Understanding the Legal Status of Cryptocurrency Transactions and Regulations in Morocco

Cryptocurrencies are not recognized as legal tender in Morocco, and their use falls outside any official regulatory framework. In a joint press release, the Office des Changes, Bank Al-Maghrib, and the Moroccan Capital Market Authority (AMMC) explicitly prohibited the use of virtual currencies, emphasizing the lack of consumer protection and potential for illicit activities (1).

Since December 28, 2017, the Official Journal of the Kingdom of Morocco has banned the purchase, sale, use, and holding of virtual currencies, deeming such transactions an infringement of foreign-exchange regulations. However, in November 2024, Bank Al-Maghrib announced a draft law to legalize and regulate crypto-assets, signaling a possible shift toward a formal legal framework (2).

"Morocco is in the process of adopting a new law to regulate cryptocurrencies, which have been banned in the country since 2017 but continue to be used clandestinely by the public."

Looking ahead, Moroccan authorities are exploring a comprehensive regime that would align with international standards, protect investors, and even consider a central bank digital currency (CBDC) to promote financial inclusion and stability.

Source:
https://www.oc.gov.ma/sites/default/files/2022-04/communiqu%C3%A9%20tripartite.pdf
https://www.reuters.com/technology/morocco-preparing-law-allow-cryptocurrencies-central-bank-chief-says-2024-11-26/

Last updated: 15-05-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.