🇲🇦Morocco

Detailed overview

Morocco at a glance

Morocco (population approximately 38 million) is a key Arab and North African market for fintech and digital finance. The country ranks 24th globally for crypto adoption as of 2025 and first in North Africa for crypto transaction volume in 2023. An estimated 6 million Moroccans (approximately 16% of the population) held crypto assets in 2024 despite the prohibition. Chainalysis identified Morocco and Turkey as the two largest crypto-adoption countries in MENA in 2024.

Crypto position: the November 2017 joint statement by the Ministry of Economy and Finance, Bank Al-Maghrib (BAM), and the Office des Changes declared cryptocurrency transactions illegal under foreign-exchange rules. The legal basis was that crypto transactions violated Morocco's managed-currency regime. Penalties under the 2017 framework: individuals MAD 20,000–100,000 (about USD 2,180–10,900), businesses up to MAD 500,000 (about USD 54,500), with criminal exposure for repeat offenders.

Major policy shift began in November 2024 when BAM Governor Abdellatif Jouahri announced at the 4th Regional High-Level Symposium on Financial Stability in Rabat that BAM had prepared a draft crypto-asset law with World Bank technical assistance. In late 2025, the Ministry of Economy and Finance publicly published Draft Bill No. 42.25, a comprehensive proposed legal framework. The Bill has not yet been enacted as of May 2026. The Senate has not yet voted; the Bill is in adoption process.

Banking and payments are regulated by Bank Al-Maghrib under Banking Law 103-12, with Office des Changes overseeing foreign-exchange controls. BAM is developing e-Dirham, Morocco's CBDC, leveraging blockchain technology while maintaining monetary control.

Gambling: legal since 1930 under a Prime Minister's decree. The foundational law is Dahir No. 1-65-206 of 1966, which authorises land-based casinos, lotteries, and pari-mutuel betting and grants the state authority to determine where, when, and to whom gambling is offered. Morocco does not have a single national gambling regulator; oversight is split among state-owned monopolies: MDJS (sports betting and scratchcards), SOREC (horse racing), Loterie Nationale (draw-based lottery), and SCLM (greyhound racing). Land-based casinos exist in hotels, including the Casino de Marrakech (since 1952), Le Grand Casino La Mamounia, Casino Tanger, and the Mazagan Beach & Golf Resort in El Jadida (largest, with 40+ tables and 450+ machines). Casinos largely serve foreign tourists. Online gambling is unregulated — there is no Moroccan iGaming licence framework.

Last verified: May 2026. Reference rate: MAD 9.17 = USD 1.

Morocco is the rare African jurisdiction with a long history of legalised land-based gambling (state monopolies) and is in the middle of transitioning from outright crypto prohibition to a MiCA-aligned regulated framework under Bill 42.25.

Is there a crypto licence in Morocco?

Not yet. Cryptocurrency transactions remain prohibited under the November 2017 joint statement. Draft Bill 42.25 (published November 2025) proposes a comprehensive crypto-asset framework, but is not yet enacted.

The current legal position:

• November 2017 joint statement: Ministry of Economy and Finance + Bank Al-Maghrib + Office des Changes — declares cryptocurrency transactions illegal under foreign-exchange rules.
• Penalties: individuals MAD 20,000–100,000 (about USD 2,180–10,900); businesses up to MAD 500,000 (about USD 54,500); criminal charges for repeat offenders.
• Office des Changes: continues to treat virtual-currency transactions as foreign-exchange infractions.

Proposed framework (Draft Bill No. 42.25, November 2025):

• Scope: comprehensive regulation of digital assets, defined as digital representations of value or rights transferable via blockchain or distributed ledger technology, recognised as financial instruments.
• Two token categories: utility tokens, and asset-referenced tokens (stablecoins).
• Excluded: central bank digital currencies (CBDCs, including the e-Dirham), non-fungible tokens (NFTs), and cryptocurrency mining.
• Crypto not recognised as legal tender or means of payment: digital assets will be treated as a separate category of financial instruments managed by authorised service providers.
• AMMC (Moroccan Capital Market Authority): licensing of crypto-asset service providers (CASPs), oversight of token issuance, market integrity, and enforcement against insider trading, market manipulation and misleading information.
• Bank Al-Maghrib (BAM): regulation of asset-referenced tokens (stablecoins), including reserve backing and redemption mechanisms.
• National Financial Intelligence Authority (ANRF): AML/CFT enforcement, client identification, transaction record-keeping, suspicious activity reporting.
• Office des Changes: continued foreign-exchange oversight.
• Service provider requirements (per draft): incorporation in Morocco; BAM approval before AMMC application for crypto-based financial services; licensing conditions, penalty framework (licence revocation, fines, prison sentences — detail pending in secondary regulations).
• Decentralised finance (DeFi): explicitly excluded from Bill 42.25's scope (DeFi already captured by existing capital market laws per the draft).
• Alignment: IMF, BIS, FATF, and EU MiCA recommendations.

