, could follow suit. They are also expected to seek similar ways to tap into the fast-growing crypto market while protecting their citizens from bad actors.
What else?
Nigeria, Turkey, and India have the Largest Adult Population Trading Crypto.
Report says more than half of Nigeria and Turkey’s adult populations trade cryptocurrency monthly.
Sango Coin listing postponed by Central African Republic
Due to current market conditions, the Central African Republic has announced that it will delay the listing of Sango Coin on exchanges
What’s going on abroad?
UK National Crime Agency Announces Unit to Tackle Crypto Crime
The United Kingdom National Crime Agency is hiring a crypto expert for its dedicated crypto unit.
DCG Under Investigation by DOJ and SEC
Crisis rises to new levels at the troubled Digital Currency Group as reports confirmed that the conglomerate is under preliminary investigation from the U.S. Department of Justice's Eastern District of New York (EDNY) and the U.S. Securities and Exchange Commission.
Huobi confirms 20% layoffs, denies insolvency rumours
Huobi cryptocurrency exchange has confirmed plans to lay off 20% of its employees as part of the ongoing restructuring, but fears of insolvency have led to massive outflows from the exchange.
What’s the meme?
Recommended reads
Central African Republic - 8 months after Bitcoin adoption
Crypto job openings
VALR – South Africa’s leading cryptocurrency platform is hiring a Blockchain Integration Specialist and other roles. Apply here.
Yellow Card - The exchange is looking to hire a Country Manager in Kenya and other roles.
That’s all for this week!