Morocco Moves Toward Crypto Regulation and CBDC Exploration with New Draft Law

Morocco is taking steps to regulate its cryptocurrency sector. Abdellatif Jouahri, the head of Bank Al-Maghrib, shared this news recently.

The country is also looking into how central bank digital currencies, or CBDCs, might help meet its policy goals. This is an important move for Morocco.

During a speech at an international conference in Rabat, Jouahri mentioned that details about the regulations are still limited. It’s worth noting that Morocco had previously banned cryptocurrencies back in 2017.

“Bank Al-Maghrib, along with all stakeholders and support from the World Bank, has prepared a draft law to regulate crypto assets. This draft is currently in the adoption process,” he explained.

Morocco is also exploring how CBDCs—digital tokens issued by central banks—can enhance financial inclusion. Although the country started its CBDC project three years ago, Jouahri didn’t provide much detail on this effort.

“This is a long-term project. It needs to consider the national socioeconomic context, the evolving regional and international landscape, and the impact on the central bank's missions, especially monetary policy and financial stability,” he noted.

African nations are increasingly looking to regulate cryptocurrency in line with Western practices. For instance, South Africa launched a licensing framework for crypto firms last year. Meanwhile, Nigeria has focused on an enforcement-driven approach. This is evident in its actions regarding the Binance exchange and its compliance chief, Tigran Gambaryan.