After three years of work, Bank Al-Maghrib (BAM) has officially submitted a draft law regulating digital assets to the Ministry of Finance. This announcement was made by the central bank’s governor, Abdellatif Jouahri, during a press conference following BAM’s quarterly board meeting. The proposed legislation represents a significant step forward in structuring a sector that has long operated in a legal gray area.
Until now, cryptocurrency trading was prohibited in Morocco. However, its use has surged, placing the country 27th worldwide in crypto adoption, according to Chainalysis. This growing gap between regulations and market reality has led to legal action against dozens of traders accused of violating foreign exchange and cross-border commerce laws.
In response to this rapid expansion, BAM has worked closely with the World Bank and the International Monetary Fund (IMF) to develop a legal framework that ensures transaction security while harnessing the economic potential of digital assets. A specialized committee, composed of BAM, the Moroccan Capital Market Authority, the Insurance and Social Security Supervisory Authority, and the Foreign Exchange Office, is finalizing the draft before it moves to Parliament for approval.
Alongside this regulatory push, BAM is also exploring the introduction of a digital dirham, a strategic initiative aimed at modernizing financial transactions. According to Jouahri, this project could reduce cash handling, curb the informal economy, and promote financial inclusion. To test the feasibility of this innovation, Morocco has launched a pilot program in partnership with Egypt, supported by the World Bank and the IMF.
Badr Bellah, founder of Mchain, highlighted the anticipation surrounding the regulation of cryptocurrencies: “It’s paradoxical that a country with such high crypto adoption still officially bans it, especially in a rapidly evolving global landscape.” He attributes the delay to the need for Moroccan banks to adapt to this new financial reality.
While cryptocurrencies present exciting opportunities—such as financial inclusion, technological innovation, and startup investment—they also pose risks. Data science expert Issam Alaoui warns that authorities must address concerns related to money laundering, fraud, and tax evasion. With more Moroccans working remotely and receiving salaries in crypto, the issue of convertibility and taxation is becoming increasingly urgent.
“When the number of small investors reaches the millions, as it does today, legalization is no longer optional—it’s a necessity,” Alaoui insists. A clear regulatory framework would not only protect investors but also help capture financial flows that currently escape taxation.
Through this draft law, Morocco is finally moving toward cryptocurrency regulation, aligning itself with other nations that have taken similar steps to oversee this financial revolution. The move is expected to bring greater transparency and security to users while integrating blockchain technology into the national economy.
If approved, the law could pave the way for a new wave of innovation: the development of a local blockchain ecosystem, easier international payments, and the rise of crypto-focused startups. The question remains whether Parliament will pass the bill smoothly or demand modifications to meet industry expectations. One thing is certain—the crypto economy is making its mark in Morocco.
