Regulator: Bank Al-Maghrib (Central Bank of Morocco, BAM), Moroccan Capital Market Authority (AMMC)
Morocco has banned crypto payments since 2017 (joint order from the Foreign Exchange Office and central bank). Morocco unveiled Draft Law 42.25 in November 2025, marking a major regulatory shift from the cryptocurrency ban in place since 2017. The law specifically regulates asset-referenced tokens (stablecoins) pegged to official currencies or asset aggregations. Issuance is restricted to licensed banks and payment institutions. The framework mandates full reserve backing with safe, liquid assets and transparent redemption mechanisms. Stablecoins are not permitted for payment purposes, as they are treated as regulated financial instruments for investors only. The law is currently in public comment phase with no implementation date announced.
Applicable Laws:
Projet de Loi 42.25 (Draft Law) - https://www.sgg.gov.ma/portals/0/AvantProjet/274/Avp_Loi_42.25_Fr.PDF
