Morocco is moving forward with legislation to regulate cryptocurrencies, according to the country’s central bank governor.
The proposed law, which is still under review, represents a shift from the current ban on cryptocurrencies from 2017. Despite the ban, the use of underground digital assets remains widespread.
Cryptocurrency regulations in Morocco are already in the works
According to a Reuters report, the central bank, Bank Al-Maghrib, led the drafting of this regulatory framework. The legislation aims to provide clarity in the management of digital assets and ensure compliance with international standards.
Central banks are also said to be exploring options for developing a central bank digital currency (CBDC).
Following this news, there was positive enthusiasm in the cryptocurrency community. Historically, Morocco has been one of the most vocal critics of digital assets in the region.
“Morocco will lift its ban on cryptocurrencies, which was banned in 2017. Now, the country is planning to fully legalize cryptocurrencies. Next up will be China lifting the ban. Great optimism for cryptocurrencies as more countries embrace Bitcoin and crypto,” wrote popular influencer Ash Crypto on X (formerly known as Twitter).
This move is in line with a global trend of countries reconsidering cryptocurrency regulation in response to growing adoption.
Earlier this month, China’s top court recognized the “property characteristics” of cryptocurrencies under its laws. The court made clear that these assets can be used as commodities. However, the court also reiterated its stance against crypto-related fundraising.
Meanwhile, the UK’s Financial Conduct Authority (FCA) has announced plans to finalize cryptocurrency regulation by 2026. Focusing on stablecoins, trading practices, and market abuse, the FCA will ramp up its 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 countries to create regulatory frameworks for digital assets while addressing the risks associated with them.
It is worth noting that the global regulatory stance towards cryptocurrencies appears to have improved following the US elections earlier this month. Donald Trump has promised several pro-crypto initiatives in the country. Therefore, international markets are likely feeling competitive pressure to step up their crypto efforts.