When Bill 42.25 is enacted, Morocco will move from the most prohibitive crypto jurisdiction in the region to one of the most progressive, with a clear dual-regulator framework. Until then, crypto operators in Morocco operate in a continuing prohibition-by-default framework.

Banking and Payments

Bank Al-Maghrib regulates banking and payments under Banking Law 103-12. Office des Changes oversees foreign-exchange controls. The e-Dirham CBDC is in development.

The Moroccan banking and payments framework predates the crypto reform and operates under:

• Banking Law 103-12: governs banks and financial institutions
• Office des Changes: regulates foreign-exchange controls (the dirham is not freely convertible and operates under a managed-float system, with the MAD pegged to a currency basket weighted approximately 60% EUR / 40% USD)
• Bank Al-Maghrib supervision: prudential and systemic oversight of banks, payment institutions and e-money issuers

For traditional payments (account servicing, e-money, remittance, acquiring), authorisations are granted by Bank Al-Maghrib on a case-by-case basis. We work on payment-specific authorisations on a case-by-case basis depending on the specific product and customer flows; the regulator is approachable.

e-Dirham CBDC: Bank Al-Maghrib is developing the e-Dirham, Morocco's central bank digital currency, leveraging blockchain technology while maintaining monetary policy control. The e-Dirham is explicitly excluded from the scope of Bill 42.25.

Is there a gambling licence in Morocco?

Yes — but only through state monopolies. Morocco has permitted gambling since a 1930 Prime Minister's decree; the foundational law is Dahir No. 1-65-206 of 1966. There is no national gambling regulator; oversight is split among state-owned monopolies. Online gambling is unregulated.

The legal framework:

• 1930 Prime Minister's Decree: legalised gambling, casino games and lotteries.
• Dahir No. 1-65-206 of 1966: foundational gambling law; authorises land-based casinos, lotteries and pari-mutuel betting; empowers the state to decide where, when and to whom games may be offered.
• MDJS (La Marocaine des Jeux et des Sports): state-owned, established 1962. Monopoly on fixed-odds sports betting and scratchcard lotteries. Approximately 600 retail betting shops nationwide. Ministry of Youth and Sports oversight.
• SOREC (Société Royale d'Encouragement du Cheval): state-owned, founded by decree in 2003. Monopoly on horse race betting and pari-mutuel pools. 540+ points of sale, ~30 brands.
• Loterie Nationale: state-owned. Monopoly on draw-based lottery products under the Ministry of Finance.
• SCLM (Société des Courses de Lévriers du Maroc): state-controlled greyhound racing.
• Law No. 175 of 2018: addresses gambling-related matters (limited public detail).
• 2015 advertising ban: ban on gambling advertising on national TV and radio.
• Tax on winnings: tax framework on foreign winnings introduced (new tax measure to curb offshore gambling).

Private operators cannot enter the regulated state-monopoly verticals (sports betting, horse racing, draw lotteries) without partnering with the relevant state monopoly. MDJS sought a new lottery operator in 2022 for an 8-year licence under public-tender procedures.

Land-based casinos: licensed under Dahir No. 1-65-206 of 1966 for hotel-integrated venues. Major casinos include:

• Casino de Marrakech (founded 1952, oldest in Morocco)
• Le Grand Casino La Mamounia (Marrakech)
• Casino Tanger
• Mazagan Beach & Golf Resort, El Jadida (largest, 40+ tables, 450+ machines)
• Casino Shem's Casablanca

Casinos largely cater to foreign tourists and high-net-worth Moroccans. The legal gambling age is 18. ID checks are performed; Moroccan citizens are not banned outright but may be subject to entry restrictions depending on venue.

Online gambling: no licensing system. Online operators cannot apply for a Moroccan iGaming licence. Moroccan residents access offshore sites without specific legal prohibition; the government has not made comprehensive moves to block them, though some restrictions exist. The market is largely served by offshore operators (Maltese, Curaçao-licensed).

MDJS Sports Betting / Scratchcard Lottery (state monopoly)

Best for operators partnering with the state lottery monopoly via tender.

What it is: State monopoly held by La Marocaine des Jeux et des Sports, established 1962, under the Ministry of Youth and Sports.

