Morocco: Towards a Legal Framework for the Issuance of Stablecoins
Morocco is poised to take a significant step in the regulation of digital assets. Through a draft law focused on crypto assets, currently under consultation at the General Secretariat of the Government (SGG), the Kingdom could become one of the first countries in the region – and possibly the world – to officially allow the issuance of stablecoins.
This advancement follows experiments with the e-dirham, a strong signal of the country’s intention to gradually integrate monetary innovations while ensuring a secure legal framework. In light of the high volatility of traditional cryptocurrencies, particularly Bitcoin, Moroccan authorities are favoring an approach based on stable digital assets backed by secure values.
A Strict Legal Framework for Stablecoins
The draft law establishes a series of rules for the circulation and issuance of stablecoins. Article 31 specifies that their supply is strictly reserved for banks and payment institutions, in accordance with Law 103-12 concerning credit institutions. Furthermore, any issuance will require prior authorization from Bank Al-Maghrib.
The text also mandates the publication of a white paper for each stablecoin before its launch (Article 33), ensuring transparency and user information. Article 34 introduces a fundamental principle: stablecoins must be backed by the Moroccan dirham or an internationally recognized currency, thereby securing their value and stability.
Unlike 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 mandates:
cash or treasury bond reserves,
strict compliance obligations (Bank Secrecy Act),
anti-money laundering measures,
consumer protection safeguards.
By providing the long-awaited regulatory clarity, this legislation has strengthened the confidence of economic actors and paved the way for broader adoption of stablecoins.
Towards Lifting the Ban Established in 2017
The Moroccan initiative could put an end to the ban on cryptocurrencies in place since 2017. At the time, the Office of Foreign Exchange had warned about the risks associated with transactions in virtual currencies, deeming them non-compliant with exchange regulations and exposing their users to significant penalties.
Similar warnings were reiterated in 2022, highlighting the volatility, lack of consumer protection, and risks of illicit use, particularly regarding money laundering and criminal financing.
The development of a structured legal framework thus marks a turning point: towards a gradual, regulated, and secure approach that allows Morocco to support innovation while protecting users.
