Is crypto legal in Morocco? Regulation & rules (2026)

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.

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.

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.

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.

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.

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.