Quick Answer
Cryptocurrency is currently illegal but is moving toward legalization.
- A nationwide ban on all cryptocurrency transactions has been active since 2017.
- A new draft law to regulate and legalize cryptoassets is currently in adoption.
Legal Status of Crypto in Morocco
Cryptocurrency is currently illegal in Morocco, following a nationwide ban on all crypto-related transactions enacted in 2017. The prohibition was established by key financial authorities, including the Moroccan Exchange Office, Bank Al-Maghrib, and the Moroccan Capital Market Authority, due to non-compliance with exchange regulations and the inherent risks of unregulated digital currencies. However, the country’s stance is actively evolving, as Morocco’s central bank is now spearheading a new draft law to regulate and legalize cryptoassets, signaling a transition toward a compliant and supervised framework.
Current Regulations
Since 2017, Morocco has enforced a ban on cryptocurrencies, a decision backed by the country's primary financial regulators. The Moroccan Exchange Office has stated that using virtual currencies violates existing exchange regulations, and Bank Al-Maghrib has warned the public about the risks of this unregulated activity. Despite the prohibition, persistent underground use has prompted the central bank to prepare a draft law to formally regulate and legalize cryptoassets, which is now in the process of adoption.
Regulatory Authorities
Several key financial bodies are responsible for overseeing Morocco's evolving crypto regulatory framework.
- Bank Al-Maghrib (BAM): As the central bank, BAM is spearheading the new crypto law, with responsibilities including licensing exchanges and ensuring compliance with anti-money laundering rules. It also leads the development of a potential central bank digital currency and works to maintain overall financial stability.
- Moroccan Capital Market Authority (AMMC): This authority oversees the country's capital markets, which extends to regulating security tokens and initial coin offerings (ICOs). The AMMC's primary role is to protect investors by ensuring digital asset offerings are properly approved.
- Moroccan Exchange Office: This body is responsible for enforcing the country's exchange regulations, which have historically been the basis for the ban on crypto transactions. It has the authority to issue penalties and fines for non-compliance.
- Ministry of Economy and Finance: The ministry works alongside other regulators to issue public warnings about the risks of virtual currencies. It helps shape national financial policy and consumer protection in the financial sector.
Historical Context
Morocco's crypto regulations began with a strict ban in 2017, when financial authorities outlawed cryptoassets, citing violations of exchange rules and risks to the public. This prohibition pushed transactions underground, as usage continued despite the restrictions. The landscape began a significant shift in November 2024, when the governor of Bank Al-Maghrib announced that a draft law to regulate and legalize crypto was in the adoption process. This new approach aims to protect users and capitalize on innovation, moving the country from a complete ban toward a supervised digital asset market.
Compliance Requirements for Businesses in Morocco
As Morocco moves from a blanket ban toward a regulated crypto framework, businesses must adhere to a new set of compliance obligations. The emerging government guidance, outlined in the draft law and by financial authorities, establishes several essential rules for any platform operating in the country.
- AML/CFT Compliance: Registered crypto platforms are required to comply with mandatory Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations. This involves monitoring transactions and reporting suspicious activity.
- Know Your Customer (KYC) Procedures: As a key part of AML/CFT compliance, platforms must implement KYC checks to verify customer identities and ensure all transactions are traceable.
- Mandatory Licensing: Crypto exchanges must obtain a license from Bank Al-Maghrib (BAM) to operate legally in Morocco.
- Taxation: All profits from crypto are subject to a 15% capital gains tax, and businesses must report these transactions accordingly.
- ICO and Security Token Oversight: The Moroccan Capital Market Authority (AMMC) oversees Initial Coin Offerings (ICOs) and tokenized securities, which require regulatory approval to protect investors.
- Usage Restrictions: Using digital assets for commercial payments or settlements is still prohibited. Businesses must use traditional banking channels for international trade.
Why this matters for Cross-Border Payments
Morocco's evolving crypto framework introduces a complex environment for businesses handling cross-border payments. While the new law legalizes cryptoassets, the continued prohibition on using them for commercial settlements means companies cannot leverage digital currencies for international trade or invoicing. This restriction forces businesses to rely on traditional banking channels, negating the potential speed and cost benefits of crypto and creating a significant operational hurdle for those hoping to integrate digital assets into their payment systems.
How Lightspark Enables Compliant Crypto-Native Payments
Lightspark provides a global payments infrastructure built on Bitcoin to enable instant, low-cost money movement. Its core products, Lightspark Connect and Grid Switch, are designed to simplify complex payment flows. Connect allows businesses to access the Lightning Network for native Bitcoin transactions, handling difficult aspects like node management and liquidity. Grid Switch enables real-time, cross-border fiat payments by using domestic payment rails and the Lightning Network as a settlement layer, bridging traditional and next-generation financial systems.
These tools address key pain points by offering faster, cheaper, and more reliable payments than traditional channels. For businesses in regulated markets like Morocco, Lightspark facilitates compliance by providing features such as audit-ready reporting, flexible key custody, and built-in screening tools. This infrastructure helps regulated institutions like banks and exchanges meet their AML/CFT and KYC obligations while expanding into new payment corridors without needing new licenses or infrastructure.
To learn how Lightspark can help you unblock your next market, connect with their sales team.
Notice: This article is provided for informational purposes only and does not constitute legal advice.
FAQs
What are the penalties for using crypto in Morocco?
The Moroccan Exchange Office can impose fines and penalties for violating exchange regulations through crypto use. The specific penalties can vary, but they are enforced to discourage non-compliant transactions.
When will the new crypto law in Morocco take effect?
While the draft law is currently in the adoption process, Moroccan authorities have not yet announced a specific date for its full implementation. The timeline will depend on the final legislative and regulatory approvals.
Is peer-to-peer (P2P) crypto trading allowed in Morocco?
All cryptocurrency transactions, including peer-to-peer (P2P) trading, are currently prohibited under the 2017 nationwide ban. The new regulatory framework may provide clarity on P2P activities once it is officially adopted.
Sources
- Bank Al-Maghrib. "Virtual currency." Bank Al-Maghrib, www.bkam.ma/en/Find-information-about/Virtual-currency.
- Chakrawarty, Shweta. "Cryptocurrency Regulations in Morocco." Coinfomania, 19 June 2025, coinfomania.com/cryptocurrency-regulations-in-morocco/.
- Eljechtimi, Ahmed. "Morocco preparing law to allow cryptocurrencies, central bank chief says." Reuters, 26 Nov. 2024, www.reuters.com/technology/morocco-preparing-law-allow-cryptocurrencies-central-bank-chief-says-2024-11-26/.
- Mizner, Andrew. "Moroccan central bank plans to legalise cryptoassets." African Law & Business, Global Legal Group, 29 Nov. 2024, www.africanlawbusiness.com/news/moroccan-central-bank-plans-to-legalise-cryptoassets/.
- "Morocco & Cryptocurrency | Blockchain & Cryptocurrency Laws & Regulations." Freeman Law, freemanlaw.com/cryptocurrency/morocco/.
