Morocco finds itself at a crossroads in 2025. While cryptocurrency transactions remain officially prohibited, the central bank is actively drafting a crypto regulatory framework and exploring a digital currency (e-Dirham). At the same time, Moroccan users continue to engage in peer-to-peer (P2P) crypto trading, placing the country among the top 25 globally in crypto adoption.
The Ban and the Reality
Since 2017, Morocco has maintained a blanket ban on crypto transactions. But enforcement has not stopped activity:
- Thousands of Moroccans trade informally through P2P markets.
- A growing segment of citizens use crypto to hedge against inflation or access digital payments not available via banks.
- Reports show Morocco’s crypto market could reach $278.7 million by the end of 2025, rising to nearly $292.4 million in 2026 under reforms.
This paradox underscores the gap between regulation and on-the-ground reality.
See more related: 31,000+ South African Merchants Can Now Accept Crypto Payments
Central Bank’s Regulatory Push
The Bank Al-Maghrib, Morocco’s central bank, has stated that a comprehensive crypto law is urgent. The draft framework aims to:
- Define what constitutes a crypto asset.
- Set licensing standards for service providers and exchanges.
- Establish penalties for fraud and misuse.
Officials have also highlighted that regulation will make the ecosystem safer, improve trust, and attract investment.
CBDC: The e-Dirham Project
Alongside crypto regulation, Morocco is testing a Central Bank Digital Currency (CBDC), tentatively called the e-Dirham. Goals include:
- Lowering cross-border remittance costs.
- Providing citizens with a secure digital payments alternative.
- Exploring interoperability with stablecoins and other CBDCs for international trade.
If successful, Morocco could become a North African leader in digital currency experimentation.
Morocco’s Global Ranking
Despite the ban, Morocco ranked 24th globally in the 2025 Global Crypto Adoption Index, leading North Africa. The high ranking is driven by grassroots adoption, diaspora inflows, and strong retail demand.
This suggests Morocco is already a significant crypto player — regulation would simply bring existing activity into the light.
Challenges Ahead
- Regulatory uncertainty: Until laws are finalized, local fintechs and exchanges remain in limbo.
- Education gaps: Citizens still face risks from scams due to low financial literacy.
- Adoption speed: Transitioning from a prohibition stance to regulated growth may take time.
Conclusion
Morocco’s crypto journey in 2025 is defined by a paradox: a country where crypto is banned but thriving. With draft legislation, CBDC pilots, and global recognition in adoption rankings, Morocco is on the brink of moving from prohibition to a structured, regulated crypto economy. The next 12 months could determine whether Morocco emerges as a North African crypto hub.
