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Western Sahara

Retail_Trading_Status

Unclear Medium Confidence
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Status Changed

Previous status: Gray-Zone

Reconciled from live analysis after human review confirmed status as Unclear. Original new analysis incorrectly classified as Gray-Zone. The Unclear status is mandated by the territory's fundamental sovereignty dispute, which creates a fragmented legal landscape with two competing, incomplete regulatory frameworks (Morocco's draft law and SADR's licensing regime). The 'Gray-Zone' classification was an AI error that overemphasized Morocco's transitional phase while underestimating the foundational uncertainty caused by the lack of a single, recognized authority for Western Sahara.

Analysis ID
#879
Version
Latest
Created
2025-12-13 07:35
Workflow Stage
Reconciled

Executive Summary

As of December 2025, the regulatory landscape for retail cryptocurrency trading in Western Sahara remains profoundly unclear and complex due to the territory's disputed political status and the concurrent existence of conflicting, incomplete regulatory frameworks. The Kingdom of Morocco, which administers most of the territory, is in a transitional phase, moving from a 2017 ban toward a regulated framework under Draft Bill 42.25, which was unveiled in late 2025 but remains in the adoption process with no licenses issued. Simultaneously, the Sahrawi Arab Democratic Republic (SADR) claims to offer a licensing regime under a 'Crypto Company Act 2020' via its Central Reserve Authority. The lack of a single, internationally recognized regulatory authority for the entire territory, coupled with the unresolved sovereignty dispute, creates a fragmented and uncertain environment where the legality and enforceability of rules depend entirely on location and de facto control.

Key Pillars

  • Moroccan-Administered Areas: In areas under Moroccan control, any forthcoming Moroccan crypto regulations would theoretically apply. Morocco has traditionally maintained a ban on cryptocurrency transactions since 2017, but is actively moving towards legalization and regulation. A new regulatory framework (Draft Bill 42.25) is in the adoption process as of late 2025, aiming to balance financial stability with innovation. Key regulators include Bank Al-Maghrib (BAM), the Moroccan Capital Market Authority (AMMC), and the Foreign Exchange Office (Office des Changes).

  • Polisario Front/SADR-Administered Areas: The Sahrawi Arab Democratic Republic (SADR) has established its own financial authority, the Central Reserve Authority of Western Sahara, which purports to regulate and issue licenses for financial services, including crypto, under its own laws such as the 'Crypto Company Act 2020'. However, the international recognition and practical enforcement of these regulations within the disputed territory are limited.

Landmark Laws

Draft Bill 42.25 (Morocco)
- Authority: Bank Al-Maghrib (BAM) and Moroccan Capital Market Authority (AMMC)
- Date: Unveiled November 2025
- Summary: A comprehensive draft bill to regulate digital assets, licensing Crypto Asset Service Providers (CASPs) and defining crypto as financial instruments. It aims to replace the 2017 ban and establish a regulated environment. As of December 2025, the law is in the adoption phase and no licenses have been issued.

Forthcoming Moroccan Crypto Regulatory Framework
- Authority: Bank Al-Maghrib (BAM) and Moroccan Tax Administration (DGI)
- Date: Nearing adoption as of December 2025
- Summary: Morocco is in the process of finalizing a regulatory framework. This framework is being developed collaboratively by Bank Al-Maghrib (BAM) and the Moroccan Tax Administration (DGI). It aims to legalize cryptocurrency by 2025, moving away from the previous ban implemented in 2017 under foreign exchange regulations. The Finance Law of 2025 is anticipated to bring fiscal stability and incorporate provisions related to crypto taxation.

Office des Changes Circular (Morocco)
- Authority: Foreign Exchange Office (Office des Changes)
- Date: November 2017
- Summary: Explicitly banned the use of virtual currencies for payment, stating they constitute a violation of foreign exchange regulations. This ban remains technically active but is expected to be superseded by new legislation.

The Banking and Trust Act, 2017
- Authority: Central Reserve Authority of Western Sahara (SADR)
- Date: 2017
- Summary: The Central Reserve Authority of Western Sahara, established in 2017 by the SADR, claims to oversee the issuance and compliance supervision of various financial licenses, including those for crypto. The authority's mission is to position Western Sahara as an international financial hub by adhering to global compliance standards. However, the practical impact of this legislation is constrained by the SADR's limited international recognition and territorial control.

