Jurisdiction reference
Morocco
Regulator: BAM / AMMC. License/registration context: Unclear. 2 VASP/entity records are tracked by Plexo Institute in Morocco. Official registry source: BAM / AMMC — official regulator. Data last updated: 2026-09-24.
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.
Regulatory Status
- Jurisdiction code
- MA
- Regulator
- BAM / AMMC
- Governing law
- Crypto bill draft 2024
- Travel Rule
- Not Implemented
- Tracked entities
- 2
- Recognized stablecoin backing
- fiat-backed, crypto-backed, commodity-backed, algorithmic
- Yield-bearing stablecoins
- Restricted
- Currency
- MAD
Regulatory approach
Bank Al-Maghrib (Central Bank): Monitors stablecoin reserve adequacy, backing compliance, and redemption mechanisms; licenses issuers and crypto-asset service providers. AMMC (Capital Markets Regulator): Oversees token issuance licensing, enforcement against insider trading and market manipulation, and disclosure requirements.
Licensed entities in Morocco
2 regulated-entity records tracked in Morocco by Plexo Institute.
| Entity | Status | License type |
|---|---|---|
| Binance | Registered | Operating (No formal license, banned but high P2P volume) |
| Paxful | Registered | Operating (No formal license) |
Stablecoin laws in Morocco
Primary legal texts Plexo Institute tracks for Morocco.
- Projet de Loi 42.25 (Draft Law) (enacted 2025-08-05)
The draft law establishes a supervisory and licensing regime for issuing and trading “jetons adossés à des actifs” (asset-referenced tokens, i.e., stablecoins), which may be pegged to fiat, crypto-assets, or commodities. Issuers must obtain authorization from Bank Al-Maghrib, maintain disclosure (white paper), redemption guarantees, governance, and risk controls. MiCA-style consumer protection, oversight, and transparency rules are present, but the regime excludes algorithmic stablecoins, DeFi, NFTs, and mining.
Relationship Graph
Jurisdiction FAQ
Who regulates Morocco?
The current Plexo Institute record lists BAM / AMMC as the regulator for Morocco.
How many VASPs are tracked in Morocco?
2 VASP/entity records are tracked by Plexo Institute in Morocco.
What is the Travel Rule status in Morocco?
The current Plexo Institute record lists the Travel Rule status for Morocco as Not Implemented.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.