In a landmark shift in financial policy, the Central Bank of Morocco has announced plans to fully legalize cryptocurrencies, reversing its 2017 ban on digital assets. Abdellatif Jouahri, Governor of Bank Al-Maghrib, revealed during an international conference in Rabat that a comprehensive legal draft for regulating crypto assets is already prepared and undergoing final review.
This development marks a dramatic turnaround from the country’s previous stance. Since 2017, Morocco has officially prohibited the use of cryptocurrencies, citing financial stability and consumer protection concerns. However, despite the ban, widespread underground adoption persisted—many Moroccans continued to trade and hold digital assets through peer-to-peer platforms and international exchanges.
Now, with the new regulatory framework on the horizon, Morocco is positioning itself as one of North Africa’s most forward-thinking economies in the digital finance space.
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A New Era for Digital Finance in Morocco
The proposed legislation aims to bring clarity and oversight to the previously unregulated crypto market. By establishing a formal legal status for cryptocurrencies, the Moroccan government intends to protect investors, prevent money laundering, and encourage innovation in fintech.
Jouahri emphasized that the central bank is not only focused on regulation but also exploring the potential launch of a Central Bank Digital Currency (CBDC). “Like many countries around the world, we are studying how this new form of money can support public policy goals—especially financial inclusion,” he stated.
Unlike decentralized cryptocurrencies such as Bitcoin or Ethereum, a CBDC would be fully controlled by the central authority, offering a digital version of the Moroccan dirham. This dual-track approach—regulating private cryptocurrencies while developing a state-backed digital currency—reflects a balanced strategy increasingly adopted by emerging and developed economies alike.
Rising Global Interest in Crypto Regulation
Morocco’s move mirrors a broader global trend toward structured crypto oversight. On the same day Jouahri made his announcement, the UK’s Financial Conduct Authority (FCA) unveiled a detailed roadmap for regulating digital assets through 2026.
According to FCA research based on a nationally representative survey of 2,199 adults, over 12% of UK adults now own cryptocurrency, up from 10% in previous years. That translates to approximately 7 million crypto holders across the country—an increase of 2 million since 2022.
Moreover, the average value held per investor has risen from £1,595 to £1,842. Notably, the number of high-value holders—those possessing between £5,001 and £10,000 in crypto—jumped from 6% to 19%, signaling deeper market penetration and growing confidence.
A spokesperson for CryptoUK called the findings a “watershed moment,” adding, “Cryptocurrencies have officially entered the mainstream in the UK.”
Europe Leading the Charge with MiCA
The European Union continues to lead global regulatory efforts with the upcoming implementation of the Markets in Crypto-Assets (MiCA) framework. Set to take full effect by late 2024, MiCA will establish the world’s first comprehensive regulatory system for digital assets, covering everything from stablecoins to token issuance and exchange operations.
This harmonized approach is expected to set a benchmark for other regions, including Africa and the Middle East. As more nations observe the EU’s progress, they are incentivized to develop their own clear rules—balancing innovation with investor protection.
Morocco’s upcoming crypto law could serve as a regional model, especially for neighboring countries in the Maghreb and West Africa where informal crypto usage is already widespread.
Why This Matters for Investors and Innovators
For investors, Morocco’s policy shift opens new doors. Once the legal framework is enacted, locally compliant exchanges, custodial services, and blockchain startups may emerge, creating a regulated ecosystem that attracts both domestic and foreign capital.
Additionally, financial inclusion remains a key driver. With nearly 35% of Morocco’s population unbanked, cryptocurrencies and potential CBDCs offer transformative tools for bringing underserved communities into the formal economy.
Blockchain-based solutions can reduce transaction costs, speed up remittances (a critical income source for many Moroccan families), and enable micro-investments—all without requiring traditional banking infrastructure.
👉 Learn how emerging markets are leveraging crypto for financial inclusion and economic growth.
Frequently Asked Questions (FAQ)
Q: Why did Morocco ban cryptocurrencies in 2017?
A: The 2017 ban was implemented due to concerns about financial fraud, money laundering, and lack of consumer protection. At the time, regulators viewed crypto as a high-risk, unregulated asset class with limited oversight mechanisms.
Q: Will Bitcoin and other cryptos be legal immediately?
A: Not yet. While the central bank has confirmed that a draft law is ready, it must still go through governmental approval processes before becoming official. Full legalization is expected within the next 12–18 months.
Q: How does a CBDC differ from Bitcoin?
A: A Central Bank Digital Currency is issued and regulated by a nation’s central bank and functions like digital cash. In contrast, Bitcoin is decentralized, operates independently of governments, and has a fixed supply governed by code.
Q: What impact will legalization have on crypto prices?
A: Direct price impacts are hard to predict, but increased legitimacy in major economies often boosts long-term market confidence. Broader adoption signals regulatory maturity, which tends to attract institutional investors.
Q: Is Morocco’s move part of a larger African trend?
A: Yes. Several African nations—including Nigeria, South Africa, and Kenya—are actively exploring crypto regulation. High mobile penetration and demand for alternative financial tools make the continent fertile ground for digital asset innovation.
Bitcoin Nears Six-Figure Milestone Amid Policy Shifts
As regulatory clarity spreads globally, investor sentiment remains strong. Just days before Morocco’s announcement, **Bitcoin surged toward $100,000**, peaking at $99,800 on November 22. Although it pulled back to around $90,850 by Wednesday morning in Asia, the psychological barrier of six figures appears closer than ever.
This momentum reflects growing institutional adoption, macroeconomic uncertainty, and increasing recognition of Bitcoin as a legitimate store of value—especially in jurisdictions moving toward legalization.
With countries like Morocco embracing digital assets and major economies refining their regulatory frameworks, the global financial landscape is undergoing a quiet revolution—one blockchain transaction at a time.
👉 Stay ahead of the curve—see how policy changes are accelerating crypto adoption worldwide.
Final Thoughts: The Road Ahead for Crypto Legalization
Morocco’s decision to reverse its crypto ban underscores a fundamental shift in how governments view digital assets—not as threats, but as opportunities. From enhancing financial inclusion to fostering tech innovation, cryptocurrencies are being re-evaluated through a more nuanced lens.
As more nations follow Europe’s lead with frameworks like MiCA and respond to rising public demand, we can expect further waves of legalization across Asia, Africa, and Latin America.
For everyday users and investors alike, this means greater access, improved security, and stronger protections—all essential ingredients for sustainable growth in the digital economy.
The era of crypto prohibition is fading. The age of regulation—and opportunity—is just beginning.