Crypto Overview in Morocco

Regulatory data is for informational purposes only and may not reflect the most current legal developments. Always consult qualified professionals before making decisions.

The Kingdom of Morocco holds an unusual position in the African crypto landscape. A formal prohibition has been in effect since 2017, yet informal adoption is among the highest in the region, with an estimated six million Moroccan holders accessing offshore platforms through peer-to-peer networks and VPN-based workflows. That contradiction is now driving a legislative response. Draft Bill 42.25, published in November 2025 by the Ministry of Economy and Finance jointly with Bank Al-Maghrib and the AMMC, would replace the ban with a structured licensing regime directly modelled on the European Union’s Markets in Crypto-Assets Regulation. Parliamentary review is underway as of early 2026. Until the bill is enacted, the 2017 prohibition remains operative law.

Legal Classification and Regulatory Framework

Cryptocurrency Status

Cryptocurrencies are prohibited under the joint communique issued on 20 November 2017 by Bank Al-Maghrib (BAM), the Ministry of Economy and Finance, the Office des Changes, and the Autorité Marocaine du Marché des Capitaux (AMMC). The communique classifies virtual currency transactions as violations of foreign-exchange regulations under Morocco’s foreign exchange law, carrying monetary penalties for individuals and businesses and criminal exposure for repeat offences. The prohibition remains in force as of 2026.

Bill 42.25 formally defines crypto-assets as digital representations of value or rights transferable via distributed ledger technology. The bill covers two categories: utility tokens and asset-referenced tokens including stablecoins. Non-fungible tokens, mining, decentralised finance (DeFi), and central bank digital currencies are explicitly excluded from scope. The bill does not legalise crypto as a means of payment; crypto-assets would be treated as a distinct class of financial assets manageable only through authorised service providers.

Regulatory Oversight

The framework under Bill 42.25 assigns oversight through a tripartite structure. Bank Al-Maghrib (BAM), Morocco’s central bank, holds prior-approval authority over crypto-asset service providers and has sole responsibility for regulating stablecoin issuers, requiring full reserve backing in segregated accounts held at Moroccan credit institutions under BAM supervision. The Autorité Marocaine du Marché des Capitaux (AMMC), which is the capital markets regulator, will license crypto-asset service providers, supervise token issuances and public offerings, and enforce rules against insider trading and market manipulation. The Autorité Nationale du Renseignement Financier (ANRF), established under Law 12-18 in 2021, is the financial intelligence unit responsible for AML and counter-terrorism financing supervision, including mandatory client identification, ten-year data retention, and suspicious activity reporting. A coordination committee comprising BAM, the AMMC, the insurance regulator ACAPS, the Treasury, and the data protection commission CNDP will align policy across sectors. The Office des Changes retains its role enforcing foreign-exchange rules, which currently provide the legal basis for the 2017 prohibition.

Tax Treatment

The Code General des Impots does not address virtual assets, and the Direction Generale des Impots (DGI) has not issued a crypto-specific circular. Under the current framework, any gains are subject to general income tax principles on a case-by-case basis. Bill 42.25 proposes a structured tax regime: capital gains tax of 15-30% on disposal of crypto-assets, mirroring the treatment of listed securities; progressive income tax of 10-38% on income earned from crypto-related activities by individuals; and corporate tax of 20-31% for licensed crypto businesses. VAT is not expected to apply to crypto transactions. The DGI plans to implement monitoring through licensed exchange and bank linkages once the licensing regime is operational. All proposed rates are subject to finalisation in the bill’s implementing regulations and are not yet enacted.

Business Environment

Banking Relationships

Banks operate within the constraints of the 2017 communique. Facilitating crypto activity exposes institutions and customers to foreign-exchange penalties, and Moroccan banks routinely block payment card transactions flagged as crypto-related. The Professional Group of Banks of Morocco coordinates monitoring with BAM and the Office des Changes. Practical domestic on-ramps through the banking system are closed under current law. Bill 42.25 envisions that licensed crypto-asset service providers will maintain accounts at Moroccan banking institutions, and that BAM supervisory linkages will allow transaction monitoring, potentially reopening formal banking channels for compliant operators once the bill is enacted.

Innovation Support

Bank Al-Maghrib has been developing a domestic central bank digital currency, the e-dirham, under a working group active since 2019. BAM’s 2024 annual report confirmed the launch of the third phase of the project, with World Bank and IMF technical assistance. An initial retail peer-to-peer payment pilot was completed in 2025, and a parallel cross-border transfer pilot with the Central Bank of Egypt and World Bank support is running concurrently, targeting interoperability within the African Continental Free Trade Area payments framework. The e-dirham is explicitly excluded from the scope of Bill 42.25. No BAM-managed regulatory sandbox for private fintech firms has been announced. In December 2025 the AMMC conducted a training programme in partnership with blockchain analytics firm Chainalysis, developing its on-chain transaction monitoring and forensic analysis capacity in preparation for licensing supervision under the forthcoming law.