Crypto Company Act 2020 (SADR)
- Authority: Central Reserve Authority of Western Sahara (SADR)
- Date: 2020
- Summary: Legislation by the SADR government establishing a licensing regime for crypto exchanges and wallet providers, primarily targeted at offshore registrants.

Considerations

  • Asset Classification: In the context of Morocco's proposed framework, cryptocurrencies are likely to be regarded as digital assets for taxation purposes once regulations are underway. Specific guidance on Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) remains largely unclear.

  • Taxation: Morocco's proposed tax regime for crypto, expected to be implemented by 2025, includes tiered taxation:Capital Gains: Anticipated at 15-30% for crypto trading profits.Income Tax: Progressive rates from 10-38% for activities like mining and staking.Corporate Tax: 20-31% for businesses involved in crypto.Value-Added Tax (VAT) exemptions are being considered, but strict transaction reporting requirements are expected.The tax implications in SADR-controlled areas are less clear, though its financial licensing body suggests a framework for business operations.

  • Sovereignty and Enforcement: The core challenge is the contested sovereignty of Western Sahara. Under international law, Western Sahara is considered a non-self-governing territory, and Morocco's annexation is largely unrecognized. This means that while Moroccan laws might be enforced de facto in areas it controls, their legal standing across the entire territory is disputed. Conversely, the SADR's regulatory efforts face challenges in terms of international recognition and effective implementation beyond its de facto administered areas.

  • Foreign Exchange Controls: Morocco's initial ban on crypto in 2017 was rooted in foreign exchange regulations, and authorities have been investigating crypto-enabled property purchases to bypass these controls. This indicates a continued focus on controlling capital flows, which will likely persist even with legalization.

  • Transition Phase: Morocco is moving from a 'Banned' status to 'Allowed-Regulated', creating temporary uncertainty until Bill 42.25 is fully enacted and licenses are issued. The 2017 ban remains technically active during this period.

  • Offshore Licensing: SADR licenses are likely marketed to international entities for tax/offshore purposes and may not offer local operational banking rails or practical relevance for most retail traders within Western Sahara.

Notes

  • Moroccan Regulatory Evolution: Morocco's shift from a ban to a regulated environment signifies a recognition of the growing interest in crypto (with an estimated 6 million Moroccans owning or using crypto in 2024 despite the ban) and a strategic move to prevent illicit activities and position itself as a fintech hub. The framework is being developed with technical assistance from the International Monetary Fund (IMF) and the World Bank.

  • Bitcoin Mining Project Controversy: A proposed wind-powered Bitcoin mining farm in Dakhla, within Moroccan-controlled Western Sahara, has been embroiled in controversy due to its location on disputed land. The project, led by Soluna Technologies, has reportedly stalled amid financial issues and criticism regarding the exploitation of resources in an occupied territory without the consent of the Sahrawi people. This exemplifies the practical difficulties and ethical concerns surrounding economic activities, including crypto, in the region.

  • Lack of Unified Authority: The fundamental issue remains the absence of a single, internationally recognized regulatory body for the entire territory. This means that any activity involving cryptocurrencies in Western Sahara carries inherent legal and political risks due to the fragmented and uncertain nature of governance.

  • Draft Law Status: The Moroccan Draft Bill 42.25, unveiled in late 2025, is in the adoption phase. No licenses have been issued under this new framework, and the 2017 ban remains technically in effect, contributing to the unclear status.

Remaining Uncertainties

  • The exact date of enactment for Moroccan Draft Bill 42.25 is unknown.
  • It is unclear if the SADR 'Crypto Company Act' is recognized by any international bodies or if it functions purely as a shell company registry.
  • The strictness of enforcement of the 2017 Moroccan ban during the transition period (late 2025) is not documented.
  • The precise applicability and enforcement mechanism of any Moroccan regulation across the entirety of the disputed Western Sahara territory remains unresolved due to the sovereignty conflict.

