Morocco Crypto Penalties: What Traders Need to Know in 2025

Oct, 11 2025

Morocco’s stance on digital assets feels like a roller‑coaster: from a blanket ban in 2017 to a draft legalisation framework announced in 2024, the rules keep shifting. If you’re buying, selling, or even just holding crypto in Morocco, you need to know which penalties are still in force, what the upcoming tax regime will look like, and how to stay on the right side of the law while the transition unfolds.

Current Penalty Landscape (2025)

In November 2017 the Ministry of Economy and Finance declared any cryptocurrency transaction illegal under the country’s foreign‑exchange regulations. That decree created a clear, if harsh, penalty structure:

• Individuals caught trading without a license face fines of MAD20,000-100,000 (about $2,000‑$10,000 USD).
• Businesses operating unlicensed exchanges or using crypto for commercial payments can be fined up to MAD500,000 (≈$50,000 USD).
• Repeat offenders may see criminal proceedings, asset seizures, and possible prison time under broader financial‑crime statutes.

Enforcement has focused on two fronts: unlicensed trading platforms and commercial use that bypasses the Bank Al‑Maghrib’s (BAM) foreign‑exchange controls.

Key Agencies and Their Roles

The Moroccan financial ecosystem involves several watchdogs, each with a distinct mandate.

Bank Al‑Maghrib is the central bank that controls foreign‑exchange flows, issues the prohibition on crypto, and now drafts the licensing regime for exchanges. It also runs feasibility studies for a central bank digital currency (CBDC) slated for testing in 2026‑2027.

Moroccan Tax Administration (DGI) will share oversight of crypto activities once the draft law passes, handling tax collection and evasion penalties.

Moroccan Capital Market Authority (AMMC) supervises ICOs and tokenised securities, requiring pre‑approval to protect investors.

These agencies work together: BAM grants exchange licences, DGI ensures tax compliance, and AMMC guards against fraudulent token offerings.

Emerging 2025 Regulatory Framework

In November 2024, Abdellatif Jouahri, the governor of Bank Al‑Maghrib, announced a draft law that would move Morocco from outright prohibition to a regulated market.

The key elements of the proposal are:

• Mandatory licensing for crypto‑exchange platforms, overseen by BAM.
• Compliance with AML (Anti‑Money‑Laundering) and CFT (Counter‑Financing of Terrorism) rules.
• Taxation of crypto gains: capital‑gains rates of 15‑30% (mirroring securities) and personal income tax brackets of 10‑38%.
• Corporate crypto activities taxed at 20‑31% depending on size and activity.

While the draft is still under parliamentary review, the existing penalties remain enforceable until the law is officially adopted, which is expected sometime in 2025.

Penalty‑to‑Tax Transition: What Changes?

Once the new framework is in place, the focus will shift from punitive fines to compliance‑based enforcement. Here’s a side‑by‑side look at the two regimes:

In practice, this means that once you obtain a licence and file taxes correctly, the hefty fines disappear. But until the law is enacted, the old penalties still apply.

Real‑World Cases: How Authorities Are Applying Penalties

Moroccan officials have shown they will enforce the ban when they can. A notable wave of investigations started in February 2025, targeting people who used Bitcoin, Ethereum, Tether, Litecoin, and Ripple to buy property. The rationale? These transactions sidestepped the country’s foreign‑exchange limits.

In each case, investigators demanded proof of the crypto source, issued fines ranging from MAD30,000 to MAD120,000, and warned of criminal prosecution for repeat misuse. Businesses that tried to accept crypto as payment for goods were issued stop‑work orders until they could prove they were not violating the foreign‑exchange rule.

What Traders Should Do Right Now

1. Stop using unlicensed platforms. If you’re on a peer‑to‑peer site with no BAM approval, you’re at risk of a fine.
2. Keep clear records of every transaction - date, amount in MAD, crypto type, and counterparties.
3. Consider moving assets to a wallet you control personally rather than an exchange, reducing the platform risk.
4. Stay updated on the draft law’s progress. Once it passes, apply for a licence if you run a service, or register your holdings for tax purposes.
5. Consult a Moroccan tax advisor familiar with digital assets - the upcoming tax rates (15‑30% on gains) can affect your net returns significantly.

Following these steps keeps you in the clear while the regulatory sands settle.

Future Outlook: CBDC and Tokenised Securities

Bank Al‑Maghrib is already testing a central bank digital currency (CBDC) that could coexist with private crypto. If the pilot succeeds, Morocco may issue a digital dirham that works alongside traditional banking, providing a government‑backed alternative to Bitcoin.

At the same time, the AMMC is drafting rules for Initial Coin Offerings (ICOs) and tokenised securities. Companies that want to raise capital via tokens will need prior approval, a prospectus, and AML checks. This signals a move toward a more structured, investor‑friendly digital‑asset market.

Key Takeaways

• Current penalties: up to MAD100,000 for individuals, MAD500,000 for businesses.
• Repeat offences can lead to criminal prosecution.
• Draft 2025 law will replace fines with licensing and tax obligations.
• Capital‑gains tax will be 15‑30%; corporate tax 20‑31%.
• Stay compliant now by avoiding unlicensed platforms and keeping thorough records.