Morocco Compliance Report

Generated 2026-09-22

Prohibited

Regulatory Overview

Regulatory Status: Outright ban on crypto ownership, trading, or mining
Key Regulator(s): Moroccan Central Bank, EU Council, National Financial Intelligence Authority
Primary Legislation: e.g., Law No. 43-05 as amended, Law No. 43-05 as amended by Law No. 12-18, as amended by Law No. 12-18, Reuters Article (Jan 2023) on Moroccan Central Bank working on crypto regulation, Bill 42.25 (draft published by Ministry of Economy and Finance; announced Novemb
Travel Rule: Adopted — Threshold: Implemented

Key Facts

aml Prohibition/Lack of Legal Framework: BAM views cryptocurrencies as operating outside of the legal and regulatory framework for financial transactions in Morocco, exposing users to significant risks. This means that operating a Virtual Asset Service Provider (VASP) or conducting significant crypto-related business within Morocco itself could be deemed illegal or at least highly unregulated and risky. Ongoing Discussions: While BAM has been cautious, there have been reports and statements indicating that the central bank is exploring the potential for regulating cryptocurrencies or issuing a Central Bank Digital Currency (CBDC). However, no definitive legal framework or authorization for private cryptocurrencies or VASPs has been put in place. Bank Al-Maghrib Communiqués: While specific URLs may change, BAM has consistently issued warnings. An example of their stance can often be found in official press releases or on their website (e.g., in French: "Bank Al-Maghrib met en garde contre l'utilisation des monnaies virtuelles"). You may need to search their official website for the latest statements: Bank Al-Maghrib Official Website U.S. persons (citizens, permanent residents, entities organized under U.S. law, and persons within the U.S.). Transactions that touch the U.S. financial system or involve a U.S. nexus (e.g., using a U.S.-based exchange, intermediary, or software). Any person or entity who causes a U.S. person to violate sanctions, or conspires to violate sanctions. Sanctioned Entity Screening: VASPs must screen all customers, beneficial owners, and transaction counterparties against OFAC's Specially Designated Nationals and Blocked Persons (SDN) List and other relevant sanctions lists. Geographic Restrictions: Prohibit transactions to or from comprehensively sanctioned jurisdictions (e.g., Cuba, Iran, North Korea, Syria) or specific regions (e.g., Crimea, DNR/LNR regions of Ukraine).
custody Historical Prohibition: An official ban on the use and trading of cryptocurrencies. Lack of Legal Tender Status: Cryptocurrencies are not recognized as legal tender. Ongoing Exploration: The central bank (Bank Al-Maghrib) is actively studying the sector with the intent to develop a comprehensive regulatory framework, including potential central bank digital currency (CBDC) initiatives. Reference: Communiqué n°01/2017 du 20 novembre 2017 de l'Office des Changes. While a direct URL to the original PDF might be difficult to find now, it was widely reported by Moroccan financial news outlets at the time. An example of a news report referencing it can be found here: L'Office des Changes met en garde contre l'utilisation des monnaies virtuelles (Leconomiste.com - French, November 2017) Shift in Stance: Since late 2021 and into 2022-2023, BAM has indicated a shift from outright prohibition to an exploratory and development phase. Governor Abdellatif Jouahri has repeatedly stated that BAM is working with other Moroccan regulators (like the AMMC - Autorité Marocaine du Marché des Capitaux, and the Office des Changes) to develop a regulatory framework for crypto assets. Focus Areas: This framework is expected to address various aspects, including: Licensing requirements for crypto service providers (which might eventually include custody).
general Regulatory ambiguity: The lack of clear guidance on digital asset classification and licensing creates uncertainty for market participants. AML/CFT risk: Potential for money laundering if VASPs operate without robust controls, as highlighted by recent enforcement actions. Tax uncertainty: Unclear tax treatment could lead to compliance challenges for market participants, pending official clarification from the Treasury. Marocclear, the Central Securities Depositary AML Compliance in Morocco (2026): What Fintechs and ... Securities Capital Gains Tax Morocco: IR 15% or 20% ... Morocco Tax Rates & System (2026) Morocco Stock Taxes — CGT, Dividends, Fees
