Morocco's Crypto Regulatory Journey: A Tale of Perseverance and Adaptation
Morocco's approach to cryptocurrency regulation has been a long and winding road, marked by a ban that persisted for over a decade. The country's stance on crypto ownership and trading was strict, with authorities arguing that virtual currencies violated exchange regulations. However, the underground market continued to thrive, with an estimated six million Moroccans holding digital coins, according to private-sector analysis.
The regulatory turnaround began in 2025 with the publication of Draft Bill No. 42.25, a collaborative effort between the Ministry of Economy and Finance, Bank Al-Maghrib, and the AMMC. This bill, which aligns with international recommendations and closely mirrors the European Union's MiCA regulation, proposes a licensing regime for crypto firms, setting capital, risk-control, and governance standards. It also defines crypto-assets, including tokenized securities and stablecoins, and assigns supervisory responsibility to the AMMC and Bank Al-Maghrib.
Bank Al-Maghrib's specific mandate covers stablecoins, ensuring their value is pegged to an official currency or basket of assets. The central bank will monitor the backing reserves and transparency of redemption mechanisms. Interestingly, the bill excludes central bank digital currencies, NFTs, and cryptocurrency mining from its scope.
The regulatory body is taking proactive steps to enforce the framework. In December 2025, the AMMC held a training seminar with Chainalysis, a blockchain analytics firm, to enhance its staff's capacity for on-chain transaction monitoring and forensic analysis. This indicates a commitment to effective enforcement.
However, the timing of the bill's implementation remains uncertain. The bill is still under review, with ongoing coordination between the relevant ministries and the AMMC to strengthen oversight. The shift from a ban to regulation is significant, as it acknowledges the reality of the crypto market and its potential impact on the economy.
Morocco's journey towards crypto regulation is a testament to its adaptability and recognition of the global trend towards digital asset integration. The country's perseverance in addressing the underground market and its commitment to a regulated framework are crucial steps in ensuring a secure and transparent crypto environment. As the bill progresses, Morocco positions itself as a leader in the region, setting a precedent for others to follow in the evolving landscape of cryptocurrency regulation.