Crypto License in Morocco

No virtual asset service provider licensing regime is currently operational in Morocco. The 2017 prohibition means any domestic crypto activity outside existing foreign-exchange exemptions carries legal risk. Bill 42.25 would introduce the first formal licensing pathway for crypto-asset service providers (CASPs), establishing a two-step process and assigning specific supervisory roles to BAM and the AMMC. Parliamentary adoption is projected for mid-2026, with implementing regulations and the first AMMC licences expected in late 2026 or early 2027.

Current Status

Bill 42.25 was published for public consultation in November 2025 following its preparation by the Ministry of Economy and Finance, BAM, and the AMMC. The bill was submitted for parliamentary review in early 2026. Upon adoption, CASPs will require a BAM prior approval before applying for an AMMC licence. Only corporate entities incorporated in Morocco are eligible; foreign branches or representative offices do not qualify. The bill restricts crypto payment use and does not create a remittance or payment corridor outside the licensed CASP framework.

Licensing Requirements

Applicants must meet a minimum initial capital requirement of MAD 3 million (approximately $300,000), held at a Moroccan banking institution and maintained throughout operations. The exact capital floor may vary by activity type and will be confirmed in AMMC implementing regulations. Required application documents include: a certified copy of the articles of association; criminal record certificates for all directors dated no older than three months; a cybersecurity audit report from an AMMC-approved third party; and an insurance policy covering professional indemnity and cyber-theft. CASPs must segregate client assets from proprietary funds. An initial licensing fee and an annual oversight fee, both tiered by transaction volume, are payable upon and after approval. Licences cover designated activities only; expanding into new activity categories requires separate authorisation. A ten-year record-retention obligation applies across all licensed activities, covering transaction logs, client identity files, and communications.

Application Process and Timeline

The process follows a sequential BAM-then-AMMC structure. An applicant first submits a prior-approval request to BAM, which assesses prudential fitness, capital adequacy, and the proposed scope of stablecoin-related activity. On receipt of BAM clearance, the applicant lodges a full licensing application with the AMMC. The AMMC has 120 days to reach a decision and may convene an interview with the responsible officers to verify professional qualifications under commercial law standards. A two-month window applies to formal acceptance or rejection communications. Enforcement for unlicensed operation carries criminal penalties of one to five years imprisonment and fines up to MAD 500,000. Market manipulation and insider trading involving crypto-assets are subject to two to seven years imprisonment and fines up to MAD 10 million. Administrative sanctions include warnings, public censure, activity suspension, and licence revocation, with financial penalties ranging from MAD 100,000 to MAD 5 million.

Market Characteristics

Adoption Patterns

Despite the formal prohibition, Morocco ranks consistently among the leading African countries for cryptocurrency adoption, with an estimated six million holders representing approximately 16% of the population. Activity is concentrated on offshore exchanges accessed via VPN-based connections and on informal peer-to-peer platforms. Cash plays a large structural role in the broader economy; crypto has filled niches in cross-border remittances, value transfer outside the banking system, and store-of-value demand. The disconnect between the prohibition and observable market size is one of the principal drivers cited by BAM and the AMMC for advancing Bill 42.25.

Industry Focus

No licensed domestic crypto industry exists. Mining is not a structural feature of the economy and is excluded from the scope of the proposed framework. The forthcoming licensing regime would cover exchanges, custodians, portfolio managers, issuers of utility tokens and asset-referenced tokens, and related corporate service providers. Once operational, the AMMC will maintain a public register of licensed CASPs. The domestic crypto market is estimated at $278.7 million in 2025, projected to reach $292.4 million in 2026 as regulatory clarity attracts structured participation. Bill 42.25’s MiCA alignment creates potential advantages for European fintech firms already operating under MiCA, which may accelerate inbound interest once licences become available.

Regulatory Evolution

Morocco is a member of the Middle East and North Africa Financial Action Task Force (MENAFATF). The country was placed on the FATF increased-monitoring list in February 2021 and removed on 24 February 2023 after completing its action plan. Morocco remains off the FATF grey list as of 2026. A MENAFATF follow-up update in May 2024 recorded largely-compliant or compliant ratings across the majority of the 40 Recommendations. The sequencing of further regulatory work runs from adoption of Bill 42.25 through subordinate BAM rules on stablecoin reserves and AMMC rules on licensing criteria, market conduct, and AML/CFT standards, in parallel with the e-dirham CBDC project and continued MENAFATF reporting commitments. Morocco’s approach represents a transition from prohibition to a structured, internationally aligned framework rather than a simple liberalisation, preserving capital controls while creating a supervised pathway for digital asset activity.