Bitcoin & Cryptocurrency Regulation in Morocco

The short answer for 2026 is: holding crypto is widespread, but the official position remains restrictive and the permissive new law has not yet taken effect.

In November 2017 the Ministry of Economy and Finance, Bank Al-Maghrib (the central bank) and the Office des Changes (the foreign-exchange authority) issued a joint public warning stating that transactions involving virtual currencies are not authorized in Morocco and run contrary to the exchange regulations. The authorities flagged volatility, fraud, money-laundering risk and the absence of consumer protection. That position has never been formally repealed.

Practically, the restriction works through Morocco's exchange-control regime: buying crypto on a foreign platform is treated as constituting assets abroad without prior authorization, which is an infraction under the foreign-exchange rules. Reported penalties range from fines of roughly MAD 20,000 to MAD 100,000 for individuals and up to about MAD 500,000 for businesses, with repeat offenders exposed to further proceedings. Enforcement against ordinary individuals has historically been limited, but it is not zero, and in 2026 the Office des Changes began actively targeting some holders (see Recent developments below).

So while a large informal market exists, that does not change the underlying legal status: until the new law is enacted, using crypto for payments or operating an unlicensed exchange carries real legal risk. The direction of travel is toward regulated legalization rather than continued prohibition, but the timing and final wording are not settled. Anyone relying on a definitive "legal" answer should check the most recent official guidance.

No single agency owns crypto in Morocco today, and the responsibilities described below for service providers would only fully apply once the new law is in force. The key institutions are:

• Bank Al-Maghrib (BAM): the central bank. It co-authored the draft law and, under that framework, would supervise stablecoins and asset-referenced tokens, focusing on reserve backing and redemption. BAM has also studied a central bank digital currency (a digital dirham), a separate track from the private crypto-asset law. Its public guidance on virtual currencies is on its official site.
• Autorite Marocaine du Marche des Capitaux (AMMC): the capital-markets regulator (the former CDVM). Under the draft, it would license crypto-asset service providers and oversee token issuance, public offerings, trading and market conduct. The AMMC has been building internal capacity, including dedicated training on digital-asset regulation and blockchain transaction analysis ahead of the new regime.
• Office des Changes: the foreign-exchange authority. It administers the exchange-control rules that currently make cross-border crypto flows non-compliant, and it has taken enforcement action against holders.
• National Financial Intelligence Authority (ANRF): under the draft law, it would enforce anti-money-laundering and counter-terrorism-financing obligations on service providers.
• Direction Generale des Impots (DGI): the tax administration, relevant to how any crypto income or gains are taxed.

The draft law was led by the Ministry of Economy and Finance in coordination with BAM and the AMMC.

The centerpiece of Morocco's evolving approach is draft law (avant-projet de loi) 42.25 on crypto-assets, dated 5 August 2025 and published for public consultation by the Secretariat General du Gouvernement in late 2025. As published, the text is reported to run to roughly 79 articles across 6 titles. It was prepared by the Ministry of Economy and Finance with Bank Al-Maghrib and the AMMC, is explicitly inspired by the EU's MiCA regulation, and is aligned with recommendations from the Financial Action Task Force (FATF), the Bank for International Settlements (BIS) and the IMF.

As of 2026 this is still a draft. It had been published for public consultation, with parliamentary review and possible adoption discussed for 2026, but it had not completed legislative passage and implementing regulations would follow any adoption. Because timelines have shifted before, confirm the current status directly with the official sources.

The stated goals are to protect investors, combat fraud and money laundering, foster financial innovation and safeguard monetary and financial stability. Key features reported in the draft include:

• Licensed intermediaries: crypto-asset service providers, such as exchanges, custodians and brokers, would need authorization to operate.
• Division of supervision: the AMMC would oversee token issuance, licensing and market conduct, while Bank Al-Maghrib would supervise stablecoins and asset-referenced tokens, and the ANRF would enforce AML/CFT rules.
• Not legal tender or a payment method: crypto would be treated as a distinct class of regulated financial assets, not as currency for everyday payments.
• Token categories: the draft distinguishes utility tokens from asset-referenced tokens (stablecoins) indexed to a currency or basket of assets.
• Notable exclusions: reporting indicates the draft does not cover a central bank digital currency, non-fungible tokens (NFTs), or crypto mining within its main scope.

