Morocco has adopted a bill to create a legal framework for crowdfunding according to a report on Media24.
The legislation is designed to:
“… contribute to the mobilization of new sources of funding for the benefit of very small, small and medium-sized enterprises and young people with innovative projects. It should also allow the active participation of potential funders in the country’s development projects via a simple, secure and transparent funding mechanism. It is also a way to unleash the creative and cultural potential of young people and to strengthen the attractiveness and influence of the country’s financial center.”
The legislation has been in the works for several years now. The language of the bill was approved by the government council last August.
According to an earlier report, the legislation targets securities (debt and equity) as well as rewards (e-commerce).
A draft of the language of the original bill is available here.