Morocco’s crypto paradox: bitcoin thrives despite a national ban
Morocco banned cryptocurrency transactions in 2017, but the sector has continued to grow under the radar. A new law in development may finally regulate the industry, marking a pivotal shift in the country’s approach to digital currencies.
A firm stance on crypto
In November 2017, Morocco’s Ministry of Economy and Finance, Bank Al-Maghrib, and the Office des Changes issued a joint statement banning cryptocurrency transactions. Officials cited violations of foreign exchange laws, lack of user protection, and risks such as fraud, money laundering, and terrorism financing.
Bank Al-Maghrib’s then-governor dismissed bitcoin as a speculative asset without the stability or transparency of legitimate currency. The Office des Changes reinforced this by declaring cryptocurrency transactions a legal violation, with offenders subject to penalties under Moroccan law.
This prohibition made Morocco one of the few regional countries to enforce a complete ban, reflecting concerns over volatility and potential misuse of digital currencies.
Thriving in the shadows
Despite the ban, Morocco has emerged as one of the leading adopters of cryptocurrency in the Middle East and North Africa (MENA) region. Global reports, including Chainalysis’ 2022 Global Crypto Adoption Index, ranked Morocco 14th globally for grassroots adoption—a sign of enduring interest despite legal restrictions. Although it later fell out of the top 20 in 2023 rankings, the country remains an active underground crypto market.
Unable to access licensed local exchanges, Moroccans frequently use peer-to-peer (P2P) platforms or international trading apps to buy and sell crypto. While these methods bypass banking restrictions, they also expose users to scams and price manipulation. Research from 2025 revealed that the 2017 ban did not reduce public interest but instead drove activity into unregulated channels.
For many Moroccans, cryptocurrency offers practical solutions. Bitcoin is used for cross-border transactions where traditional banking services are too slow or costly. Others see it as a hedge against strict exchange rate controls imposed on the dirham.
Toward regulation
In November 2024, Bank Al-Maghrib governor Abdellatif Jouahri announced the preparation of a draft law to regulate crypto-assets. Developed with input from the World Bank and International Monetary Fund, the framework aims to move from prohibition to controlled regulation.
The draft law seeks to define crypto-assets, establish licensing criteria for service providers, and introduce investor safeguards. Regulators are also exploring the potential launch of a central bank digital currency (CBDC), a state-controlled "digital dirham" designed to modernize the financial system while maintaining oversight.
A shifting landscape
Morocco’s experience underscores a global trend: banning crypto does not eliminate its use. Instead, it pushes activity into informal markets and fuels quiet adoption. For regulators, the challenge becomes how to manage an unstoppable trend.
If Morocco’s draft law is implemented, the nation could transition from prohibition to cautious regulation, signaling a new chapter in its approach to digital currencies. Until then, bitcoin remains both banned and booming, a paradox emblematic of Morocco’s complex relationship with the crypto world.
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