Morocco still bans crypto - but a law to regulate it is being drafted, and we say both plainly. The 2017 prohibition technically stands, while Bank Al-Maghrib and the AMMC have prepared a draft law (Bill 42.25) to license crypto-asset providers. The honest stance is readiness now, an offshore hub meanwhile, and first-mover position when the law lands.
Updated
Morocco is in transition, and honesty means holding two facts at once. Crypto is still prohibited: Bank Al-Maghrib (BAM) banned it in 2017 as a breach of exchange-control rules, warned of penalties, and that prohibition technically remains in force in 2026. No one can sell you a Moroccan crypto licence today, because the regime does not exist yet. At the same time, the direction has clearly changed - Moroccans are among the region's more active crypto users despite the ban, and the authorities have chosen to regulate rather than keep prohibiting.
In November 2025 a draft law - Bill 42.25 - was published, prepared jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the capital-markets authority (AMMC). It defines crypto-assets, sets a licensing regime for crypto-asset service providers, and splits supervision: the AMMC over provider licensing and public offerings, BAM over stablecoins. As of 2026 the bill is still under review, not yet enacted, and the AMMC has been building its supervisory capacity, including on-chain analytics training. So the honest stance is readiness: keep any live activity in a licensed offshore hub - the UAE, or an EU MiCA base - while the Moroccan framework is prepared, with the governance and compliance file ready to apply the moment the law passes. That is what we build, and it puts serious operators first in line.
Morocco still bans crypto - but a law is being drafted, and we say both. The 2017 prohibition stands; Bill 42.25 would license crypto-asset providers.
The honest stance is readiness: a licensed UAE or EU base now, with a file ready to apply first the moment Morocco's law is enacted.
Two workstreams: a licensed offshore base that operates today, and the readiness file that converts to a Moroccan application when Bill 42.25 becomes law. We are candid that Morocco itself is not open yet.
A licensed offshore base operates now; the readiness file converts to a Moroccan application when Bill 42.25 passes.
The working structure: a licensed base in a jurisdiction that already regulates crypto - the UAE under VARA, ADGM or DMCC, or an EU MiCA licence - from which activity runs cleanly while Morocco prepares its regime.
The working structure: a licensed base in a jurisdiction that already regulates crypto - the UAE under VARA, ADGM or DMCC, or an EU MiCA licence - from which activity runs cleanly while Morocco prepares its regime.
Bill 42.25 sets a CASP licensing regime under the AMMC, with BAM over stablecoins. The readiness file - governance, AML and custody on international patterns - converts into a Moroccan application the moment the framework is enacted.
Bill 42.25 sets CASP licensing under the AMMC, stablecoins under BAM. Still in review - the file is ready to apply first.
Costs and timelines are confirmed for your case before any work begins. The offshore hub operates now; the Morocco readiness file converts when Bill 42.25 is enacted - nothing built now is wasted, and being first in the queue has value.
Crypto is still prohibited, but a licensing law is being drafted and the user base is already large - the honest play is readiness, built next door.
Bill 42.25, published in November 2025 by the Ministry of Finance, BAM and the AMMC, sets a licensing regime for crypto-asset providers. The direction is clear, even if enactment is pending.Bill 42.25 sets a licensing regime.
Moroccans are among the region's more active crypto users despite the ban - the demand the new law is meant to bring onshore is already there.Already there, despite the ban.
The UAE and the EU regulate crypto now. A base in either lets a serious operator run cleanly while Morocco's regime is prepared.The UAE or EU regulate crypto now.
The readiness file converts to a Moroccan application the moment Bill 42.25 is law. Preparing now means applying first, not starting from scratch later.Apply first when the law lands.
Bill 42.25 puts CASP licensing under the AMMC and stablecoins under Bank Al-Maghrib. Knowing the shape now lets us build the file to match it.AMMC over CASPs, BAM over stablecoins.
Crypto is still prohibited in Morocco, and we say so. The value is a licensed offshore base plus a readiness file - not a licence that does not exist yet.Still prohibited - we say so.
Morocco bans crypto today but is drafting a licensing law - the honest comparison is below.
| Feature |  Morocco | Other jurisdictions |
|---|---|---|
| Licence today | None - banned since 2017 | Licensing regimes |
| Draft law | Bill 42.25 - in review | Frameworks enacted |
| Route now | Offshore hub (UAE/EU) | Onshore licence |
| Direction | Regulate, not prohibit | Established |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Morocco | Banned - Bill 42.25 in preparation | 20-35% (n/a to crypto yet) | No regime yet; draft law pending |
 UAE (Dubai) | VARA VASP by activity | 9% CIT · 0% personal | Substance-heavy, 3-9 months |
 Spain | MiCA authorisation (CNMV) | 25% corporate | EU passport, MiCA standards |
 Turkey | CMB crypto-asset service provider (Law 7518) | 25% corporate | Licensing regime from 2024-25 |
MoroccoUAE (Dubai)SpainTurkeyMorocco is not open yet, so the licensed base sits offshore - built to convert into a Moroccan application when Bill 42.25 is law. The checklist below is what we build.
Reflects the 2017 prohibition and the draft Bill 42.25 as of 2026. Morocco has no crypto licence yet - in writing, not in small print. The licensed base is offshore until the law is enacted.2017 ban + draft Bill 42.25, as of 2026. No Moroccan licence yet.
The real Moroccan status, the shape of Bill 42.25, and where to base meanwhile - fixed in writing before anything is set up.Status, Bill 42.25, where to base - in writing.
