Table of Contents
TL;DR,
- With user adoption projected to hit 3.13 million by 2026, the new Morocco crypto regulation (Bill 42.25) officially replaces the 2017 ban with a structured, safety-focused framework.
- Modeled after Europe’s MiCA, the bill splits oversight between the AMMC (for token issuance and service providers) and the Central Bank (for stablecoins) to ensure financial stability.
- While excluding DeFi and NFTs, the legislation focuses on institutionalizing the market through strict KYC/AML compliance, mandatory licensing for intermediaries, and rigorous investor protection measures.
Starting with Mauritius, followed by South Africa, Nigeria, and Kenya joining this year, Africa’s crypto regulatory framework has kicked into high gear. Morocco, which once maintained an iron grip on its crypto activity, has switched up. The Ministry of Economy and Finance has unveiled Bill 42.25, a comprehensive Moroccan crypto regulation framework.
According to its frameworks, it’s a MiCA‑inspired blueprint that welcomes serious players but insists on strict oversight, investor protection, and financial stability.
What Bill 42.25 Actually Does: A Digital Asset Framework Built on European Foundations
Morocco, like most African nations, has a thriving crypto community. Back in 2022, research revealed that over 1.15 million natives either held or participated in the market. Current projections suggest that figure will triple by 2026 to 3.13 million, with user penetration estimated at 7.77% in 2025 and 8.08% in 2026.
It was evident that the 2017 crypto ban did little to no effect other than causing the majority of its users to go underground. The shift was inevitable; international powers shifted to issuing local stablecoins, adopting a Bitcoin reserve.
African nations once against the high adoption of Bitcoin and stablecoins now embrace and even encourage their use and the development of local narratives. Morocco eventually got the message.
The new Morocco crypto regulation establishes clear legal definitions and operational boundaries for what the region terms as “crypto-assets.” As per Bill 42.25, they are:
“digital representations of value or rights transferable via blockchain or distributed ledger technologies.”
The legislation heavily draws its blueprints from Europe’s Markets in Crypto-Assets (MiCA) regulation but is adapted to fit the nation’s unique monetary and regulatory environments.
There are two primary token categories:
- Utility tokens—grant access to specific products or services within decentralized ecosystems
- Asset-referenced tokens—think of stablecoins, which maintain pegs to fiat currencies or asset baskets.
The specificity comes from Morocco’s recent metrics, which show that USDT and USDC are being used more and more, with more than $11 billion in transactions every year. The new digital asset framework is mostly about setting up the rules that are needed, but it doesn’t include things like central bank digital currencies (CBDCs), NFTs, mining, and decentralized finance (DeFi).
Morocco has continued to develop its CBDC initiatives with the Bank Al-Maghrib in collaboration with Egypt’s central bank and support from the World Bank. As of the time of writing, the projects have proceeded to retail peer-to-peer payment experiments generating cross-border transfer use cases.
The bill explicitly prohibits cryptocurrencies from functioning as payment instruments. Instead, it puts them in a separate category of financial assets that can only be bought through licensed intermediaries. This keeps the Central Bank’s control over money while also making sure that investments and trades are done in a safe way.
Dual Architecture of the Morocco Crypto Regulation
If passed, the Morocco crypto regulations will distribute supervisory responsibilities to the Moroccan Capital Market Authority (AMMC) and the Bank Al-Maghrib (BAM).
The AMMC will become its primary watchdog, focusing on token issuance, public offerings, and the licensing of Crypto-Asset Service Providers (CASPs).
This requires any entity wanting to operate a trading platform, offer custody services, execute client orders, provide investment advice, or manage crypto portfolios to meet its regulatory requirement. It also enforced market conduct rules, pursuing cases of insider trading, price manipulation, and the dissemination of false or misleading information.
The Moroccan Capital Markets Authority.[Photo: MoroccoWorldNews]
The Morocco crypto regulation also accounts for ALM/CTF concerns. A new National Financial Intelligence Authority (ANRF) anchors AML/CFT enforcement. Providers must:
- Verify customer identities (KYC)
- Retain detailed records for at least 10 years (including originator and beneficiary information)
- Report suspicious activity
Under AMMC crypto licensing requirements, applicants must secure prior approval and demonstrate robust governance, capital, and risk controls. AMMC crypto licensing requirements also link operational permissions to ongoing compliance with market‑abuse and disclosure rules. Issuers of utility tokens must satisfy these requirements before any public offering.
Licensing, transparency, and enforcement: what should firms expect?
Any local and international player must maintain capital, risk management, and strong internal controls to secure the regulatory green light. Transparency is non-negotiable. The white paper requirement ensures issuers articulate project fundamentals, technical architectures, token economics, and risk factors before soliciting public participation.
The digital asset framework prohibits insider trading, using non-public information for personal advantage, and price manipulation through wash trading, spoofing, or coordinated schemes. Spreading false information to move markets also triggers penalties.
Any violations, underhanded means, or any form of deterring from these requirements permits license suspension or revocation. Implementation is phased, initially limiting participation to licensed corporations. The text is already online for public comment, and the AMMC’s 2025 priority actions confirm ongoing work on the implementing regulations needed to operationalize the law.
What changes for users and markets?
The bill currently sits open for public consultation before moving onto the next stages and eventually operationalizing the Morocco crypto regulation framework.
First and foremost, crypto becoming a new form of finance is far-fetched, especially in Africa’s context. This latest legal addition seeks to establish institutional adoption and provide a better framework for future tax laws. Think of cleaning up custody, trading, issuance, and advice via licensed providers. Under the Morocco crypto regulation, stablecoin issuance is reserved for banks and payment institutions under BAM oversight.
The Bank Al-Maghrib
For businesses, the digital asset framework provides legal clarity: who can issue, who can custody, who can advise, and what disclosures are required. For consumers, this means more openness and better protection for investors once licensed channels are available.
Morocco’s crypto adoption has grown, and it is now 27th in Chainalysis’s 2024 Global Crypto Adoption Index. 3.9% of the country’s population is already trading in cryptocurrencies. The new law also fits with Morocco’s National Financial Inclusion Strategy, which aims to give 75% of adults access to financial services by 2030.
Fintech and blockchain are at the forefront of this vision. In 2024, Moroccan startups raised approximately $95 million across forty deals, with companies like Chari (payments), Tookeez (blockchain-based loyalty), and Talaty (AI-powered lending) demonstrating entrepreneurial momentum. Yet compared to more mature markets, the ecosystem remains nascent.
This new bill aims to change that by creating the framework for a better crypto ecosystem in the country and putting in place rules to protect it from the risk of the stablecoin boom in Africa.
