Morocco Cryptocurrency Regulation: Bitcoin Restrictions and Draft Crypto Law
Morocco's exchange-control restrictions remain in effect. Draft Law 42.25 proposes crypto licensing, but it is not verified as enacted.
On this page
Morocco has warned against virtual-currency transactions for years. Its authorities have treated such transactions as contrary to exchange-control rules.
Morocco has also developed Draft Law 42.25 to regulate crypto-assets. The draft proposes licensing for crypto service providers. A published draft is not an enacted law.
This guide separates the existing exchange-control position from proposed legislation. The official sources were reviewed on 2 November 2026.
Is cryptocurrency legal in Morocco?
The Office des Changes stated on 20 November 2017 that transactions using virtual currencies breach foreign-exchange rules and are subject to sanctions and fines under those rules. It said cross-border financial transactions must use authorised intermediaries and foreign currencies quoted by Bank Al-Maghrib.
This is the regulator's interpretation of existing exchange-control law. The press release does not itself create a new criminal statute or specify a flat crypto fine. It also does not expressly classify the simple holding of a wallet, without a transaction, as a separate offence.
A joint statement dated 5 April 2022 from Bank Al-Maghrib, AMMC and the Office des Changes said virtual-currency use remained unauthorised. It highlighted volatility, consumer risks and financial crime.
Do not mistake a proposed future licensing system for permission to operate today. The legal treatment of an activity also depends on whether it involves exchange controls, payments, custody, securities or another regulated service.
What is Draft Law 42.25?
Morocco's Secretariat-General of Government published the official draft. The accompanying Ministry of Economy and Finance note is dated 5 August 2025. The AMMC reported a public consultation from 31 October to 30 November 2025.
The draft defines 10 categories of crypto-asset services in Article 9. These include custody, exchange, trading platforms, advice, portfolio management and transfers.
The proposed legislation covers: - Regulation of crypto-asset exchanges and service providers. - Customer custody, trading platforms and related services. - Utility-token issuers and asset-referenced tokens. - Consumer disclosures and market-abuse controls. - Anti-money laundering and counter-terrorist-financing obligations.
The draft expressly excludes several activities from its own scope. These include central bank digital currencies, certain non-fungible assets, crypto mining and decentralised finance as defined in the text. Exclusion from this draft does not automatically make an activity legal.
The US Library of Congress reported in March 2026 that the bill was not enacted. The government legislation portal still lists crypto-assets among draft texts in the material reviewed.
We did not verify enactment, publication of a final law in the Official Bulletin or a commencement date as of 2 November 2026. An anticipated adoption date is not legal proof that the law exists.
What is the regulatory timeline?
| Date | Official event | Legal effect |
|---|---|---|
| 20 November 2017 | Office des Changes exchange-control warning | Existing restrictions reinforced |
| 5 April 2022 | Joint financial-authority warning | Restrictive position reiterated |
| 5 August 2025 | Ministry's draft-law presentation | Proposal, not enacted law |
| 31 October–30 November 2025 | AMMC-confirmed public consultation | Public comments, not licensing |
| 2 November 2026 | Final enactment and commencement not verified | No general draft-based licence may be assumed |
Sources: Office des Changes, government draft, and AMMC's December 2025 review.
Who would license crypto companies?
The proposed law divides responsibilities between two authorities. These are proposed powers only.
| Authority | Proposed role under Draft Law 42.25 |
|---|---|
| AMMC, the capital markets authority | Authorisation and supervision of crypto-asset service providers and specified utility-token activities |
| Bank Al-Maghrib | Authorisation and supervision of issuers of asset-referenced tokens |
These roles describe the draft, not a confirmed live licensing application service.
The draft also keeps operations subject to Morocco's foreign-exchange rules. It does not simply override earlier exchange-control restrictions.
The draft's Article 8 requires certain applicants to have a registered office in Morocco and fully paid-up capital. Banks seeking to offer crypto-asset services would also need Bank Al-Maghrib's prior agreement before applying to AMMC. The bank approval requirement should not be misapplied to every applicant.
Article 10 proposes a decision within two months of a complete application. Requests for additional information may stop the clock, subject to a stated 120-day outer limit from filing. These periods are not operational until the legislation takes effect.
Article 78 proposes an 18-month transition period for persons already active when the future law commences. That countdown has not been shown to have started.
Source: official draft, Articles 5, 8–10 and 78.
Does Morocco have a VASP minimum capital requirement?
The draft calls for fully paid-up share capital for certain crypto service providers. Under Article 8, the finance minister would set the minimum. Article 11 would also require sufficient own funds and prudential safeguards set by AMMC.
No enacted universal VASP capital figure was verified for this guide. Publishing a dirham figure as an existing legal minimum would be misleading.
Any business plan should keep capital as to be confirmed, pending final legislation and implementing texts.
Can people buy Bitcoin or USDT using Moroccan bank accounts?
Do not assume a platform's technical availability makes a transaction lawful under Moroccan rules.
The 2017 and 2022 notices describe existing exchange-control and consumer-protection concerns. Banks and payment providers may apply their own restrictions and legal obligations.
A business should obtain qualified local advice before enabling deposits, card purchases or fiat settlement involving cryptocurrency. Do not promote a workaround to foreign-exchange restrictions.
What should businesses monitor next?
Check these four items before launching a Morocco-facing service: 1. Publication of the final law in the Official Bulletin. 2. Its effective date and any transition period. 3. The final regulator and licence categories. 4. Implementing rules for capital, safeguarding, AML and cross-border funds.
For comparison, read Egypt's cryptocurrency restrictions and South Africa's live CASP licensing framework. See our 54-country Africa regulation directory for broader coverage.
Bottom line
Morocco's authorities have stated that virtual-currency transactions breach existing exchange-control legislation. They have repeatedly warned against their use. Draft Law 42.25 proposes a more formal crypto-asset regime.
The draft's licensing requirements should not be presented as already in force without an official enactment and commencement notice.
Primary sources, reviewed 2 November 2026: Office des Changes, 2017; joint statement, 2022; Government Draft Law 42.25; AMMC public consultation record, 2025; US Library of Congress, March 2026.
