Is crypto legal in Morocco? Rules & regulation (2026)

Legal framework

Draft Bill 42.25 (avant-projet de loi n° 42-25) on crypto-assets, published November 2025 for public consultation; joint oversight by Bank Al-Maghrib and AMMC. Current operative restriction: 2017 joint warning by Bank Al-Maghrib, Office des Changes, AMMC, and ACAPS declaring crypto use unauthorized under Morocco's foreign-exchange regime.

Status by sub-area

• Stablecoins

  Proposed

  Draft Bill 42.25 defines asset-referenced tokens (stablecoins) as a regulated category under Bank Al-Maghrib supervision; only licensed banks and payment institutions may issue them, with reserves fully backed by safe and liquid assets held in segregated accounts at Moroccan credit institutions. The bill is not yet enacted.

  Still pending: Bill 42.25 stablecoins framework awaiting parliamentary enactment

• Exchanges / VASP

  Proposed

  Bill 42.25 creates a CASP (crypto-asset service provider) licensing regime overseen by the AMMC, with a 120-day review window for applications, mandatory capital requirements, AML/CFT compliance, and conduct rules. No licences have been issued as the bill is still in parliamentary review as of May 2026.

  Still pending: CASP licensing regime in Bill 42.25 pending parliamentary approval

• Token Offerings

  Proposed

  Bill 42.25 regulates two token categories: utility tokens (granting access to goods/services) and asset-referenced tokens (stablecoins). The AMMC will oversee public token offerings and require prior authorisation and disclosure; securities-law treatment applies if a token exhibits investment characteristics.

  Still pending: Bill 42.25 token offering rules awaiting parliamentary enactment

• Custody

  Proposed

  Bill 42.25 requires entities holding private keys or controlling client crypto-assets to obtain specific authorisation and implement robust security measures; banks may provide custody under their existing banking charter subject to specific AMMC/BAM authorisation. No custody-specific rules are yet in force.

  Still pending: Custody authorization rules in Bill 42.25 not yet in force

• DeFi

  None

  Decentralized finance protocols and instruments are explicitly excluded from the scope of Draft Bill 42.25; there is no dedicated DeFi regulatory framework proposed or in force. DeFi activity nevertheless remains unauthorized under the existing foreign-exchange restrictions and faces enforcement risk.

• Tax

  Proposed

  No enacted crypto-specific tax legislation exists in Morocco as of May 2026. Bill 42.25 and associated Ministry of Finance proposals envisage capital gains tax of 15–30% on trading profits (mirroring listed securities) and income tax on mining and staking income; VAT is not expected to apply to crypto transactions. The Moroccan tax authority (DGI) plans to monitor transactions through licensed exchanges once the framework is in force.

  Still pending: Crypto-specific tax legislation (15–30% capital gains) awaiting enactment

Key points: crypto & digital assets in Morocco

1. 012017 Foreign-Exchange Prohibition

   Bank Al-Maghrib, Office des Changes, AMMC, and ACAPS issued a joint warning declaring that crypto transactions violate Morocco's foreign-exchange regulations (loi de change), exposing users to penalties including fines and imprisonment; the warning was reiterated in subsequent years.

   oc.gov.ma

2. 02Draft Bill 42.25 (November 2025)

   The Ministry of Economy and Finance, Bank Al-Maghrib, and AMMC published Bill 42.25 for public consultation in November 2025; it is directly modelled on the EU's MiCA Regulation and aligned with FATF/IMF/BIS recommendations. Parliamentary review was expected in Q1 2026, with first licences potentially in late 2026 or early 2027.

   moroccoworldnews.com medias24.com blogs.loc.gov

3. 03Dual Supervisory Architecture

   Bank Al-Maghrib will supervise issuers of asset-referenced tokens (stablecoins), requiring full reserve backing in segregated accounts at Moroccan credit institutions; the AMMC will license and oversee CASPs and regulate token issuance and trading platforms.

   blogs.loc.gov moroccoworldnews.com

4. 04Office des Changes Enforcement (2025)

   Morocco's foreign-exchange authority launched formal enforcement proceedings against individuals identified as holding crypto assets abroad between March and August 2025, sending written notices and opening contentious proceedings, the first visible escalation of enforcement in the sector.

   northafricapost.com moroccoworldnews.com

5. 05DeFi, NFTs, Mining and CBDCs Excluded

   Bill 42.25 explicitly excludes decentralized finance protocols, NFTs (unless marketed as investment vehicles), crypto mining, and central bank digital currencies from its scope, reflecting a cautious approach focused on regulated financial use cases.

   medias24.com blogs.loc.gov

6. 06No Legal-Tender or Payment Status

   Even under the proposed Bill 42.25, crypto-assets are not recognized as legal tender and cannot be used as a payment method for goods and services; the law would permit licensed service provision and trading, not general monetary use.

   moroccoworldnews.com lafroujiavocats.com

Sources

1. 1.oc.gov.ma/en/actualites/nouvelle-mise-en-garde-des-autorites-financieres-contre
2. 2.blogs.loc.gov/law/2026/03/recent-legal-developments-in-cryptocurrency-and-virtual-a
3. 3.moroccoworldnews.com/2025/11/266685/morocco-moves-to-regulate-digital-assets-with-new-draf
4. 4.medias24.com/2025/11/03/crypto-actifs-le-maroc-devoile-un-avant-projet-de-loi-pour
5. 5.northafricapost.com/96802-moroccos-foreign-exchange-authority-targets-crypto-asset-holder
6. 6.moroccoworldnews.com/2026/05/289879/morocco-tightens-oversight-of-crypto-assets-as-foreign
7. 7.lafroujiavocats.com/en/morocco-crypto-law-2026/