Detailed Explanation

As of December 2025, the regulatory status for retail cryptocurrency trading in Western Sahara is profoundly unclear and complex, a direct consequence of the territory's disputed political status and the existence of conflicting, incomplete regulatory frameworks. The core issue is the absence of a single, internationally recognized regulatory authority for the entire territory. In areas administered by the Kingdom of Morocco, the regulatory environment is in a transitional phase. Morocco has maintained a ban on cryptocurrency transactions since November 2017 under an Office des Changes circular, which prohibited the use of virtual currencies for payment as a violation of foreign exchange regulations. However, this ban is expected to be superseded by new legislation. Morocco is actively moving towards a regulated framework, having unveiled Draft Bill 42.25 in November 2025, which aims to license Crypto Asset Service Providers (CASPs) and define crypto as financial instruments under the oversight of Bank Al-Maghrib (BAM) and the Moroccan Capital Market Authority (AMMC). As of late 2025, this draft law remains in the adoption process, no licenses have been issued, and the 2017 ban technically remains active, creating temporary uncertainty. Concurrently, the Sahrawi Arab Democratic Republic (SADR), administered by the Polisario Front, claims to offer its own regulatory regime. The SADR's Central Reserve Authority of Western Sahara, established under The Banking and Trust Act, 2017, purports to regulate financial services and has enacted the 'Crypto Company Act 2020' to establish a licensing regime for crypto exchanges and wallet providers. The practical enforceability and international recognition of these SADR regulations are severely limited, and such licenses are primarily marketed for offshore purposes. The unresolved sovereignty dispute means the legality and enforceability of any rule depend entirely on location and de facto control, creating a fragmented environment where no unified authority exists. This fragmentation is exemplified by the controversy surrounding a proposed Bitcoin mining farm in Dakhla, which highlights the practical and ethical difficulties of crypto projects in the region. For taxation, Morocco's proposed regime, expected by 2025 and developed by BAM and the Moroccan Tax Administration (DGI), anticipates tiered rates for capital gains (15-30%), income, and corporate tax, but specifics remain pending. The tax implications in SADR-controlled areas are less clear. Overall, the landscape is defined by a transition from a Moroccan ban to a regulated framework that is not yet in force, juxtaposed against a parallel but largely unenforceable SADR regime, all set against a backdrop of contested sovereignty.

Summary Points

I. Regulatory Status
* Unclear and Complex due to the territory's disputed political status and concurrent, conflicting frameworks.
* Moroccan-Administered Areas: Transitioning from a 'Banned' status (since 2017) to 'Allowed-Regulated'. The 2017 ban remains technically active, but a new regulatory framework (Draft Bill 42.25) is in the adoption phase as of late 2025. No licenses have been issued yet.
* SADR-Administered Areas: The Sahrawi Arab Democratic Republic claims to offer a licensing regime under its own laws, but its international recognition and practical enforcement are limited.
* No single, internationally recognized regulatory authority exists for the entire territory.

II. Key Regulatory Bodies
* In Moroccan-Administered Areas:
* Bank Al-Maghrib (BAM) - Central bank and key crypto regulator.
* Moroccan Capital Market Authority (AMMC) - Co-regulator for digital assets.
* Foreign Exchange Office (Office des Changes) - Enforced the 2017 ban.
* Moroccan Tax Administration (DGI) - Developing the tax framework.
* In SADR-Administered Areas:
* Central Reserve Authority of Western Sahara - Claims to oversee financial license issuance and compliance, including for crypto.

III. Important Legislation
* Draft Bill 42.25 (Morocco): Unveiled November 2025. A comprehensive draft to regulate digital assets, license Crypto Asset Service Providers (CASPs), and replace the 2017 ban. Authority: BAM and AMMC. Status: In adoption phase.
* Forthcoming Moroccan Crypto Regulatory Framework: Nearing adoption as of December 2025. A collaborative effort by BAM and DGI to legalize and tax cryptocurrency, moving away from the 2017 ban.
* Office des Changes Circular (Morocco): November 2017. Explicitly banned the use of virtual currencies for payment as a violation of foreign exchange regulations.
* The Banking and Trust Act, 2017 (SADR): Established the Central Reserve Authority of Western Sahara to oversee financial licenses.
* Crypto Company Act 2020 (SADR): Legislation by the SADR government establishing a licensing regime for crypto exchanges and wallet providers.

IV. Compliance Requirements
* In Moroccan areas, future compliance will require licensing as a Crypto Asset Service Provider (CASP) under the forthcoming Draft Bill 42.25 once enacted.
* Strict transaction reporting requirements are anticipated under Morocco's new framework.
* In SADR areas, compliance would theoretically involve obtaining a license from the Central Reserve Authority under the Crypto Company Act 2020, though practical relevance is limited.