The UAE or EU company and licence - the regulated vehicle that operates while Morocco prepares.The UAE or EU company and licence.
AML/CFT programme, substance, custody and governance - built to convert into a Moroccan CASP file.Built to convert to a CASP file.
Hub accounts arranged on disclosure; the business live on rails that hold.Hub accounts that hold.
Bill 42.25 tracked - the readiness file applies first when Morocco enacts the law.Apply first when Morocco enacts.
Morocco bans crypto today but is drafting Bill 42.25 to regulate it. The honest product is a licensed offshore base now, and a readiness file that applies first when the law lands.
The honest read on the 2017 prohibition and the draft Bill 42.25 - what stands today, and what the coming regime will require.The ban and Bill 42.25, in writing.
A UAE VASP or EU MiCA licence - the regulated base from which activity runs cleanly while Morocco's law is prepared.UAE VASP or EU MiCA - now.
Hub accounts on full disclosure and the office, staff and governance a regulator expects - the substance that makes it real.Real, disclosed, bankable.
The draft law tracked through review - the readiness file updated so you can apply first the moment it is enacted.Tracked; the file updated.
There is no crypto-specific tax yet because there is no licensed crypto activity - it is still prohibited. What matters is the general corporate rate and, in practice, the tax of the offshore hub where the licensed business currently sits.
Morocco taxes company profits on a progressive scale - broadly from around 20% up to about 35% for the highest profit bands, as the rates converge under recent reforms.Broadly 20% to about 35%.
There is no crypto tax or licence fee, because the activity is prohibited and Bill 42.25 is not yet law. Any crypto model is structured in the offshore hub for now.The activity is still prohibited.
A UAE licensed base pays corporate tax at 9% above the threshold, with 0% personal income tax - the numbers that apply if the hub is the Emirates.If the hub is the Emirates.
An EU MiCA base carries that member state's corporate rate - Spain's 25%, for example - in exchange for a passport across the bloc, weighed against the UAE on the model.A member-state rate plus a passport.
Moroccan VAT runs at 20% on domestic supplies - relevant to any permitted local activity, planned where it applies.On domestic supplies.
Until Bill 42.25 is law, the meaningful tax analysis is the hub's, not Morocco's - we model both, and revisit it when the regime opens.The hub's, until the law lands.
*As of 2026. Crypto is still prohibited in Morocco pending Bill 42.25 - the operating tax analysis is the offshore hub's, and we revisit it when the law is enacted.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
15 years in FinTech and payments. Maps your business model to the right route - a licensed UAE or EU base now, ready to convert to a Moroccan licence when Bill 42.25 passes - and leads it to a compliant launch, including banking and payment rails.
Builds the application itself: the offshore VASP or MiCA file, AML/KYC policy pack, capital structure and tax registrations, ready to convert into a Moroccan CASP file. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a clean, compliant business.
Full-service setup - a licensed offshore base today, and a readiness file that applies first when Bill 42.25 becomes law.
Get a consultation →Our legal team will analyze your case at no cost and provide a written legal opinion: which hub, licence scope, or route fits your business - and how to be first when Morocco opens.
No - Morocco still bans crypto under the 2017 prohibition, and the licensing regime does not exist yet. A draft law, Bill 42.25, is in preparation, but until it is enacted there is no Moroccan licence to obtain.
Yes. Bank Al-Maghrib prohibited it in 2017 as a breach of exchange-control rules and warned of penalties, and that prohibition technically still stands in 2026. The difference from a flat ban is that a regulatory framework is now being drafted.
A draft law published in November 2025 by the Ministry of Finance, Bank Al-Maghrib and the AMMC. It defines crypto-assets and sets a licensing regime for crypto-asset service providers, with the AMMC over provider licensing and BAM over stablecoins.
There is no fixed date - as of 2026 the bill is under review, with the authorities building supervisory capacity. We track it through the legislative process so clients know where it stands and can move when it passes.
Base in a jurisdiction that regulates crypto now - the UAE, or an EU MiCA licence - and run cleanly from there, while a readiness file keeps you ready to apply in Morocco the moment Bill 42.25 is enacted.
Because being first has value. When a new regime opens, early, well-prepared applicants get supervisory attention and market position. The readiness file means you apply on day one, not months later.
Under the draft, the AMMC - the capital-markets authority - would licence and supervise crypto-asset service providers, while Bank Al-Maghrib would oversee stablecoins. We build the file to that split so it converts cleanly.
The tax rules for licensed crypto are not set yet. Morocco's general corporate tax is progressive, broadly 20% to about 35%; for now the meaningful analysis is the offshore hub's, and we revisit it when the regime opens.
That depends on the activity and how it is offered under the current prohibition - which is where local counsel matters. We map the boundary before you launch and keep it documented.
Because we are honest about the ban and the draft alike, run the licensed offshore base that works today, and hold the readiness file that puts you first when Bill 42.25 becomes law.
No - banned since 2017; regime not enacted.
Yes - but a framework is being drafted.
A draft CASP licensing law from Nov 2025.
Under review - no fixed date; we track it.
Base in the UAE or EU; keep a readiness file.
First applicants get position - apply on day one.
AMMC over CASPs; BAM over stablecoins.
Rules unset; hub's tax applies for now.
Depends on activity - counsel maps it.
Honest on the ban; ready first when it passes.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which hub, licence scope, or route fits your business, and how to be first when Morocco opens.Free legal opinion: which hub fits now, and how to apply first when Morocco's law passes.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of Bank Al-Maghrib, the AMMC or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.
