Summary
- The Moroccan authorities are in the process of putting crypto legislation in place, after first banning crypto ownership and activities in 2017.
- The ban has not stopped crypto adoption, with Morocco ranked 24th globally in 2025.
- The introduction of legislation is expected to help formalize the sector and bring digital assets better under the purview of the authorities.
- For further stories about how and why crypto is being adopted in different countries worldwide, visit our Crypto in Action pages.
How crypto is used in Morocco
Figures for 2024 suggest that six million people (approximately 16% of the population) own crypto, marking 60% growth in five years. The market was forecast to reach $278.7 million for 2025, rising to $292.4 million in 2026, and in 2023, the country had the highest crypto transaction value in North Africa.
Commonly used exchanges include Binance, Kraken and Bybit, although P2P platforms are particularly popular.
Adoption is well balanced, as evidenced by the country’s even ranking in retail centralized service activity (20th), total centralized service value (23rd), DeFi (25th), and institutional flows (28th).
Reasons for crypto’s popularity include interest from a growing number of fintech start-ups focused on blockchain and crypto. Remittances are another key driver; in 2024, remittances totaled MAD119 billion ($12.8 billion), registering a 3.3% year-on-year rise. Crypto offers a quick and relatively reasonable way to transfer these types of payments.
Crypto is also attractive to those lacking access to traditional financial services. Morocco’s numbers of unbanked have historically been high, registering anywhere between 56% and 71% of its adult population.
A smaller number of Moroccans have used crypto in overseas real estate purchases. Reports from March 2025 revealed that crypto was being used to buy property in Spain and the United Arab Emirates.
The authorities’ response
Historically, the authorities have taken a tough line on crypto, banning its ownership and trading in 2017. A unified attitude has been maintained among the several arms that have responsibility for the sector. These include the Bank Al-Maghrib (BAM), the central bank, the Moroccan Capital Market Authority (Autorité Marocaine du Marché des Capitaux (AMMC)), the Moroccan Exchange Office, and the Ministry of Economy and Finance.
The ban was centered on non-compliance with exchange regulations, with the authorities arguing that virtual currencies violated exchange regulations.
This has not, however, deterred crypto adoption, with a gray area emerging where crypto is prohibited for payments use, but largely tolerated for private transactions.
A shift in the official position emerged in November 2024. BAM governor, Abdellatif Jouahri, announced that a draft digital asset law was in the process of being adopted. The reasons given were four-fold: to protect investors, guarantee market integrity and combat fraud, support financial innovation, and preserve monetary system stability.
Under Bill 42.25, crypto-assets become digital representations of values or rights, tradable using blockchain. As such, they will be recognized as a financial instrument. The AMMC will have the power to supervise token issuance and public offerings, and the authority to issue licenses to digital service providers.
The BAM will have responsibility for overseeing stablecoins and ensuring the soundness of underlying assets, while a new body, the National Financial Intelligence Agency (ANRF), will strengthen both the country’s anti-money laundering and transaction traceability measures.
In addition, the Treasury and Data Protection Authority (CNDP) will additionally help implement policy and adapt regulations, where required.
Steps the authorities have taken to remain in control
Notably, the act does not legalize the use of crypto for payment. As a financial asset, authorized service providers will manage crypto within the country’s monetary rules. This underscores the authorities’ desire to maintain control of the monetary supply. As do the punishments for abuse, which include three levels – disciplinary, financial and criminal offenses.
These are part of wider moves to support a digital economy, with the authorities keen to improve public services, improve efficiencies and reduce costs, and boost job opportunities.
They also mark an attempt to clean up Moroccan crypto, which has been prone to scams and criminal activity. One of the most high-profile incidents occurred in March 2025 when the office of Prime Minister Aziz Akhannouch warned that an account had been created in his name promoting a fabricated cryptocurrency. A similar case had also emerged in which criminals used BAM’s name and logo for the same purposes.
Moves to create a CBDC have been under way since 2019. BAM has been working with the International Monetary Fund (IMF) and World Bank to assess the effects of a CBDC on the payment system. Specifically, the authorities have been investigating P2P and cross-border payments, and have carried out experiments with the Egyptian central bank and World Bank, specifically regarding the latter. The aim is to modernize the payment system reduce reliance on cash, and support financial inclusion.
Timeline of crypto events
2017
In November, the Moroccan Exchange Office issued a press release announcing that public transactions made using virtual currencies violated the country’s exchange regulations.
2019
The central bank began researching CBDCs.
2021
In its annual report, BAM covered CBDC developments in other countries, without touching on domestic progress, and debated the pros and cons of using them.
2022
In June, BAM announced that it was working on a bill to regulate crypto.
2023
In June, Jouahri appeared at a round table where CBDCs were discussed. He was quoted as saying: “The complexity and challenges related to CBDCs highlight the need to continue and deepen the debate.”
2024
In November, Jouahri announced the creation of a draft crypto law.
2025
In July, Jouahri revealed that the central bank had “conducted an initial experiment focusing on the retail (P2P) payment use case,” and that it was also working with its Egyptian counterpart and World Bank on cross-border transfer use cases.
In November, it was announced that the crypto law was ready to be adopted.
Outlook
The new crypto legislation is expected to support the sector, allowing it to develop and innovate, albeit under strict supervision. Overall, it provides clarity, and is expected to help fight crypto crime problems and better protect users. That said, it isn’t expansive and doesn’t cover key areas like DeFi or other digital financial tools.
It places Morocco at the forefront of regulation in the region, and more widely supports its steps towards digitizing the economy. The EU’s MiCA has played the strongest influence on the proposed legislation, which has been described as strong on vision, albeit cautious in approach. One area that is yet to be clarified is a timeline. At this stage, provisions are still being discussed and it is unclear if further provisions will be added or those under discussion amended.
