For nearly a decade, Morocco adopted one of the most stringent positions on cryptocurrency within the Arab world. Nevertheless, a significant number of Moroccans gradually cultivated a clandestine crypto economy, prompting regulators to take notice. In November 2017, a joint declaration from Morocco’s Ministry of Economy and Finance, Bank Al-Maghrib, and the Office des Changes categorically deemed cryptocurrency transactions illegal. Authorities cautioned that engaging in bitcoin or other virtual currencies breached Morocco’s foreign exchange regulations, leaving users without legal protection and vulnerable to risks such as fraud, money laundering, and the financing of terrorism.
In light of these warnings, Moroccans who engaged in trading digital assets faced potential penalties under exchange regulations, establishing Morocco as one of the few nations in the region to enforce a comprehensive ban. This prohibition was enacted to safeguard monetary sovereignty, as Bank Al-Maghrib perceived cryptocurrencies as a means for citizens to circumvent official banking channels, thereby evading currency controls and jeopardizing national reserves. However, despite the prohibition, the use of cryptocurrencies did not wane. According to the Chainalysis 2022 Global Crypto Adoption Index, Morocco ranked 14th globally for grassroots adoption, illustrating that underground usage thrived even amidst official constraints.
By 2024, it was estimated that approximately 6 million Moroccans, equating to around 16% of the population, were utilizing or owning cryptocurrencies, reflecting a notable 60% growth over a five-year span. Prominent trading platforms such as Binance, Kraken, and various peer-to-peer exchanges emerged as the principal marketplaces for millions of users operating within a legal gray area. In November 2024, Bank Al-Maghrib Governor Abdellatif Jouahri announced that the bank had formulated a draft law aimed at regulating crypto assets, developed with the assistance of the World Bank, and that this draft was in the process of adoption.
During this announcement, Jouahri also revealed that the central bank was considering the potential introduction of a digital dirham, a state-backed central bank digital currency. The widening chasm between the lived experiences of citizens and existing legislation became increasingly challenging to overlook. By early 2025, Moroccan authorities initiated an investigation into property purchases facilitated by cryptocurrencies, uncovering instances where individuals leveraged digital currencies to bypass regulations governing foreign real estate transactions.
In late 2025, the Ministry of Economy and Finance introduced Bill 42.25, a draft law designed to outline a comprehensive regulatory framework for digital assets and decentralized finance. This legislation aspires to protect investors, uphold market integrity, combat fraud and money laundering, foster financial innovation, and maintain financial stability. However, it is crucial to note that the bill does not legalize cryptocurrency as a form of payment; rather, it categorizes crypto assets as a distinct class of financial assets, which can only be managed by authorized service providers adhering to Morocco’s monetary regulations.
The necessity for legalization is underscored by projections indicating that Morocco’s crypto market is poised to reach $292.4 million by 2026, with an anticipated annual growth rate of 4.92% once the regulatory framework is implemented. By 2025, Morocco had already ascended to 24th place globally in terms of crypto adoption, boasting the highest transaction value in the North African region in 2023.
As reported by en.hespress.com.
