The rapid emergence of crypto-assets in Morocco, such as Bitcoin and digital tokens, presents intricate legal challenges intersecting monetary sovereignty, foreign exchange control, and civil and criminal liability. In this regard, our law firm provides an authoritative analysis of Moroccan statutory rules, regulatory positions, judicial precedents, and future legislative reforms.
What is the legal classification of crypto-assets in Morocco under monetary law?
Moroccan law draws a strict demarcation between legal tender, electronic money, and virtual assets. Legal tender enjoys unlimited statutory debt-discharging authority. In this respect, Article 55 of Law No. 40.17 regarding the Statute of Bank Al-Maghrib (the Central Bank of Morocco) explicitly provides that:
“The legal tender status and debt-discharging power of banknotes issued by the Bank is unlimited.”
Furthermore, Article 6 of Law No. 103.12 governing credit institutions defines electronic money as a monetary value representing a claim on the issuer, stored electronically and issued upon receipt of funds. In contrast, decentralised crypto-assets are neither issued nor guaranteed by any central monetary authority, depriving them of legal tender status and mandatory acceptance in commercial transactions.
How do exchange control regulations and financial public policy govern virtual assets?
Monetary sovereignty grants the state exclusive authority to regulate payment instruments and capital movements to preserve macro-financial stability. Joint policy communiqués by the Ministry of Economy and Finance, Bank Al-Maghrib, the Foreign Exchange Office (Office des Changes), and the Moroccan Capital Market Authority (AMMC) reiterate the prohibition on using virtual currencies as transactional currency.
Regarding cross-border financial transactions, the Dahir of 30 August 1949 on the suppression of exchange control infractions, supplemented by the General Instruction on Foreign Exchange Operations (IGOC 2026), strictly prohibits acquiring crypto-assets through overseas platforms or transferring capital without prior authorization from the Exchange Office.
What are the criminal liability risks associated with crypto-asset transactions?
Under the principle of legality of offenses and penalties enshrined in Article 3 of the Moroccan Criminal Code, no act can be punished unless explicitly criminalized by statute. Consequently, the technical holding of a private key does not per se constitute a crime. However, criminal liability arises when digital assets are utilized within prohibited activities:
- Foreign exchange offenses: sanctioned under the Dahir of 30 August 1949 for unauthorized outward financial transfers or overseas asset holding.
- Unauthorized provision of financial services: violating Article 18 of Law No. 103.12, punishable under Article 183 thereof for conducting banking or payment operations without statutory licensing.
- Fraud and breach of trust: penalized under Articles 540 and 547 of the Criminal Code in cases of deceptive schemes or fraudulent investment platforms.
- Anti-money laundering breaches: governed by statutory legislation on anti-money laundering regarding the concealment of illicit proceeds.
What are the contractual and civil obligations surrounding digital transactions?
Under civil law, Article 57 of the Dahir forming the Code of Obligations and Contracts (DOC) requires that the subject matter of an obligation must be lawful commerce, while Article 62 invalidates contracts founded upon an unlawful cause contrary to public policy. Consequently, a creditor cannot be compelled to accept virtual tokens in settlement of a debt. Nevertheless, victims of crypto-related fraud retain legal standing under Article 306 of the DOC to pursue claims for restitution and unjust enrichment.
What does judicial precedent hold, and what lies ahead with draft Law No. 42.25?
The Moroccan Court of Cassation (Cour de cassation) has strictly enforced exchange control legislation concerning virtual currencies, notably in its ruling of 24 March 2021 rendered by the Criminal Chamber of the Court of Cassation, upholding criminal convictions for illicit capital movements executed via Bitcoin transactions.
Looking ahead, Morocco is modernizing its legal framework through draft Law No. 42.25 on crypto-assets. This forthcoming legislation aims to license digital asset service providers (DASPs), protect consumers, and establish rigorous risk-management standards, paving the way for a compliant and secure digital economy.
Legal References and Bibliography
- National Legislation and Regulations:
- Dahir No. 1-59-415 of 26 November 1962 establishing the Moroccan Penal Code (Articles 5, 6, 7, 324 et seq., 540 et seq.).
- Dahir of 9 Ramadan 1331 (12 August 1913) forming the Code of Obligations and Contracts (DOC, Articles 59, 62, 230 et seq.).
- Dahir of 24 November 1939 regarding foreign exchange control regulations and relevant Foreign Exchange Office circulars.
- Law No. 103-12 on credit institutions and similar bodies (promulgated by Dahir No. 1-14-193 of 24 December 2014).
- Law No. 43-05 on anti-money laundering, as amended and supplemented by Law No. 12-18.
- Law No. 31-08 on consumer protection measures.
- Law No. 53-05 on the electronic exchange of legal data.
- Law No. 09-08 on the protection of individuals with regard to the processing of personal data.
- Draft Law No. 42.25 on crypto-assets (AMMC public consultation, November 2025).
- Official Statements and Judicial Precedents:
- Joint public notice issued by the Ministry of Economy and Finance, Bank Al-Maghrib, and the AMMC (20 November 2017).
- Notice of the Foreign Exchange Office (November 2017) prohibiting cryptocurrency transactions.
- Moroccan Court of Cassation ruling No. 462/3 of 24 March 2021 (Criminal File No. 1879/6/3/2020).
- Capital Market Review, AMMC, special edition, December 2025.
- Comparative and International Authorities:
- French Court of Cassation, Criminal Chamber, 15 February 2023, Appeal No. 22-81.326.
- Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (MiCA).
- Financial Action Task Force (FATF) 7th Targeted Update on Virtual Assets and VASPs (16 July 2026).
Frequently asked questions
Is holding Bitcoin or cryptocurrency prohibited under Moroccan law?
Mere technical possession is not criminalized, but purchasing tokens using foreign currency or transferring funds abroad without Exchange Office approval breaches exchange regulations.
Can a debtor enforce payment in cryptocurrency against a creditor?
No. Under Article 55 of Law No. 40.17, crypto-assets lack legal tender status. Creditors are fully entitled to reject virtual assets and demand Moroccan Dirhams.
What is the purpose of upcoming draft Law No. 42.25 on crypto-assets?
Draft Law No. 42.25 aims to establish a clear regulatory framework licensing service providers, mitigating financial crime, and safeguarding market participants.
This article is general information, not legal advice. Every matter has its own facts and calls for its own assessment.