Today there is no domestically licensed, fully regulated crypto exchange operating openly under Moroccan law, because the licensing framework does not yet exist. As a result, Moroccans who buy crypto typically do so through international exchanges or peer-to-peer (P2P) marketplaces.

Under draft law 42.25, that would change. Only authorized crypto-asset service providers would be permitted to offer services such as exchange, custody, brokerage and advice to Moroccan users. Licensing would sit primarily with the AMMC, with Bank Al-Maghrib supervising stablecoin issuers and the ANRF overseeing AML obligations. Authorized providers would be expected to implement identity verification (KYC), transaction monitoring and record-keeping (reporting indicates record retention obligations of around ten years and mandatory reporting of suspicious transactions).

Until the law and its implementing rules take effect, no domestic VASP authorization regime is operational. Any platform claiming to be "licensed in Morocco" should be treated with caution and verified against official sources, because the licensing machinery has not yet been issued. See our general guide to crypto regulation for how licensing regimes typically work.

Crypto taxation in Morocco is closely tied to the unresolved legal status. Under the existing restriction there has been no clear, dedicated, published tax regime specifically for individual crypto gains, which has left taxpayers and advisers in uncertainty. The proposed law is expected to be accompanied by clearer tax treatment, since regulating crypto as a financial asset naturally raises the question of how gains, income and business activity are taxed.

Some commentary has cited specific rates that might apply to crypto gains, with figures such as 15 percent or 20 percent mentioned in connection with the broader finance-law framework. Those figures are not confirmed as an enacted, crypto-specific rule, and reporting is inconsistent. For that reason this guide deliberately does not state a single definitive crypto tax rate. Doing so before the rules are finalized would risk being wrong.

What you can reasonably assume is that, once a framework is in force, profits realized through licensed channels are likely to be reportable and taxable, and that businesses dealing in crypto would face record-keeping and reporting duties. General Moroccan tax principles around income, capital gains and professional activity may already be argued to apply to crypto profits depending on the facts. For background, see our explainer on crypto taxes.

Tax treatment depends on your specific circumstances and on rules that are changing. Consult the Direction Generale des Impots or a qualified Moroccan tax adviser rather than relying on a generic rate quoted online.

Anti-money-laundering (AML) and know-your-customer (KYC) requirements are central to Morocco's planned framework, reflecting alignment with FATF standards. Morocco has worked to strengthen its AML/CFT regime more broadly in recent years, and the crypto draft law extends that approach to digital assets.

Under draft law 42.25, oversight of AML and counter-terrorism-financing for crypto-asset service providers would sit with the National Financial Intelligence Authority (ANRF). Reported obligations for authorized providers include verifying customer identity, keeping transaction records (reportedly for around ten years), monitoring activity and reporting suspicious transactions to the authorities.

In the current pre-law environment, the practical AML/KYC checks most Moroccans encounter come from the international exchanges and P2P platforms they use, which apply their own identity-verification procedures. There is no operational Moroccan VASP AML supervisor specific to crypto until the new framework takes effect. The Office des Changes, meanwhile, continues to apply exchange-control scrutiny to cross-border flows that may involve crypto.

Because no domestic licensed exchange exists yet, Moroccans who buy crypto generally use international exchanges or P2P marketplaces, often funding purchases via cards, bank transfers or cash deals arranged online. This carries real complications:

• Exchange-control friction: Morocco maintains strict foreign-exchange rules administered by the Office des Changes. Moving money abroad to fund purchases or to repatriate proceeds can run into these controls, and crypto-related flows were explicitly flagged as non-compliant from 2017 onward.
• Banking caution: domestic banks have historically been wary of crypto-linked flows, which can mean blocked or scrutinized transactions.
• No local consumer protection: using offshore platforms means limited recourse if something goes wrong.

On using crypto for payments: it is not legal tender, and the draft law would treat crypto-assets as regulated financial instruments rather than a means of payment. Using crypto to settle commercial transactions is not permitted, and traditional banking channels remain required for payments and international trade. Remittances are part of the backdrop too, since Morocco receives substantial inflows from its diaspora and blockchain transfers are often discussed as a cheaper channel, but using crypto for remittances today still runs into the same legal and exchange-control constraints. Once the new framework takes effect, only authorized providers would be permitted to serve Moroccan users, with KYC and AML checks built in. Until then, keep careful records and understand you are operating ahead of a formal regime.

