As of December 2025, retail cryptocurrency trading remains technically illegal in Morocco under the 2017 foreign exchange regulations, although a comprehensive regulatory framework is imminent. The Office des Changes and Bank Al-Maghrib (BAM) maintain that transactions involving virtual currencies constitute an infringement of exchange laws, subjecting users to potential fines. However, in November 2025, the Ministry of Economy and Finance published Draft Bill 42.25, which aims to legalize and regulate crypto-assets as financial instruments while continuing to prohibit their use as a payment method.

Cryptocurrency Regulatory Analysis: Morocco

I. Regulatory Status

• Current Status: Banned for retail trading as of December 2025.
• Legal Basis: The ban is enforced under foreign exchange regulations, with transactions classified as illegal capital outflows.
• Future Outlook: A transition to an Allowed-Regulated status is highly likely within 6-12 months following the publication of Draft Bill 42.25 in November 2025.

II. Key Regulatory Bodies

• Office des Changes (Foreign Exchange Office):
  • Primary enforcer of the current ban.
• Bank Al-Maghrib (BAM):
  • The central bank; upholds the current ban and is responsible for drafting the new regulatory framework (Bill 42.25).
  • Will oversee future licensing of service providers under the proposed law.
• Moroccan Capital Market Authority (AMMC):
  • Designated as the future regulator for public offerings (ICOs) and crypto-asset service providers under the proposed bill.
• Ministry of Economy and Finance:
  • Oversees the legislative adoption process for Bill 42.25.

III. Important Legislation

• Office des Changes Press Release (2017) (Communiqué: Mise au point au sujet de l'utilisation des monnaies virtuelles)
  • Enacted: 2017-11-20
  • Explicitly bans transactions via virtual currencies, declaring them an infringement of foreign exchange regulations liable to penalties and fines.
• Draft Law on Digital Assets (Bill 42.25)
  • Proposed legislation published in November 2025.
  • Aims to legalize and regulate crypto-assets as financial instruments.
  • Establishes a licensing regime for service providers and sets AML/CFT standards.

IV. Compliance Requirements

• Under the current ban, compliance requires abstaining from all cryptocurrency transactions to avoid potential fines.
• Under the proposed Bill 42.25, future requirements will include:
  • Obtaining a license from regulators (BAM/AMMC) to operate as a crypto-asset service provider.
  • Adhering to new Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards.
  • Paying capital gains tax on profits (proposed rate likely 15-30%).

V. Notable Restrictions or Limitations

• Foreign Exchange Controls: The primary legal hurdle; buying crypto is viewed as an illegal transfer of capital abroad.
• Payment Prohibition: A core restriction that will persist even under the proposed Bill 42.25; using crypto as a medium of exchange for goods and services will remain prohibited.

VI. Recent Developments or Notes

• The publication of Draft Bill 42.25 in November 2025 signals an imminent shift from a banned to a regulated environment.
• There is a significant discrepancy between the official ban and market reality, as Morocco consistently ranks high in crypto adoption in North Africa with a thriving peer-to-peer market.
• Until the new law is officially enacted, the 2017 ban provides the legal basis for any potential enforcement actions.
• The environment is described as highly dynamic, and the status is expected to change in the near term.