What is the current cryptocurrency/virtual asset regulatory status in Morocco? Include: regulatory approach (comprehensi

Generated by ai-lab-1 on 2026-04-11T17:10:15.958Z Source: justfixit.AI Worker Lab

Morocco maintains a partial regulatory approach to cryptocurrencies, transitioning from a 2017 ban toward legalization via draft legislation, with crypto trading and exchanges permitted only through licensed platforms under strict oversight.[1][2][3][4]

Regulatory Approach

Morocco imposed a nationwide ban on cryptocurrency ownership, trading, and use in November 2017, citing violations of foreign exchange regulations, though enforcement has been partial as private holding and peer-to-peer transactions persisted in a gray area.[1][2][3] A policy shift began in November 2024, with authorities drafting Bill 42.25 to regulate crypto-assets as digital representations of value or rights tradable on blockchain, recognizing them as financial instruments while prohibiting their use as payments or legal tender.[2][3] The Bank Al-Maghrib (BAM) finalized this draft law by July 21, 2025, with implementation and stricter exchange rules expected in 2026.[2][3][5][4][6]

Primary Regulatory Bodies

• Bank Al-Maghrib (BAM): Central bank overseeing stablecoins, asset-backed tokens, and licensing for exchanges; limits stablecoin issuance to banks and payment institutions.[2][3][4][7]
• Moroccan Capital Market Authority (AMMC): Supervises token issuance, public offerings, listing, trading, and licenses virtual asset service providers (VASPs).[2][3]
• Other involved: Moroccan Exchange Office, Ministry of Economy and Finance, and National Financial Intelligence Agency (ANRF) for AML/CFT and transaction traceability.[2]

Key Legislation

• November 2017 Ban: Prohibited all crypto transactions.[1][2][3]
• Bill 42.25 (draft published by Ministry of Economy and Finance; announced November 2024, finalized July 2025): Core framework for regulation, emphasizing investor protection, market integrity, innovation, and monetary stability; no confirmed effective date as of available data, with full rollout anticipated in 2026.[2][3][5]

Stance on Crypto Trading and Exchanges

Trading is tolerated via licensed platforms but banned for payments or settlements; unlicensed activities remain prohibited.[2][3][4] VASPs, including custodial exchanges, on/off-ramps, asset managers, and advisors, fall under regulation.[3] Progressive taxes apply to profits (15-30%), mining/storage (10-38%), and corporate activities (20-31%), with potential VAT exemptions under study.[6]

Licensing Requirements for Crypto Businesses

Businesses must apply to AMMC for VASP licenses, demonstrating AML/CFT controls, operational capacity, and compliance; BAM approves exchanges and stablecoin issuers.[2][3][4] Non-compliance risks license revocation, fines, or imprisonment.[3] Stricter rules for exchanges are planned by 2026.[4][6]

No full implementation details or official enactment of Bill 42.25 are confirmed in sources as of mid-2025; monitor BAM and AMMC for updates.[2][3][5]