V. Notable Restrictions or Limitations
* Sovereignty and Enforcement: The contested sovereignty of Western Sahara is the core challenge. Moroccan laws are only enforceable de facto in areas it controls, while SADR laws lack broad recognition.
* Foreign Exchange Controls: Morocco's initial ban was rooted in controlling capital flows, and this focus is expected to persist, with authorities investigating crypto-enabled property purchases to bypass controls.
* Transition Phase: In Moroccan areas, the period until Bill 42.25 is enacted and licenses are issued creates legal uncertainty, with the old ban technically still active.
* Offshore Licensing: SADR licenses are likely marketed to international entities for offshore purposes and may not offer practical local banking or operational support.

VI. Recent Developments or Notes
* Morocco's regulatory shift is driven by growing domestic crypto interest (estimated 6 million users in 2024) and aims to prevent illicit activities while positioning as a fintech hub, with technical assistance from the IMF and World Bank.
* A proposed wind-powered Bitcoin mining farm in Dakhla has stalled amid controversy over its location on disputed land, highlighting the practical and ethical difficulties of crypto projects in the region.
* Morocco's proposed tax regime for crypto (expected 2025) includes tiered rates: capital gains (15-30%), progressive income tax (10-38%), corporate tax (20-31%), with VAT exemptions considered.
* Guidance on Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) remains largely unclear in the proposed Moroccan framework.

Full Analysis Report

Report on Retail Cryptocurrency Trading Status in Western Sahara

Date: 2025-12-26

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).

Section: Retail_Trading_Status

1. Identified Current Status: Unclear

2. Detailed Narrative Explanation:

The status of retail cryptocurrency trading in Western Sahara is best described as 'Unclear' due to the territory's complex and disputed political situation, and the evolving, transitional regulatory landscape in Morocco, which administers a large portion of the territory. There is no distinct, functioning, and internationally recognized regulatory body for Western Sahara that has issued specific, enforceable laws for the entire territory.

A. Influence of Moroccan Regulatory Stance (Transitional Phase):

For the majority of the population in Moroccan-administered parts, Moroccan law is de facto applicable. Morocco's stance is in transition from a ban to a regulated framework.

  • Historical Ban (2017): In November 2017, the Foreign Exchange Office (Office des Changes) issued a circular banning cryptocurrency transactions, citing violations of foreign exchange regulations. Bank Al-Maghrib (BAM) also warned of significant risks.
  • Ongoing Shift Towards Regulation (2022-2025): Recognizing significant underground adoption, Moroccan authorities began drafting a regulatory framework. In late 2025, Draft Bill 42.25 was unveiled. This comprehensive bill aims to establish a licensing regime for Crypto Asset Service Providers (CASPs), with oversight split between BAM and the Moroccan Capital Market Authority (AMMC).
  • Current Status (December 2025): Draft Bill 42.25 is in the adoption process. No licenses have been issued. Therefore, the 2017 ban remains technically active, but its enforcement may be relaxing in anticipation of the new law. This creates a period of significant uncertainty for retail traders, who face a legally precarious environment.

B. Sahrawi Arab Democratic Republic (SADR) Assertions:

The Polisario Front, claiming sovereignty as the SADR, asserts its own regulatory framework for crypto in areas it controls or claims.

  • The 'Central Reserve Authority of Western Sahara' purports to regulate financial activities under 'The Banking and Trust Act, 2017' and the 'Crypto Company Act 2020', offering licenses for crypto businesses.
  • However, the SADR's limited international recognition, de facto control over a small portion of the territory, and the offshore nature of its licensing model make the practical enforceability and relevance for local retail traders highly uncertain.

C. International Context and Geopolitical Complexity:

Western Sahara is a UN-listed non-self-governing territory. The ongoing sovereignty conflict means there is no single, universally recognized governing and regulatory body for the entire territory. Financial regulations are fragmented, and their applicability depends on which authority exerts control over a specific area.

D. Lack of Specific, Verifiable Information for Retail Users:

While there is information on Morocco's draft law and SADR's asserted framework, specific, verifiable information on how these directly translate to the ability of individual retail traders within Western Sahara to legally buy, sell, and hold cryptocurrencies remains scarce. The situation is conflated with the Moroccan transition and complicated by the territorial dispute.

