Morocco’s crypto boom: 6 million citizens embrace digital currencies

Wednesday 26 February 2025 - 08:50

By: Dakir Madiha

Morocco’s crypto boom: 6 million citizens embrace digital currencies

The allure of cryptocurrency is spreading rapidly in Morocco, with 6 million individuals—approximately 16% of the population—owning digital assets as of 2024, according to data from French broker HelloSafe. This marks a staggering 60% increase over the past five years, with 2.5 million new holders joining the crypto wave since 2019.

Despite the growing appetite for digital currencies, cryptocurrency trading remains officially banned in Morocco. The government imposed the prohibition in 2017, citing concerns over its potential misuse for money laundering and criminal activities. However, change appears to be on the horizon. Bank Al-Maghrib Governor Abdellatif Jouahri announced last November that a draft law is under development to regulate the cryptocurrency sector, potentially opening the door for legal crypto trading in the country.

This surge in crypto adoption mirrors a broader trend across the African continent. Nigeria, for instance, saw a 68% increase in crypto ownership, reaching 105 million users in 2024. Egypt experienced an even sharper rise of 138%, with 21 million users, while Kenya and South Africa recorded 90% and 38% growth, bringing their totals to 11 million and 13.9 million users, respectively.

Globally, India leads the way in cryptocurrency adoption, boasting an astonishing 314 million users. China follows with 128.5 million holders, reflecting the widespread and growing interest in digital currencies worldwide.

As Morocco prepares to potentially regulate this burgeoning industry, its citizens’ enthusiasm for crypto signals a shift in how financial investments are being reimagined in the digital age.