Morocco Proposes Crypto Regulations, Nigeria Seeks Balance
Morocco has introduced a draft law to establish a comprehensive crypto regulation framework. The proposal, led by the Ministry of Economy and Finance with support from Bank Al-Maghrib and the AMMC, defines digital assets, licensing requirements, and oversight rules for VASPs. It mandates transparency, KYC/AML standards, and FATF compliance. The draft prioritizes investor protection, financial stability, and the integration of stablecoins and tokenization, while excluding mining, NFTs, CBDCs, and DeFi.
In Nigeria, industry leaders and legislators have urged balanced crypto regulation. The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) recommends a risk-based approach that separates major platforms from smaller startups. They also call for a unified regulatory body to replace overlapping mandates, a lower capital requirement than the SEC’s current ₦1bn threshold, and support for local VASPs through regulatory incubation and a Nigeria-first licensing scheme.
Bullish
Clear regulatory frameworks typically boost market confidence and adoption. Morocco’s shift from a ban to a structured crypto regulation model signals growing government support, likely increasing institutional and retail participation. Nigeria’s push for balanced rules and lower capital thresholds aims to foster local startups and reduce compliance burdens, which can spur innovation and trading activity. In the short term, we may see heightened trading volumes as firms prepare for licensing and market entries. Over the long term, consistent rules and improved investor protections could lead to sustained growth in digital asset markets, similar to positive responses witnessed after the EU’s MiCA rollout.