Conclusion of Narrative:

Given that:
1. Moroccan law, de facto applicable in large parts, is in a state of significant transition with a draft law (Bill 42.25) not yet enacted and no licenses issued, leaving the 2017 ban technically active.
2. The asserted regulatory framework by the SADR has limited practical enforceability, international recognition, and relevance for local retail trading.
3. There is a lack of a specific, unified, and internationally recognized financial regulatory regime for Western Sahara as a whole due to the sovereignty dispute.

The most accurate status is 'Unclear'. Individual residents may be subject to a technically active ban, a forthcoming but unimplemented regulatory framework, or conflicting assertions of authority, depending on their location. Until Morocco finalizes and implements its crypto-asset regulations (clarifying their applicability to Western Sahara) or a clear, enforceable, and recognized regime is established for the entire territory, the situation will remain ambiguous for retail crypto traders.

3. Specific, Relevant Text Excerpts:

  • Regarding Moroccan transition: "Morocco is in the process of adopting a draft law that will regulate cryptocurrencies. Abdellatif Jouahri, the governor of the country's central bank, Bank Al-Maghrib (BAM), announced the news today." (Morocco World News, Nov 2025)
  • Regarding SADR framework: "A new type of service provided by the Central Reserve Authority of Western Sahara, SADR is a license for virtual currency activities... Important Documents: The Crypto Company Act 2020." (SADR Financial Licenses website, Apr 2025)
  • Regarding historical ban: "The Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority draw public attention to the risks associated with the use of virtual currencies..." (Bank Al-Maghrib, referencing 2017 ban)
  • Regarding geopolitical complexity: "Western Sahara is the largest UN-recognized, non-governing territory, currently under the territorial control of Morocco, despite ongoing movement for independent sovereignty." (Freeman Law)

4. Direct, Accessible URL Links to Sources:

  1. Morocco World News - Morocco Moves to Regulate Cryptocurrencies with Draft Law (Nov 2025): https://www.moroccoworldnews.com/2024/11/366601/morocco-moves-to-regulate-cryptocurrencies-with-draft-law
  2. 7news.ma - Morocco Unveils Draft Law to Regulate Crypto Industry (Oct 2025): https://7news.ma/morocco-unveils-draft-law-to-regulate-crypto-industry/
  3. Sahrawi Arab Democratic Republic Financial Licenses - Crypto Companies (Apr 2025): https://sahrawiarabdemocraticrepublicfinanciallicenses.com/
  4. Hespress - Morocco's Central Bank Pressing Government to Fast-Track Crypto Law (Sep 2025): https://en.hespress.com/70999-why-moroccos-central-bank-says-the-country-needs-a-crypto-law-now.html
  5. Freeman Law - Western Sahara and Cryptocurrency: https://freemanlaw.com/western-sahara-cryptocurrency-laws/
  6. Coinfomania - Cryptocurrency Regulations in Morocco (December 2025): https://coinfomania.com/cryptocurrency-regulations-in-morocco/
  7. Morocco World News - Jouahri: Morocco’s New Crypto Framework to Balance Regulation, Innovation (Dec 2024): https://www.moroccoworldnews.com/2024/12/369888/jouahri-moroccos-new-crypto-framework-to-balance-regulation-innovation
  8. LARA on the Block - Morocco's Bank Al Maghrib Director says crypto regulation now at Ministry of Economy to oversee adoption process (April 2025): https://laraontheblock.com/moroccos-bank-al-maghrib-director-says-crypto-regulation-now-at-ministry-of-economy-to-oversee-adoption-process/
  9. Bank Al-Maghrib - Virtual currency: https://www.bkam.ma/en/FAQ/FAQ-LIST/Virtual-currency
  10. Tetra Consultants - Western Sahara Crypto License: https://www.tetraconsultants.com/registrations/crypto-license/western-sahara/

Source Evidence

Primary and secondary sources cited in this analysis

Morocco Moves to Regulate Cryptocurrencies with Draft Law primary (news)
2025-11-26

"Morocco is in the process of adopting a draft law that will regulate cryptocurrencies. Abdellatif Jouahri, the governor of the country's central bank, Bank Al-Maghrib (BAM), announced the news today."

Morocco Unveils Draft Law to Regulate Crypto Industry primary (news)
2025-10-31

"The General Secretariat of the Government released a draft bill today that lays the foundation for a comprehensive legal framework governing digital assets."

