Morocco is taking a significant step towards formalizing its digital economy with the introduction of Bill 42.25, a new draft law aimed at creating a robust regulatory framework for digital assets. The bill, published by the Ministry of Economy and Finance, was developed in partnership with Bank Al-Maghrib (BAM) and the Moroccan Capital Ma
ket Authority (AMMC), signaling a coordinated effort to embrace financial innovation while ensuring market stability.
This move marks a major policy shift from the country’s previous outright prohibition on cryptocurrency transactions. The new legislation aims to protect investors, combat fraud and money laundering, foster innovation, and safeguard the nation’s financial stability, aligning with recommendations from global bodies like the IMF and FATF.
From Informal Market to Structured Oversight
The proposed law defines crypto-assets as digital representations of value or rights transferable via blockchain or distributed ledger technology. It establishes clear rules for activities including the issuance, public offering, trading, custody, and advisory services related to these assets.
The framework specifically addresses two types of tokens: utility tokens, which provide access to a good or service, and asset-referenced tokens (stablecoins), which are pegged to an official currency or a basket of assets. However, the legislation explicitly excludes Central Bank Digital Currencies (CBDCs), NFTs, and cryptocurrency mining from its scope. Importantly, the bill does not legalize cryptocurrencies as a form of payment but rather classifies them as financial assets to be managed exclusively by licensed service providers.
Shared Supervision Between AMMC and BAM
Regulatory oversight will be shared between Morocco’s two primary financial authorities to ensure comprehensive supervision of the new market.
The Moroccan Capital Market Authority (AMMC) will be responsible for overseeing the issuance and offering of tokens, as well as the licensing of crypto-asset service providers (CASPs). The AMMC’s mandate will also include combating market abuse such as insider trading, market manipulation, and the spread of misleading information.
Bank Al-Maghrib (BAM), the country’s central bank, will regulate the use of stablecoins and monitor all financial flows related to asset-backed tokens. BAM will ensure that stablecoins are backed by robust and liquid assets and that redemption processes are transparent and reliable. A newly formed National Financial Intelligence Authority (ANRF) will supervise Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) compliance across the sector.
Licensing, Transparency, and Investor Protection
A stringent licensing regime forms a cornerstone of the new bill. All firms wishing to operate as CASPs must meet significant capital, governance, and risk management requirements. They will also be required to implement robust internal controls and adhere to strict AML/CFT regulations.
To protect investors, licensed entities must maintain full transparency with clients. This includes disclosing all applicable fees, clearly communicating the risks associated with each product, and publishing a detailed white paper for every token issued.
Strong Sanctions and a Measured Opening
To deter misconduct, the legislation introduces a three-tiered system of penalties—disciplinary, financial, and criminal. Severe violations such as price manipulation or insider trading can lead to heavy fines, imprisonment, and the suspension or revocation of licenses.
Influenced by the European Union’s Markets in Crypto-Assets (MiCA) regulation, Morocco’s approach is both cautious and forward-looking. The framework initially limits participation to licensed corporate entities, paving the way for a gradual and controlled opening of the market. This draft law positions Morocco as a proactive leader in digital asset regulation on the African continent, balancing the embrace of innovation with prudent oversight.
About Bill 42.25
Bill 42.25 is a draft law introduced by Morocco’s Ministry of Economy and Finance to establish a comprehensive regulatory framework for digital assets. Developed in collaboration with Bank Al-Maghrib and the Moroccan Capital Market Authority, its primary objectives are to protect investors, ensure market integrity, foster financial innovation, and maintain financial stability within the Kingdom.
Source: Morocco World News
