Seeds of Wisdom RV and Economic Updates Friday Morning 12-20-24
Good Morning Dinar Recaps,
MOROCCO TO ADOPT A LEGAL FRAMEWORK FOR CRYPTO ASSETS
Morocco aims to regulate the use of crypto assets without hindering innovation in the crypto ecosystem.
Legal Framework for Crypto Nears Adoption in Morocco
A legislative framework governing crypto assets in Morocco is almost ready for adoption, according to Abdellatif Jouahri, the governor of Morocco’s central bank, Bank Al-Maghrib (BAM). This framework seeks to promote financial innovation while regulating the usage of crypto assets.
The central bank governor shared the key update at the BAM council’s final meeting for 2024 with the crypto regulation aligning with G20 recommendations and addressing the risks linked with crypto assets.
According to the governor, the World Bank and the International Monetary Fund (IMF) provided technical assistance in the development of the framework with a clear aim to balance crypto innovation and a well-regulated financial environment.
“We want to regulate the use of crypto-assets without hindering the innovation that may arise from this ecosystem. We engaged all relevant parties to create this framework. This approach ensures effective adoption and minimizes uncertainties.” Jouahri said.
Morocco hopes to establish itself as one of the first developing nations to provide complete and clear legislation for crypto assets by putting this legal framework into effect.
This program equips the nation to handle the financial and economic difficulties posed by the digitalization of monetary systems. The adoption of the legislative text involves a period of public consultation, followed by parliamentary and cabinet approval.
In 2023, Morocco ranked 13th out of 20 nations with the biggest bitcoin usage, according to a survey by Insider Monkey while a Chainalysis global crypto adoption report in the same year ranked the North African nation 20th in crypto adoption.
@ Newshounds News™
Source: Bitcoin News
~~~~~~~~~
NIGERIAN SEC TIGHTENS CRYPTO MARKETING RULES
The SEC’s new rules on digital asset promotions aim to “curb the menace” of social media influencers promoting unregulated crypto products.
The Nigerian Securities and Exchange Commission (SEC) has updated its crypto rules, adding requirements on crypto-related marketing promotions from virtual asset service providers (VASPs) and social media influencers.
In its revised Digital Asset Rules, the SEC said that VASPs engaging third-party service providers to promote their crypto products must “obtain prior approval from the Commission.” The rules also require VASPs to ensure that the third-party provider complies with marketing rules set by the SEC.
The rules apply to any VASP offering services to the country’s residents and are scheduled to come into effect on June 30, 2025.
New rules to “curb the menace” of Finfluencers
The SEC’s revisions also address the role of social media influencers, or “Finfluencers,” in promoting cryptocurrency products and services.
Crypto influencers must obtain a “no-objection authorization” from the SEC before publishing their digital asset ads. In addition, they must verify whether the company they are promoting is licensed by the SEC.
Finfluencers must also disclose if they received payment to promote the crypto products or services that they are promoting. Failure to comply can result in penalties, such as a minimum fine of 10 million Nigerian naira (about $6,400) or up to three years in jail.
The SEC also noted that they would monitor crypto ads actively to ensure they adhere to the rules. Violations would result in enforcement actions, including sanctions and financial penalties.
The SEC wrote that the new rules aim to “curb the menace and address the growing popularity of financial influencers.” The SEC said it wants to prevent sharing unauthorized financial investment products on social media or any other marketing mediums.
Nigeria plans to start enforcement actions on unregulated VASPs
At present, only two exchanges are regulated in Nigeria. On Aug. 29, the SEC issued its first provisional operating license to the African crypto exchange Quidax Technologies. It has also approved Busha Digital to operate in the country. The licenses allow the trading platforms to operate as registered exchanges in Nigeria.
On Sept. 9, the SEC said it plans to start enforcement actions against businesses involved in unregulated crypto transactions. Emomotimi Agama, the director-general of Nigeria’s SEC, said that the agency will take action against entities offering crypto services to Nigerians without the proper permits.
@ Newshounds News™
Source: CoinTelegraph
~~~~~~~~~
THIS SMALL DOLLAR CHANGED 1000 LIVES ON CHRISTMAS FRIDAY! | Youtube
Help us Help others in the community have a better Christmas with just a dollar. Link
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Seeds of Wisdom Team™ Newsletter
Thank you Dinar Recaps