Crypto Companies - Sahrawi Arab Democratic Republic Financial Licenses primary (regulator)
2025-04-05

"A new type of service provided by the Central Reserve Authority of Western Sahara, SADR is a license for virtual currency activities... Important Documents: The Crypto Company Act 2020."

Morocco's Central Bank Pressing Government to Fast-Track Crypto Law secondary (news)
2025-09-24

"The legislation, drafted over nearly three years, would establish a licensing system for digital asset platforms... moving to regulate a market that has expanded despite being formally prohibited."

Freeman Law - Western Sahara and Cryptocurrency secondary (analysis)

"Western Sahara is the largest UN-recognized, non-governing territory, currently under the territorial control of Morocco, despite ongoing movement for independent sovereignty."

Coinfomania - Cryptocurrency Regulations in Morocco secondary (news)
2025-06-01

"Since 2017, all cryptocurrency trading has been prohibited under Morocco's foreign exchange regulations. While some peer-to-peer trading occurs discreetly, authorized platforms don't exist and penalties apply for any transactions."

Morocco World News - Jouahri: Morocco’s New Crypto Framework to Balance Regulation, Innovation secondary (news)
2024-12-01

"The Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, has announced that a legal framework regulating crypto-assets in Morocco is nearing adoption. The aim of this framework is to manage the use of crypto-assets while encouraging financial innovation."

LARA on the Block - Morocco's Bank Al Maghrib Director says crypto regulation now at Ministry of Economy to oversee adoption process secondary (news)
2025-04-01

"At Gitex Africa 2025, the General Director of Bank Al Maghrib, Mr. Abderrahim Bouazza noted that the crypto draft law is now at the Ministry of Economy and Finance, who will then submit it to a technical committee to oversee its adoption process."

Bank Al-Maghrib - Virtual currency primary (regulator)

"The Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority draw public attention to the risks associated with the use of virtual currencies..."

Tetra Consultants - Western Sahara Crypto License secondary (consultancy)

"The regulatory authority for cryptocurrency in Western Sahara is the Central Reserve Authority of Western Sahara. This body oversees the licensing and regulation of cryptocurrency activities within the region."

Web Sources (15)

Sources discovered via web search grounding

Search queries used (5)
  • Western Sahara cryptocurrency laws
  • Morocco cryptocurrency regulation status December 2025
  • Bank Al-Maghrib crypto bill status 2024 2025
  • crypto trading legality Western Sahara
  • SADR cryptocurrency regulation
sahrawiarabdemocraticrepublicfinanciallicenses.com

https://sahrawiarabdemocraticrepublicfinanciallicenses.com/crypto-companies/

youtube.com

https://www.youtube.com/watch?v=iIiy4wxKvTM

moroccoworldnews.com

https://www.moroccoworldnews.com/2025/11/266685/morocco-moves-to-regulate-digital-assets-with-new-draft-law/

7news.ma

https://en.7news.ma/morocco-unveils-draft-law-to-regulate-crypto-industry/

hespress.com

https://en.hespress.com/121651-why-moroccos-central-bank-says-the-country-needs-a-crypto-law-now.html

igamingafrika.com

https://igamingafrika.com/morocco-introduces-draft-law-to-regulate-digital-assets/

northafricapost.com

https://northafricapost.com/92187-morocco-unveils-draft-law-on-cryptocurrencies.html

leconomiste.com

https://www.leconomiste.com/crypto-asset-bill-the-legislator-chooses-caution/

sumsub.com

https://sumsub.com/blog/crypto-regulations-in-the-us-a-complete-guide/

moroccoworldnews.com

https://www.moroccoworldnews.com/2024/11/167943/morocco-moves-to-regulate-cryptocurrencies-with-draft-law/

thearabweekly.com

https://thearabweekly.com/moroccan-central-bank-preparing-law-allow-cryptocurrencies

lightspark.com

https://www.lightspark.com/knowledge/is-crypto-legal-in-morocco

jurist.org

https://www.jurist.org/news/2024/11/morocco-central-bank-governor-confirms-cryptocurrency-law-in-progress/

clubgestionriesgos.org

https://www.clubgestionriesgos.org/wp-content/uploads/Cryptocurrency-Regulation-Summary-2022-edition.pdf

wikipedia.org

https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

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