Morocco has just taken a major step toward regulating its fast-evolving crypto sector. The General Secretariat of the Government released a draft bill today that lays the foundation for a comprehensive legal framework governing digital assets—a long-awaited move in a space that has so far operated with little oversight.
This proposed legislation sets out clear guidelines for how digital assets can be issued and traded. It places particular focus on utility tokens—digital units that grant users access to services or products from the issuer—and stablecoins, which are pegged to traditional assets to ensure price stability.
The draft bill aims to protect investors while safeguarding the integrity of Morocco’s financial markets. It targets key vulnerabilities in the crypto ecosystem, including the risks of fraud, market manipulation, money laundering, and the financing of terrorism. At the same time, lawmakers are seeking to strike a delicate balance by encouraging innovation and supporting the growth of the digital economy without undermining financial stability.
Notably, the proposed regulation deliberately leaves out certain areas. Central bank digital currencies are not covered by the bill, nor are non-fungible tokens (NFTs) that are tied to collectibles or works of art. Cryptocurrency mining, which involves validating transactions using specialized computing power, is also excluded from this legal framework.
Should the bill move forward, it could open the door for a new generation of financial service providers. Companies would be able to offer secure custody solutions, operate crypto trading platforms, facilitate the exchange of crypto-assets for traditional currency, provide investment advice, and manage digital portfolios—all under regulated conditions.
The draft also introduces a strong enforcement component. Insider trading, market manipulation, and the unauthorized disclosure of sensitive information would be strictly prohibited, with disciplinary measures in place to ensure compliance.
This legislative move signals Morocco’s intent to bring order to a sector that has, until now, existed largely in legal limbo, while paving the way for both innovation and investor protection.
