Morocco

## Retail Trading Status: Cryptocurrencies in Morocco

**Report Date:** 2025-06-26

**Topic:** Retail_Trading_Status

**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

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### **Retail_Trading_Status: Morocco**

**Identified Status:** Banned

**Detailed Narrative Explanation:**

Morocco has maintained a clear and consistent stance against cryptocurrency trading for its citizens and residents. As of the latest available information, the buying, selling, and holding of cryptocurrencies by individuals for retail trading purposes is prohibited. This prohibition stems from official communications and warnings issued by the country's primary financial regulators: Bank Al-Maghrib (the central bank), the Moroccan Capital Market Authority (AMMC), and the Foreign Exchange Office.

The core reasons cited for this ban revolve around the perceived risks associated with cryptocurrencies. These include their speculative nature, volatility, lack of consumer protection, potential for use in illicit activities such as money laundering and terrorism financing, and the absence of a recognized legal framework or backing by a central institution.

In November 2017, the Foreign Exchange Office, Bank Al-Maghrib, and the AMMC issued a joint statement explicitly warning the public about the risks of dealing with cryptocurrencies and emphasizing that such transactions constitute an infringement of exchange regulations and are subject to penalties. This official stance has not been publicly reversed or significantly altered by any subsequent legislation or regulatory guidance that would permit retail cryptocurrency trading.

While there have been discussions and reports about Morocco potentially exploring the development of a regulatory framework for cryptocurrencies, particularly in the context of a central bank digital currency (CBDC) or broader fintech advancements, these explorations have not yet translated into a legalisation or regulation of private retail cryptocurrency trading. The emphasis remains on caution and the enforcement of the existing prohibition.

Therefore, any engagement in cryptocurrency trading by individuals in Morocco is considered to be in violation of current financial regulations. There are no licensed or regulated cryptocurrency exchanges operating legally within the country for retail investors.

**Specific, Relevant Text Excerpts and Sources:**

*   **Source:** Bank Al-Maghrib, Foreign Exchange Office, and Moroccan Capital Market Authority (AMMC) - Joint Press Release (November 2017). While the original 2017 press release URL can be elusive, its content is widely reported by reputable sources. A summary of its key points is often referenced.
    *   **Excerpt Summary:** The authorities "warn the general public against the use of virtual currencies." They highlighted that "this activity is not regulated and involves significant risks for users (volatility, illicit uses, lack of protection, etc.)." Furthermore, they stated that "transactions via virtual currencies constitute an infringement of exchange regulations and are liable to penalties and fines." (This is a widely reported summary of the 2017 joint statement).
*   **Source:** Various news outlets and financial information platforms consistently report on Morocco's ban on cryptocurrencies, referencing the 2017 joint statement as the basis for this prohibition. For instance, reports often state that "Moroccan authorities have banned cryptocurrency trading within the country" and that "the country's financial watchdogs, including the central bank (Bank Al-Maghrib) and the Moroccan Capital Market Authority (AMMC), have issued warnings against the use of cryptocurrencies, citing risks such as lack of consumer protection, volatility, and potential use for illicit purposes."
*   **Source:** Reports from international bodies and legal firms analyzing Morocco's financial landscape also reflect this banned status. For example, a global cryptocurrency regulatory overview might state: "Morocco: Cryptocurrencies are banned. The Foreign Exchange Office has stated that transactions involving cryptocurrencies are an infringement of exchange regulations and are punishable by law."

**Direct, Accessible URL Links to Sources:**

*   While a direct link to the original 2017 joint press release can be difficult to locate consistently, its content and implications are widely discussed and reaffirmed by Moroccan authorities and reputable financial news outlets. The following types of sources consistently confirm this stance:
    *   Official statements or FAQs on the websites of Bank Al-Maghrib (www.bkam.ma) or the AMMC (www.ammc.ma) would be primary sources if they reiterate this position. Searches on these sites for "cryptomonnaies" or "monnaies virtuelles" often yield information or reiterate past warnings.
    *   Reputable international financial news outlets and regulatory information providers often have sections detailing the legal status of cryptocurrencies by country, which would reflect Morocco's ban. (Examples: Reuters, Bloomberg, national news agencies covering financial regulations).

**Note:** As of the report date, no new official announcements have been identified that would change the "Banned" status of retail cryptocurrency trading in Morocco. The regulatory environment remains restrictive, and individuals engaging in such activities do so in contravention of existing directives.