Morocco: Towards a Legal Framework for the Issuance of Stablecoins
Morocco Poised to Take Major Step in Digital Asset Regulation
Morocco is set to make a significant advancement in the regulation of digital assets. Through a draft law dedicated to crypto assets, currently under consultation with the General Secretariat of the Government (SGG), the Kingdom could become one of the first countries in the region—and possibly in the world—to officially endorse the issuance of stablecoins.
This development follows the experimentation with the e-dirham, signaling the country’s commitment to gradually integrating monetary innovations while ensuring a secure legal framework. Given the high volatility associated with traditional cryptocurrencies, such as Bitcoin, Moroccan authorities are prioritizing a strategy centered on stable digital assets backed by safe values.
A Strict Legal Framework for Stablecoins
The draft law establishes a comprehensive set of rules governing the circulation and issuance of stablecoins. Article 31 specifies that their provision is strictly reserved for banks and payment institutions, in accordance with Law 103-12 regarding credit institutions. Furthermore, any issuance will require prior authorization from Bank Al-Maghrib.
The legislation also mandates the publication of a white paper for each stablecoin prior to its launch (Article 33), ensuring transparency and informing users. Article 34 introduces a fundamental principle: stablecoins must be backed by the Moroccan dirham or a recognized international currency, thereby securing their value and stability.
In contrast to Bitcoin, these digital assets are designed to replicate the stability of fiat currencies while offering the speed, privacy, and low transaction costs characteristic of blockchain technology.
A Favorable International Context: The American Precedent
The global rise of stablecoins has been accelerated by the adoption of the GENIUS Act (2025) in the United States, the first federal framework regulating this type of asset. This law imposes several requirements, including:
- Reserves in currency or Treasury bonds
- Strict compliance obligations (Bank Secrecy Act)
- Anti-money laundering measures
- Safeguards to enhance consumer protection
By providing the long-awaited regulatory clarity, this legislation has bolstered confidence among economic players and paved the way for broader adoption of stablecoins.
Moving Toward Lifting the Ban Imposed in 2017
The Moroccan initiative could signal the end of the cryptocurrency ban that has been in place since 2017. At that time, the Exchange Office alerted to the risks associated with transactions in virtual currencies, deeming them non-compliant with exchange regulations and exposing users to significant penalties.
Similar warnings were reiterated in 2022, emphasizing volatility, the lack of consumer protection, and the risks of illicit use, particularly concerning money laundering or criminal financing.
Therefore, the development of a structured legal framework marks a turning point: a move toward gradual, regulated, and secure oversight that will enable Morocco to support innovation while protecting users.
