Morocco Moves Toward Legalizing Cryptocurrencies
In Brief
- Morocco drafts a law to regulate cryptocurrencies, moving away from its 2017 ban.
- Underground crypto usage in the country highlights the need for legal clarity.
- Notable global shifts in crypto policies as the UK also plans for comprehensive regulations by 2026.
Morocco is advancing legislation to regulate cryptocurrencies, according to the governor of the country’s central bank.
The proposed law, which is still under review, represents a shift from the current 2017 ban on cryptocurrencies. Despite the prohibition, underground use of digital assets remains widespread.
Morocco’s Crypto Regulations are Already In the Works
According to a Reuters report, the central bank, Bank Al-Maghrib, has spearheaded the drafting of this regulatory framework. The legislation aims to provide clarity on crypto asset management and ensure compliance with international standards.
The central banks are also reportedly exploring options to develop a central bank digital currency (CBDC).
Following this news, there has been positive enthusiasm across the crypto community. Morocco has historically been one of the harshest critics of digital assets in the region.
“Morocco will unban crypto, which was banned in 2017. Now, the country plans to fully legalize cryptocurrencies. Next will be China unban. Giga bullish for crypto as more and more countries are adopting Bitcoin & crypto,” popular influencer Ash Crypto wrote on X (formerly Twitter).
This move aligns with a global trend of countries revisiting crypto regulations in response to growing adoption.
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Earlier this month, China’s High Court recognized the “property attributes” of cryptocurrencies under its laws. The court clarified that such assets can be used as commodities. However, the court also reinforced its stance against crypto-related fundraising.
Meanwhile, the UK Financial Conduct Authority (FCA) announced plans to finalize its crypto regulations by 2026. With a focus on stablecoins, trading practices, and market abuse, the FCA will ramp up efforts in 2025.
The regulator also highlighted an increase in crypto ownership and awareness in the UK, based on recent findings.
Morocco’s legislative progress reflects a broader effort by nations to establish structured frameworks for digital assets while addressing the associated risks.
Notably, the global regulatory stance on crypto seems to have improved following the US election earlier this month. Donald Trump has promised several pro-crypto initiatives in the country. So, it is likely that international markets are feeling competitive pressure to ramp up their crypto efforts.
