The prices of cryptocurrencies experienced an uptick during yesterday’s trading sessions, fueled by optimism regarding the conclusion of the government shutdown in the United States.
Bitcoin rose by 1.71%, reaching $106,346, and it commanded over 59% of the total cryptocurrency market value.
Ethereum, the second-largest cryptocurrency by market capitalization, increased by 0.90% to $3,609.80, while Ripple surged approximately 6.25% to $2.4823. According to data from CoinMarketCap, the global market capitalization for cryptocurrencies has reached $3.58 trillion.
The total trading volume over the past 24 hours was $163.6 billion. In a related development, El Salvador acquired 9 additional cryptocurrencies last week, marking a shift from its usual buying pattern of nearly one Bitcoin daily, thereby raising its total Bitcoin holdings to 6,375.18.
The Moroccan Ministry of Economy and Finance has drafted a legislative proposal aimed at regulating digital asset transactions and decentralized finance. This initiative is part of Morocco’s strategy to embrace the digital economy and keep pace with global developments in cryptocurrency assets.
The introductory note of the proposed legislation outlines four primary objectives: to protect investors, ensure market integrity, combat fraud and money laundering, encourage innovation in the digital and financial sectors, and maintain financial stability.
The proposal defines cryptocurrencies as digital representations of value or rights that can be traded using blockchain technology or distributed ledger systems, as reported by the Moroccan news outlet Hespress.
This definition encompasses a range of essential activities related to these assets, including issuance, public offerings, trading, custody, and advisory services, which will help establish clear boundaries and define responsibilities within this expanding sector.
According to the draft law, the Moroccan Capital Market Authority will be responsible for overseeing issuance operations, granting licenses to digital asset service providers concerning digital platforms, and monitoring their compliance with established regulatory standards to strengthen transparency and investor protection.