Morocco advances crypto law to regulate a fast growing digital asset market

Morocco is moving closer to adopting a legal framework for Morocco crypto law, as Bank Al-Maghrib confirmed it has continued work since 2025 on finalizing legislation aimed at regulating crypto-assets after years of prohibition.

The update was presented during the publication of the central bank’s 22nd annual banking supervision report in Casablanca. Although limited in detail, it signals continued progress toward establishing a regulatory framework for a market that has expanded despite a nationwide ban introduced in 2017.

Morocco prohibited cryptocurrency ownership and trading in 2017 through a joint decision involving Bank Al-Maghrib, the Moroccan Capital Market Authority (AMMC), the Foreign Exchange Office, and the Ministry of Economy and Finance. Authorities argued at the time that virtual currencies violated the country’s exchange regulations.

Despite the restrictions, cryptocurrency adoption continued through informal channels. Industry estimates suggest that more than six million Moroccans now hold crypto-assets, representing about 16% of the population. These figures are based on private sector research and have not been officially confirmed.

The government’s response is Draft Bill No. 42.25, published in November 2025 and prepared jointly by the Ministry of Economy and Finance, Bank Al-Maghrib, and the AMMC. The proposed legislation aligns with recommendations from the International Monetary Fund, the Bank for International Settlements, and the Financial Action Task Force while drawing heavily from the European Union’s Markets in Crypto-Assets (MiCA) framework.

The bill would introduce a licensing system requiring crypto service providers to obtain regulatory approval before operating. Companies would also need to meet minimum capital requirements and comply with governance, risk management, and internal control standards.

The legislation establishes legal definitions for crypto-assets, including tokenized securities and stablecoins, while assigning supervisory responsibilities to both Bank Al-Maghrib and the AMMC.

Bank Al-Maghrib would oversee stablecoins and other asset-referenced digital tokens linked to official currencies or baskets of assets. The central bank would ensure these assets are backed by sufficient liquid reserves and that redemption mechanisms remain transparent. The proposed law excludes central bank digital currencies, non-fungible tokens (NFTs), and cryptocurrency mining from its scope.

Regulators are also preparing for implementation. In December 2025, the AMMC organized a training seminar with blockchain analytics company Chainalysis to strengthen its expertise in blockchain monitoring, transaction analysis, and digital asset investigations.

The legislation remains under review, and authorities have not announced when it will be submitted to Parliament. Coordination continues between the Ministry of Economy and Finance, Bank Al-Maghrib, and the AMMC as Morocco seeks to establish a regulated crypto market after nearly a decade of prohibition.