Bitcoin mining occupies an awkward position. The 2017 restriction targeted crypto transactions generally, and reporting on draft law 42.25 indicates mining was not brought clearly within its main scope, leaving the activity in a continued grey area rather than being explicitly authorized.

Beyond the legal question, mining in Morocco raises distinctive energy and sustainability issues:

• Energy demand: proof-of-work mining is power-intensive. Large-scale operations would add load to the national grid and compete with other electricity needs.
• Renewable potential: Morocco has invested heavily in solar and wind capacity. In principle, surplus or off-peak renewable energy could power lower-carbon mining, an opportunity often highlighted in discussions of sustainable mining.
• Cost realities: profitability depends on electricity prices, equipment efficiency and cooling, a challenge in hot climates, and on the broader crypto market.

Because mining sits outside a clear legal authorization and intersects with electricity regulation and exchange controls, anyone considering it in Morocco should seek specific legal advice rather than assuming it is permitted.

The pace of change has picked up sharply:

• 2024: the governor of Bank Al-Maghrib publicly confirmed that a crypto regulation law was in preparation, signaling a shift from prohibition toward a supervised framework.
• August to November 2025: draft law 42.25 was finalized (dated 5 August 2025) and published for public consultation by the Secretariat General du Gouvernement, the first structured attempt at a legal framework, inspired by the EU MiCA model and developed with BAM and the AMMC.
• Late 2025: the AMMC ran dedicated training in Rabat on regulating digital assets and analyzing blockchain transactions, part of building supervisory capacity ahead of the law.
• 2026: the Office des Changes stepped up enforcement, reportedly targeting individuals suspected of constituting assets abroad in the form of crypto and then reselling to people in Morocco, with transactions said to have occurred between March and August 2025. Those contacted were reportedly given around 30 days to provide explanations and supporting documents, with possible proceedings under the foreign-exchange rules.

The overall direction is normalization through regulation rather than continued blanket prohibition, but the headline law was still a draft at the time of writing. Watch official announcements from Bank Al-Maghrib, the AMMC, the Office des Changes and the Ministry of Economy and Finance for the definitive picture.

Morocco's crypto landscape carries a particular combination of risks today, and most protections that a licensed regime would provide are not yet in place:

• Regulatory risk: crypto transactions remain officially unauthorized until a new law takes effect, and the final shape of that law is not guaranteed.
• Exchange-control exposure: foreign-exchange rules can complicate or penalize cross-border crypto-related flows, and enforcement against holders is now occurring.
• No local recourse: reliance on offshore platforms means limited protection against fraud, hacks or platform failure. Bank Al-Maghrib has specifically warned that there is no regulatory protection to cover losses if a trading platform fails.
• Market volatility: sharp price swings can produce large losses, independent of jurisdiction.
• Scams: unregulated environments attract fraudulent schemes, so treat guaranteed returns as a red flag.

Sensible principles apply everywhere: never invest more than you can afford to lose, be wary of guaranteed-return schemes, use secure storage such as a hardware wallet with a safely stored recovery phrase, enable two-factor authentication, beware phishing, and keep records for future tax compliance once a regime is in force. This guide does not give investment advice or price predictions.

Because the rules are changing, always confirm the current position against primary official sources rather than secondary summaries. The most authoritative Moroccan sources are:

• Bank Al-Maghrib (central bank): guidance on virtual currencies and any monetary or stablecoin rules. Bank Al-Maghrib, virtual currency page.
• Office des Changes (foreign-exchange authority): the official warning on virtual currencies and the exchange-control rules. Office des Changes, warning on virtual currencies.
• AMMC (capital-markets regulator): licensing and market-conduct supervision under the future framework. Autorite Marocaine du Marche des Capitaux.
• Draft law text: the avant-projet de loi 42.25 as published for consultation by the Secretariat General du Gouvernement. SGG, avant-projet de loi 42.25 (PDF, French).

For tax questions, consult the Direction Generale des Impots or a qualified Moroccan tax adviser. For our broader coverage, see the regulation hub. Remember: this page is general information as of 2026, not legal advice, and you should verify your specific situation with the named official regulators.

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