Is Morocco Preparing To Legalize Crypto? A Historic Turnaround

Morocco, which banned crypto in 2017, is set to backtrack with a bill aimed at legalizing and regulating all digital assets. This historic decision, announced by the governor of Bank Al-Maghrib, Abdellatif Jouahri, marks a major turning point in the kingdom’s policy regarding digital currencies.

A crypto regulation expected in a context of massive adoption

Bank Al-Maghrib, the Moroccan central bank, has prepared a bill regulating crypto assets that is currently undergoing adoption. This initiative comes in a context where Moroccans, despite the 2017 ban, have massively turned to cryptos.

The country currently ranks 24th globally in terms of crypto transaction volume, demonstrating the ineffectiveness of previous restrictive measures.

The evolution of the position of Moroccan authorities reflects a pragmatic awareness. Indeed, the ban did not prevent the growing adoption of cryptos, rather pushing users towards peer-to-peer exchange platforms like Paxful. This situation has convinced regulators of the necessity of a legal framework rather than a repressive approach.

The new regulation is also part of an international dynamic, as Bitcoin reaches historic highs close to 100,000 dollars, attracting the attention of institutional and individual investors.

A reform aligned with international standards

The Moroccan project is largely inspired by the European MiCA regulation (Markets in Crypto-Assets), considered a global reference in crypto regulation. This approach reflects Morocco’s desire to align with international best practices.

At the same time, Bank Al-Maghrib is exploring the possibility of creating its own central bank digital currency (CBDC). According to Abdellatif Jouahri, this initiative aims to promote financial inclusion and modernize the Moroccan financial system. This CBDC project is part of a global trend as many central banks are developing their own digital currencies.

The timing of this regulation appears particularly opportune, coinciding with the upcoming entry into force of the MiCA regulation in Europe, and the development of similar regulatory frameworks in the United Kingdom and other major jurisdictions.

This regulatory shift marks a decisive turning point for Morocco, which is moving from a policy of prohibition to a constructive regulatory approach to cryptos. This evolution could position the kingdom as a regional hub for digital financial innovation, while ensuring investor protection and the stability of the financial system.