Moroccans who want exposure to Bitcoin but do not want to buy the cryptocurrency directly now have a new option. Saham Bank has launched a Bitcoin-linked investment product that allows clients to benefit from movements in Bitcoin’s price through a regulated banking product in Moroccan dirhams.
The product, approved by Morocco’s capital markets regulator (AMMC), is a three-year structured deposit certificate linked to BlackRock’s iShares Bitcoin Trust (IBIT), a Bitcoin exchange-traded fund (ETF) listed on the Nasdaq.
Clients do not own Bitcoin itself. Instead, the product tracks the performance of the BlackRock fund, which manages nearly $49 billion in assets. The wider US spot Bitcoin ETF market is now worth more than $100 billion.
The investment is aimed at wealthy clients rather than ordinary savers. Each certificate costs 100,000 dirhams, and individual investors must buy at least three certificates, meaning a minimum investment of 300,000 dirhams.
Saham Bank says the main attraction is that 90% of the invested capital is protected at the end of the three-year period.
If the Bitcoin-linked fund rises by up to 60%, investors get back 90% of their capital plus the full increase recorded by the ETF.
If the fund rises by more than 60%, gains are capped. Investors receive 90% of their capital and a fixed return of 38%.
If the fund falls, investors receive no return and recover only 90% of their original investment.
The product therefore offers a different risk profile from buying Bitcoin directly. Potential losses are limited, but so are potential gains.
Saham Bank says growing interest from major investors, Bitcoin’s limited supply of 21 million coins and the next halving event expected in 2028 support long-term interest in the cryptocurrency.
The launch comes as cryptocurrency use continues to grow in Morocco despite years of restrictions.
Around six million Moroccans now own or use cryptocurrencies, according to industry estimates. That represents growth of about 60% over the past five years.
Morocco ranks 24th in the world for crypto ownership, 23rd for trading volume on centralised exchanges and 20th for retail activity on crypto platforms. The country’s crypto market is expected to reach $292.4 million, with annual growth of around 4.9%.
Meanwhile, Moroccan authorities are preparing new rules for the sector.
The Ministry of Economy and Finance, Bank Al-Maghrib and the AMMC have drafted Bill 42.25, a new law that would regulate crypto assets in Morocco.
The proposal would create separate licences for crypto custody providers, exchanges and token issuers. Companies would also be required to have a physical presence in Morocco and maintain capital of between five and 10 million dirhams.
The draft law treats cryptocurrencies as financial assets rather than a currency and keeps them subject to Morocco’s foreign exchange rules. Authorities are also considering taxes of between 15% and 30% on crypto profits.
At the same time, Bank Al-Maghrib has completed initial testing of its own digital currency project, known as the e-Dirham, for local and cross-border payments.