licensing 2017 Warnings: Bank Al-Maghrib (BAM - Morocco's central bank) and the Moroccan Exchange Office issued strong warnings against the use of cryptocurrencies. The Moroccan Exchange Office (Office des Changes) explicitly declared that engaging in cryptocurrency transactions constitutes a violation of the current foreign exchange regulations, which stipulate that foreign exchange transactions must be conducted through authorized intermediaries and in currencies listed by BAM. Bank Al-Maghrib reiterated its stance, highlighting the risks associated with virtual currencies, including lack of legal protection, price volatility, and potential use for illicit activities. Result: This effectively made the use of cryptocurrencies for transactions or business operations illegal in Morocco under existing laws, with no legal pathway for VASP operations. Intention to Regulate: Recognizing the global rise of cryptocurrencies and the need to address them, Bank Al-Maghrib has publicly announced its intention to introduce a regulatory framework for virtual assets. Ongoing Work: BAM has been working in consultation with international bodies like the International Monetary Fund (IMF) and the World Bank to draft a comprehensive bill. This work has been ongoing since at least late 2022 and throughout 2023. No Enacted Law Yet: Despite these efforts, the proposed law has not yet been finalized, approved by the government, or published in the Official Bulletin. Therefore, the historical warnings remain the de facto regulatory environment. No Specific Licenses: Because there is no specific virtual asset regulatory framework in place, there are no specific licenses required or available for:
securities Moroccan Capital Market Authority (AMMC) – Responsible for overseeing securities markets, including digital assets. Bank Al-Maghrib – Central bank collaborating on digital asset regulation, contributing to the upcoming bill. Dahir no. 1-93-211 (September 21, 1993) – Governs the stock exchange. Dahir no. 1-96-246 (January 9, 1997) – Establishes a central depository and accounting regime for securities. Dahir no. 1-04-21 (April 21, 2004) – Regulates public offerings on the stock exchange. Dahir no. 1-13-21 (March 13, 2013) – Creates AMMC, consolidating previous securities legislation. Public offerings of digital assets. Operation of centralized or decentralized exchanges facilitating token trades.
status Bank Al-Maghrib (BAM): Central bank overseeing stablecoins, asset-backed tokens, and licensing for exchanges; limits stablecoin issuance to banks and payment institutions. Moroccan Capital Market Authority (AMMC): Supervises token issuance, public offerings, listing, trading, and licenses virtual asset service providers (VASPs). Other involved: Moroccan Exchange Office, Ministry of Economy and Finance, and National Financial Intelligence Agency (ANRF) for AML/CFT and transaction traceability. November 2017 Ban: Prohibited all crypto transactions. Bill 42.25 (draft published by Ministry of Economy and Finance; announced November 2024, finalized July 2025): Core framework for regulation, emphasizing investor protection, market integrity, innovation, and monetary stability; no confirmed effective date as of available data, with full rollout anticipated in 2026.
travel rule Indirectly, as a FATF/MENAFATF Member: Morocco is a member of the Middle East and North Africa Financial Action Task Force (MENAFATF), a FATF-style regional body. As such, Morocco is committed to implementing FATF recommendations, including Recommendation 15 on virtual assets and VASPs. No Direct Implementation for VASPs: However, Morocco has not formally adopted specific legislation to regulate Virtual Asset Service Providers (VASPs) or directly implement the FATF Travel Rule for them. This is because the Moroccan financial authorities have largely prohibited the use and trading of cryptocurrencies and virtual assets within the official financial system. Official Stance: Bank Al-Maghrib (BAM), the central bank, and the Moroccan Capital Market Authority (AMMC), in conjunction with the Ministry of Economy and Finance, have repeatedly issued warnings against the use of cryptocurrencies, stating that they are not legal tender, lack legal backing, and pose significant risks. This effectively means there are no licensed or regulated VASPs in Morocco to whom the Travel Rule would apply. Since there is no specific regulatory framework for VASPs or a direct implementation of the Travel Rule, there is no effective date for its application in Morocco. Given the absence of a specific VASP regulatory framework, no threshold amounts for the Travel Rule (e.g., USD/EUR 1,000 equivalent for identifying originator/beneficiary information) have been established for virtual asset transactions in Morocco. None, officially: By virtue of the official stance, there are no legally recognized or licensed VASPs operating in Morocco. Therefore, no VASPs are officially "covered" by the Travel Rule implementation. Foreign VASPs serving Moroccan customers would be operating in a legal grey area, as their services are considered non-compliant with Moroccan financial regulations. None specified: As there's no VASP regulation or Travel Rule implementation, there are no specified technical implementation requirements for VASPs (e.g., specific data fields, message formats, or secure communication protocols) in Morocco.

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-10. View full profile