Custodial wallet / SaaS in Morocco

Historical Prohibition: An official ban on the use and trading of cryptocurrencies.

Lack of Legal Tender Status: Cryptocurrencies are not recognized as legal tender.

Ongoing Exploration: The central bank (Bank Al-Maghrib) is actively studying the sector with the intent to develop a comprehensive regulatory framework, including potential central bank digital currency (CBDC) initiatives.

Reference: Communiqué n°01/2017 du 20 novembre 2017 de l'Office des Changes.

2017 Warnings: Bank Al-Maghrib (BAM - Morocco's central bank) and the Moroccan Exchange Office issued strong warnings against the use of cryptocurrencies.

The Moroccan Exchange Office (Office des Changes) explicitly declared that engaging in cryptocurrency transactions constitutes a violation of the current foreign exchange regulations, which stipulate that foreign exchange transactions must be conducted through authorized intermediaries and in currencies listed by BAM.

Result: This effectively made the use of cryptocurrencies for transactions or business operations illegal in Morocco under existing laws, with no legal pathway for VASP operations.

Intention to Regulate: Recognizing the global rise of cryptocurrencies and the need to address them, Bank Al-Maghrib has publicly announced its intention to introduce a regulatory framework for virtual assets.

Ongoing Work: BAM has been working in consultation with international bodies like the International Monetary Fund (IMF) and the World Bank to draft a comprehensive bill. This work has been ongoing since at least late 2022 and throughout 2023.

No Enacted Law Yet: Despite these efforts, the proposed law has not yet been finalized, approved by the government, or published in the Official Bulletin. Therefore, the historical warnings remain the de facto regulatory environment.

No Specific Licenses: Because there is no specific virtual asset regulatory framework in place, there are no specific licenses required or available for:

Custody Providers: No specific license exists for virtual asset custody services.

Local Presence: Foreign entities wishing to operate in Morocco would almost certainly be required to establish a local legal entity (e.g., a subsidiary) and have a physical presence, management, and staff in Morocco.

AML/KYC Obligations: This is virtually guaranteed. Morocco already has robust anti-money laundering and combating the financing of terrorism (AML/CFT) laws (e.g., Law No. 43-05 as amended). Any regulated VASP would be subject to strict AML/CFT obligations, including:

Capital Requirements: Significant minimum capital requirements would likely be imposed to ensure the financial stability and credibility of VASPs, appropriate to the services offered (exchange, custody, etc.).

Prohibition/Lack of Legal Framework: BAM views cryptocurrencies as operating outside of the legal and regulatory framework for financial transactions in Morocco, exposing users to significant risks. This means that operating a Virtual Asset Service Provider (VASP) or conducting significant crypto-related business within Morocco itself could be deemed illegal or at least highly unregulated and risky.