September 26, 2022

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

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

A fintech portal has been launched on the website of the Moroccan Capital Market Authority to provide regulatory support to cryptocurrency market participants and promote the development of innovative technologies in the financial sector.

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

“For AMMC, supporting the attractiveness of the marketcapital means the introduction of digital technologies in the financial industry. The authorities have placed support for innovation at the heart 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 agency said in a statement.

In addition to an open communication channel for cooperationcryptocurrency projects with a regulatory body, the fintech portal is 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 cryptocurrencies.

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

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