Morocco moves toward regulating crypto assets with draft law under review

Morocco is moving closer to establishing a legal and regulatory framework for cryptocurrencies, according to a written response from the Ministry Delegate in charge of the Budget, with a draft law currently under review by the government’s general secretariat.

The initiative comes in response to recommendations from the Financial Action Task Force, which has urged tighter oversight to mitigate risks related to money laundering and terrorist financing.

According to the government, the proposed legislation aims to introduce strict licensing and supervisory requirements for entities offering crypto-asset services. It also seeks to define governance standards and operational rules to ensure investor protection and safeguard financial markets from excessive volatility.

Among the key provisions under consideration is the authorization of so-called utility tokens, which grant users future access to specific services or products.

The draft law would also allow the issuance of stablecoins backed by underlying assets, designed to reduce price fluctuations compared with traditional cryptocurrencies.

On the technological front, the framework plans to incorporate emerging concepts such as distributed ledger technology and blockchain, with the objective of leveraging their potential beyond finance, including in broader innovation-driven sectors.

Authorities say the legislation is also intended to limit potential disruptions to monetary policy and the national money supply. It aims to prevent uncontrolled substitution of the Moroccan dirham while fostering a secure environment for digital financial innovation and supporting greater financial inclusion.

The government views the project as a key step in aligning Morocco with global digital transformation trends, particularly in the financial sector.

Coordination between the Ministry of Economy and Finance, Bank Al-Maghrib, and the Moroccan Capital Market Authority is expected to strengthen oversight and position the country among those actively regulating the rapidly evolving crypto market.