The Moroccan Capital Market Authority launched a portal to support the crypto sector

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On the website of the Capital Market AuthorityMorocco has launched a fintech portal to provide regulatory support for cryptocurrency market participants and promote the development of innovative technologies in the financial sector.

In a message from the Moroccan Market AuthorityCapital (AMMC) said that the agency will provide support and assistance to fintech companies whose activities increase the attractiveness of the Moroccan capital market.

“For AMMC, maintaining market attractivenesscapital means introducing digital technologies into the financial industry. The authorities have placed support for innovation at the core of their strategic plan for 2021-2023 and intend to work closely with project leaders to promote the development of new technologies in the Moroccan capital market,” the authority said in a statement.

In addition to an open communication channel forcooperation of cryptocurrency projects with the regulatory authority, the fintech portal provides a platform for obtaining legal advice applicable to the activities of these companies.

According to Singaporean company Triple A,engaged in payments in cryptocurrencies, at the beginning of 2022, about 1 million people, or approximately 2.4% of the total population of Morocco, own cryptocurrency.

This puts the country first in North Africa and among the top 50 countries in terms of cryptocurrency holders as a percentage of the total population, ahead of Portugal.

In June, the Governor of the Central Bank of MoroccoAbdellatif Jouahri reported on the development of legislation to control cryptocurrencies and combat illegal activities in the digital industry.