Morocco continues in 2026 to maintain a cautious and restrictive position toward virtual currencies, whose use remains unauthorized. At the same time, financial authorities are working on a legal framework aimed at regulating crypto-assets. Between foreign-exchange controls, financial stability, user protection and anti-money-laundering requirements, Morocco is seeking to establish rules for a phenomenon that continues to expand within the digital economy.

Morocco’s official position on cryptocurrencies remains clear. In a statement issued on August 10, 2026, the Foreign Exchange Office stated that transactions carried out using virtual currencies constitute a violation of the applicable foreign-exchange regulations and may be subject to the sanctions and fines provided for under current laws and regulations.

The Foreign Exchange Office explained that financial transactions with foreign countries must be conducted through authorized intermediaries and in foreign currencies listed by Bank Al-Maghrib. It also highlighted the risks associated with the use of virtual currencies, particularly their lack of backing by a financial institution.

On August 31, 2026, Bank Al-Maghrib, the Moroccan Capital Market Authority and the Foreign Exchange Office renewed their joint warning, confirming that virtual currencies remain unauthorized in Morocco.

A Ban Coexisting with Regulatory Preparations

However, the issue is no longer limited to prohibition. For several years, Moroccan authorities have been working on the preparation of a specific legal framework for crypto-assets.

In its banking supervision report, Bank Al-Maghrib indicates that it has contributed to the preparation of a draft law on crypto-assets, with the objective of aligning Morocco’s regulatory framework with relevant international standards.

Several public institutions are involved in this work, including the Ministry of Economy and Finance, Bank Al-Maghrib, the Moroccan Capital Market Authority, the Foreign Exchange Office, the Insurance and Social Welfare Supervisory Authority, the National Financial Intelligence Authority and other relevant institutions.

The stated objective is to establish a regulatory framework capable of supporting innovation while controlling the risks associated with digital assets.

Bank Al-Maghrib: Regulating the Market Rather Than Leaving a Legal Vacuum

For Bank Al-Maghrib, the issue of crypto-assets involves several dimensions, including financial integrity, user protection and financial stability.

The central bank has indicated that the work carried out with the various stakeholders includes assessing the risks and opportunities associated with crypto-assets, as well as examining international regulatory approaches.

In its financial stability reports, Bank Al-Maghrib also refers to the international work of the Basel Committee concerning the prudential treatment of banks’ exposures to crypto-assets.

This approach is designed to limit the possibility of risks associated with digital assets being transmitted to the banking system.

The central bank is therefore pursuing an anticipatory approach: financial innovations can be studied and monitored, but their integration into the financial system must comply with clear prudential requirements.

The Moroccan Capital Market Authority Involved in Shaping the Future Market

The Moroccan Capital Market Authority (AMMC) is also directly involved in this process.

In its 2026 action priorities document, the Authority states that it has contributed to work related to Draft Law No. 42-25 on crypto-assets.

The Authority explains that this contribution is part of efforts to establish a framework consistent with international best practices and requirements relating to anti-money laundering and counter-terrorist financing.

This involvement is significant for Morocco’s capital market because it shows that the future framework will not concern only payment methods, but also financial activities that may be linked to crypto-assets.

The Foreign Exchange Office: A Major Issue for Companies

For Moroccan companies, the cryptocurrency issue is directly linked to foreign-exchange regulations.

The reminder issued in August 2026 is clear: the use of virtual currencies in financial transactions constitutes, under the current legal framework, a violation of foreign-exchange regulations.

The Foreign Exchange Office has also stated that it monitors developments concerning virtual currencies in Morocco in coordination with Bank Al-Maghrib and the Moroccan Banking Association.

This directly concerns companies that may wish to use crypto-assets for international settlements, receive payments or transfer funds.

As long as the current legal framework remains in force, such operations cannot therefore be treated as ordinary international trade transactions.

Companies Facing a Regulatory Transition

For companies, the current situation requires a distinction between two realities.

On the one hand, blockchain technology and distributed-ledger technologies can be studied or used in various technological applications without necessarily involving the use of a cryptocurrency.

On the other hand, transactions directly involving virtual currencies remain subject to the restrictions highlighted by Moroccan authorities.

The future regulatory framework could gradually change this situation by defining the categories of assets concerned, the authorized operators and the applicable obligations.

For Moroccan companies, the challenge today is therefore to anticipate regulatory developments rather than consider crypto-assets as an unrestricted field.

A Risk-Control Approach

The official position of Moroccan authorities is primarily based on several concerns, including the volatility of virtual currencies, user protection, financial-system integrity, the fight against money laundering and the financing of criminal activities, as well as compliance with foreign-exchange regulations.

The joint statement issued on August 31, 2026, specifically emphasized that virtual currencies constitute an unregulated payment system characterized by high volatility and that, under the current framework, users do not benefit from a dedicated consumer-protection mechanism.

Morocco is therefore not closing the door on crypto-assets. Instead, it continues to keep their use outside the authorized framework while preparing the conditions for their potential regulation.

Morocco on the Threshold of Regulatory Change

The current situation can be summarized at three levels.

First: the use of virtual currencies remains unauthorized. The Foreign Exchange Office and the financial authorities reiterated this position in August 2026.

Second: regulatory work is underway. The Ministry of Economy and Finance, Bank Al-Maghrib, the Moroccan Capital Market Authority and other relevant institutions are contributing to the preparation of legislation on crypto-assets.

Third: companies and the financial sector must prepare for this evolution. The future regulatory framework will determine the conditions under which certain operators may eventually conduct activities related to this ecosystem.

Morocco is therefore in a transitional phase: the ban remains the applicable legal position today, while the regulation of crypto-assets has become an institutional project under development.

The next stage will depend on the completion of the legislative and regulatory process. Until then, compliance with the rules currently in force remains a priority for companies and financial institutions.