In a landmark shift for digital asset policy in North Africa, the Central Bank of Morocco has announced plans to fully legalize cryptocurrencies, including Bitcoin, reversing its 2017 ban. Abdellatif Jouahri, Governor of Bank Al-Maghrib (Morocco’s central bank), revealed during an international conference in Rabat that a comprehensive legal framework for regulating crypto assets is already prepared and undergoing final review.
This move marks a significant evolution in Morocco’s financial strategy, aligning the country with a growing global trend toward formal crypto regulation and digital innovation. While the nation previously prohibited the use of digital currencies in 2017, widespread underground adoption continued—evidenced by persistent peer-to-peer trading and rising public interest.
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A Strategic Shift Toward Regulation
The new regulatory draft aims to bring clarity, security, and oversight to Morocco’s burgeoning crypto ecosystem. By establishing clear rules for issuance, trading, and custody of digital assets, the central bank intends to protect investors while fostering innovation.
Jouahri emphasized that the initiative is not just about lifting restrictions but creating a structured environment where blockchain technology can thrive responsibly. “We have prepared a draft law on the regulation of crypto-assets, which is currently under review,” he stated. This framework will also address anti-money laundering (AML) compliance and consumer protection—key concerns for regulators worldwide.
Notably, the central bank is simultaneously exploring the development of a Central Bank Digital Currency (CBDC). Like many nations across the globe, Morocco sees potential in CBDCs to enhance financial inclusion, streamline cross-border payments, and modernize its monetary infrastructure.
Unlike decentralized cryptocurrencies such as Bitcoin or Ethereum, a Moroccan CBDC would be fully controlled by the central authority, offering stability and integration with existing banking systems. Jouahri noted: “Regarding central bank digital currencies, like many countries around the world, we are examining to what extent this new form of money could help achieve certain public policy objectives—especially financial inclusion.”
Rising Global Momentum in Crypto Regulation
Morocco’s policy reversal reflects broader international momentum toward embracing digital assets through thoughtful regulation. On the same day of the announcement, the UK’s Financial Conduct Authority (FCA) unveiled a new roadmap for crypto oversight extending to 2026.
According to FCA research based on a nationally representative survey of 2,199 UK adults:
- Over 12% of British adults now own cryptocurrency, up from 10% in previous years.
- The number of crypto holders in the UK has surged from 5 million in 2022 to an estimated 7 million.
- Average holdings have increased from £1,595 to £1,842.
- Nearly 19% of holders now possess between £5,001 and £10,000 worth of digital assets—triple the share recorded earlier.
CryptoUK, a leading industry association, hailed the findings as a “watershed moment,” stating that crypto has now entered the mainstream in one of the world’s largest financial centers.
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Europe Leading the Charge with MiCA
At the heart of this global shift is the European Union’s upcoming Markets in Crypto-Assets (MiCA) regulation—one of the most comprehensive legal frameworks for digital assets ever developed. Set to take full effect by late 2024, MiCA will establish uniform rules across all EU member states for stablecoins, utility tokens, and other crypto instruments.
MiCA’s implementation is already influencing regulatory thinking far beyond Europe’s borders. Countries like Morocco are closely observing these developments, recognizing that clear, transparent rules can attract investment, spur fintech innovation, and build trust in digital finance.
With Bitcoin recently approaching the historic **$100,000 milestone**—reaching within $200 of six-figure territory on November 22—the timing of Morocco’s announcement couldn’t be more strategic. Although prices pulled back to around $90,850 shortly after due to market volatility, sustained institutional interest and macroeconomic tailwinds continue to support long-term bullish sentiment.
Key Implications for Investors and Innovators
For investors, Morocco’s regulatory pivot opens new opportunities in a previously restricted market. With formal recognition comes improved access to compliant exchanges, clearer tax treatment, and stronger legal protections—factors that historically limited foreign investment in North African crypto ventures.
For startups and blockchain developers, this creates fertile ground for launching regulated financial products tailored to local needs—from remittance platforms leveraging low-cost blockchain rails to decentralized identity solutions enhancing digital access in underserved communities.
Moreover, financial inclusion remains a core driver behind Morocco’s dual-track approach: embracing both decentralized cryptocurrencies and centralized CBDCs. With nearly 35% of Moroccan adults still unbanked, according to World Bank data, digital assets offer a viable path toward expanding access to savings, credit, and payment services.
Frequently Asked Questions (FAQ)
Q: Is cryptocurrency currently legal in Morocco?
A: As of now, cryptocurrencies remain technically prohibited under the 2017 ban. However, with a draft regulatory law finalized and public statements from the central bank signaling change, full legalization is expected in the near future.
Q: Will Morocco adopt Bitcoin as legal tender like El Salvador?
A: There is no indication that Morocco plans to adopt Bitcoin as official currency. Instead, it aims to regulate private cryptocurrencies while exploring its own government-backed digital currency (CBDC).
Q: How does Morocco’s move compare to other African nations?
A: Several African countries—including Nigeria, Kenya, and South Africa—are actively developing crypto regulations. Morocco’s approach stands out for its emphasis on central bank oversight and alignment with European standards like MiCA.
Q: What impact will this have on Bitcoin price?
A: While individual country policies rarely move global markets alone, Morocco’s shift contributes to a broader narrative of global acceptance. Increased legitimacy across regions supports long-term confidence in digital assets.
Q: Can I buy crypto in Morocco today?
A: Despite the ban, peer-to-peer trading via platforms like LocalBitcoins and decentralized exchanges remains active. Once regulations are implemented, licensed exchanges are expected to launch formal services.
Q: When will the new crypto law take effect?
A: No official timeline has been released yet. However, given that the draft is already complete and under review, experts anticipate passage within 2025.
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Final Thoughts: A New Chapter for Digital Finance in Africa
Morocco’s decision to reverse its crypto ban underscores a pivotal shift—not only in national policy but in how emerging economies are reimagining their financial futures. By combining regulatory prudence with technological ambition, Morocco positions itself as a potential leader in North Africa’s digital transformation.
As more countries follow suit—from the UK’s progressive oversight to the EU’s MiCA framework—the global financial landscape is evolving into one where digital assets play an integral role. For users, investors, and innovators alike, understanding these shifts isn’t just valuable—it’s essential.
With clearer rules on the horizon and growing institutional validation, the era of responsible crypto adoption is well underway.