Morocco’s central bank is pressing the government to fast-track a long-delayed bill that would create the country’s first legal framework for cryptocurrencies, moving to regulate a market that has expanded despite being formally prohibited.
Central bank governor Abdellatif Jouahri said tuesday Bank Al-Maghrib has asked the General Secretariat of the Government to prioritize the bill, prepared with the World Bank, so it can be debated in Parliament and enacted.
The legislation, drafted over nearly three years, would establish a licensing system for digital asset platforms, allow authorities to track activity, and impose oversight on transactions in a country ranked seventh in Africa by estimated crypto holdings.
Jouahri described the measure as urgent in light of recent G20 recommendations and the consensus among central banks that crypto trading must be brought under regulation.
Morocco’s decision to move ahead would position it among the first in the region to codify rules for a sector long left in a legal gray zone.
The need for oversight has been highlighted by a wave of scams and fraud tied to digital assets, some escalating into violent crime. Earlier this year Moroccan authorities arrested a French-Moroccan suspected of plotting kidnappings targeting crypto traders in France.
Financial analyst Badr Blaj cited global losses from crypto fraud at more than $11 billion, warning that Moroccans are exposed to schemes ranging from “Rug Pull” tokens to offline confidence scams, while cybersecurity expert Hassan Kharjouj pointed to influencers and self-styled coaches who lure young people into networks that end in extortion.
The paradox is that Morocco banned crypto transactions in 2017, yet adoption has surged, placing the kingdom among the top 25 countries worldwide for digital asset use according to Chainalysis.
France, one of Morocco’s reference points, now licenses trading platforms to operate legally under regulatory supervision. India, the United States, and the European Union are also moving toward stricter regimes that include investor protections, anti-money laundering checks, and taxation.
The draft Moroccan law is expected to follow a similar path. Officials have said it will create a licensing system for trading platforms, set compliance rules, and define penalties for fraud. It would also allow the central bank to monitor flows more closely at a time when cryptocurrencies are increasingly used for both speculative investment and illicit transfers.
The draft law seeks to reverse that dynamic by granting licenses to platforms, obliging transparency, and creating the possibility of tracing and prosecuting fraud.
Jouahri has emphasized that the framework is not about treating digital tokens as currency but about limiting systemic risks, protecting consumers, and closing loopholes for money laundering and terrorist financing.
Rabat also aspires to position itself as a North African hub for digital finance, competing with countries like Nigeria and South Africa, where regulation has already advanced.
Egypt has also tightened oversight of crypto flows in recent years, citing both financial stability and security concerns.
Morocco’s strategic location, linking Africa, Europe, and the Middle East, adds weight to the decision. A regulated framework could attract foreign platforms looking for a legal base in the region, while signaling to international lenders that Rabat is keeping pace with global standards.
The effort also dovetails with Morocco’s broader drive to digitize payments and integrate financial technology into its economy.
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