How Morocco’s conversation on cryptocurrency has shifted over time
For nearly a decade, Morocco maintained one of the stricter stances on cryptocurrency in the Arab world, but millions of Moroccans quietly built an underground crypto economy that regulators could no longer ignore.$BNB
In November 2017, Morocco’s Ministry of Economy and Finance, Bank Al-Maghrib and the Office des Changes issued a joint statement declaring cryptocurrency transactions illegal.
Authorities warned that using bitcoin or other virtual currencies violated Morocco’s foreign exchange rules, left users without legal protection and exposed them to fraud, money laundering and the financing of terrorism.
Moroccans found trading in digital assets faced penalties under exchange regulations, and Morocco became one of the few in the region to impose an outright ban.
The ban was imposed to protect monetary sovereignty. Bank Al-Maghrib saw crypto as a backdoor for citizens to move money out of the country, bypassing official banking channels, dodging currency controls and threatening national reserves.
But Moroccans didn’t stop using cyptocurrencies despite the ban. According to the Chainalysis 2022 Global Crypto Adoption Index, Morocco ranked 14th worldwide for grassroots adoption. and underground use kept pace with official prohibition.
By 2024, an estimated 6 million Moroccans, roughly 16% of the population, owned or used cryptocurrency, representing 60% growth over five years.
Platforms like Binance, Kraken and peer-to-peer exchanges became the de facto marketplace for millions operating in a legal gray zone.