Morocco moves towards legalizing attractive cryptocurrencies

Morocco is pushing for legislation to regulate Cryptocurrencies, according to the country’s central bank governor. The draft law, still under consideration, mar...

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Morocco is pushing for legislation to regulate Cryptocurrencies, according to the country’s central bank governor.

The draft law, still under consideration, marks a shift from the 2017 ban on Cryptocurrencies. Despite the ban, underground use of digital assets is still widespread.

Morocco’s Cryptocurrency Regulations Are Being Prepared

According to one report from Reuters, the central bank, Bank Al-Maghrib, took the lead in drafting this legal framework. The law aims to provide clarity on crypto asset management and ensure compliance with international standards.

Central banks are also studying the option of developing a central bank digital currency (CBDC).

After this news, positive excitement spread throughout the Cryptocurrency community. Morocco has long been known as one of the most vocal critics of digital assets in the region.

“Morocco will lift the ban on Cryptocurrencies, which was banned in 2017. Now, the country plans to fully legalize Cryptocurrencies. Next will be China to open the ban. Very optimistic for Cryptocurrency as more and more countries accept Bitcoin & Cryptocurrency,” famous influencer Ash Crypto write on X (formerly Twitter).

The move is in line with the global trend of countries rethinking Cryptocurrency regulations in response to increased adoption.

Earlier this month, China’s High Court recognized the “property nature” of Cryptocurrencies under its law. The court has clarified that these assets can be used as goods. However, the court also reaffirmed its stance on capital raising related to Cryptocurrencies.

Meanwhile, the UK Financial Conduct Authority (FCA) has announced plans to finalize Cryptocurrency regulation by 2026. Focusing on Stablecoins, trading practices, and market abuse, the FCA will push strengthen efforts by 2025.

Regulator has also highlighted the increase in ownership and awareness of Cryptocurrencies in the UK, based on recent findings.

Morocco’s legislative progress reflects broader efforts by countries to establish structural frameworks for digital assets while addressing associated risks.

Notably, the global regulatory stance towards Cryptocurrencies appears to have improved following the US election earlier this month. Donald Trump has promised to carry out a series of initiatives supporting Cryptocurrency in the country. Therefore, it is likely that international markets are feeling competitive pressure to increase their Cryptocurrency efforts.