Morocco’s Office des Changes has initiated formal enforcement proceedings against a number of individuals identified as holding crypto assets abroad, marking the first visible escalation of regulatory action in a sector that has long operated in a legal grey zone. In written notifications sent to the individuals concerned — a copy of which was obtained by Le360 news outlet — the foreign exchange authority stated that it had identified the constitution of assets abroad in the form of crypto assets, generating sales to Moroccan residents between March and August 2025. Recipients were given thirty days to provide explanations and supporting documentation, after which contentious proceedings could be launched.
The enforcement action reflects the structural tension in Morocco’s treatment of crypto assets: since 2017, the Office des Changes and Bank Al-Maghrib have classified crypto transactions as contrary to exchange control regulations, since they involve the constitution of assets abroad without prior authorization. Yet in practice, usage has persisted informally and at growing scale, creating a population of holders who are technically in breach of regulations that have not been actively enforced until now.
The action comes at a moment when the country’s regulatory framework for crypto assets is evolving rapidly. A draft bill — avant-projet de loi 42.25 — has been published for public consultation by the Secrétariat Général du Gouvernement, representing the first structured attempt to create a legal framework for the sector inspired by European standards, particularly the EU’s Markets in Crypto-Assets (MiCA) regulation. The text aims to bring crypto activity under the supervision of financial authorities while protecting users and creating a licensed operating environment for service providers.
Bank Al-Maghrib Governor Abdellatif Jouahri has been notably pragmatic in his public statements on the matter, consistently framing the challenge as one of regulating without stifling innovation. His position, as reported by Le360, is that the new framework should allow Morocco to exit the current legal ambiguity while positioning the country among the first African regulators to establish a credible crypto governance structure. In parallel, Bank Al-Maghrib has been conducting its own research into a central bank digital currency, viewing a sovereign CBDC as a potential complement to — rather than substitute for — a regulated private crypto ecosystem.
The enforcement notices, while targeting a limited number of individuals, are significant as a signal. They suggest that the Office des Changes intends to use the transition period before full legalization to assert its jurisdiction and deter large-scale evasion of exchange controls through crypto channels. The combination of tightening enforcement and an imminent legislative framework puts Morocco on a trajectory that mirrors the approach taken by several European regulators: crackdown on unregulated use as the new rules enter force, to establish from the outset that the licensed perimeter is the only permissible operating space.