Who it suits: Operators participating in MDJS public-tender procedures for partnership or operator agreements.

Covers: Fixed-odds sports betting (European football, NBA, domestic matches) and scratchcard lotteries. Approximately 600 retail shops nationwide.

Operational requirement: Direct MDJS partnership through public tender. Compliance with MDJS terms and Ministry of Youth and Sports oversight. Revenue is directed toward sports infrastructure and programmes.

SOREC Horse Racing (state monopoly)

Best for operators partnering with Morocco's horse-racing pari-mutuel monopoly.

What it is: State monopoly held by Société Royale d'Encouragement du Cheval, founded by decree in 2003.

Who it suits: Horse-racing pari-mutuel operators willing to partner with SOREC.

Covers: Horse race betting and pari-mutuel pools. SOREC's PMU-style terminals accept wagers on local and French horse races. 540+ retail points of sale.

Land-Based Casino Licence

Best for hotel-integrated casino operators in tourist areas.

What it is: Casino licence granted under Dahir No. 1-65-206 of 1966 and supplementary ministerial decrees for casino operations in tourist hotels.

Who it suits: Hotel-integrated casino operators in Marrakech, El Jadida, Tangier, Casablanca and similar tourist destinations.

Covers: Casino table games (poker, blackjack, roulette, baccarat), slot machines, and other casino games at the licensed venue.

Operational requirement: Casino located within a hotel in a tourist area. Ministry of Finance and Ministry of Tourism authorisations. ID checks at entry. Minimum gambling age 18. No online extension permitted under the existing framework.

Costs and timelines at a glance

• Crypto licence (current): prohibited under November 2017 joint statement
• Crypto penalty (individuals): MAD 20,000–100,000 (about USD 2,180–10,900)
• Crypto penalty (businesses): up to MAD 500,000 (about USD 54,500)
• Draft Bill 42.25: published November 2025, not yet enacted
• Draft Bill 42.25 regulators: AMMC (CASP licensing, token offerings) + BAM (stablecoins) + ANRF (AML/CFT)
• Draft Bill 42.25 alignment: IMF, BIS, FATF, EU MiCA
• Draft Bill 42.25 exclusions: CBDCs, NFTs, mining
• e-Dirham CBDC: in development by Bank Al-Maghrib
• Banking framework: Banking Law 103-12 (Bank Al-Maghrib)
• Foreign-exchange controls: Office des Changes
• MDJS retail shops: ~600
• SOREC retail shops: 540+
• Land-based casinos: Casino de Marrakech (1952), Le Grand Casino La Mamounia, Mazagan Beach & Golf Resort El Jadida (largest with 40+ tables / 450+ machines), Casino Tanger, Casino Shem's Casablanca
• Online gambling: unregulated (no licensing framework)
• Gambling advertising: banned on national TV and radio since 2015
• Legal gambling age: 18
• Crypto adoption: ~6 million Moroccans (16% of population) hold crypto; 1st in North Africa, 24th globally (2024–2025)

Who Morocco suits and who it does not

Suitable for

• Established traditional banks and payment institutions willing to operate under Bank Al-Maghrib's Banking Law 103-12 supervision
• Operators positioning ahead of Draft Bill 42.25 enactment with a view to early-mover advantage in Moroccan CASP licensing under the AMMC framework
• Stablecoin issuers preparing for the BAM regulatory pathway under Bill 42.25 (subject to enactment)
• Operators seeking partnership with state monopolies (MDJS, SOREC, Loterie Nationale) through Ministry of Youth and Sports / Ministry of Finance public tender procedures
• Hotel-integrated land-based casino operators in Marrakech, El Jadida, Tangier, Casablanca for tourist-oriented venues
• Operators serving the high-net-worth Moroccan and tourist gambling market through hotel casinos
• Financial institutions and fintech operators preparing for the e-Dirham CBDC rollout
• DeFi infrastructure and analytics firms whose products would not directly be captured by Bill 42.25 (which excludes DeFi from its scope per the draft)
• Tokenisation and digital-securities platforms positioning for the AMMC regulatory framework under Bill 42.25

Not suitable for

• Crypto exchanges, custodians and broker-dealers seeking immediate operating authority in Morocco — Bill 42.25 is not yet enacted; the November 2017 prohibition remains in force
• Operators expecting Bill 42.25 to legalise crypto as a means of payment — the Bill explicitly does not recognise digital assets as legal tender
• NFT marketplaces, cryptocurrency miners and CBDC-adjacent businesses — explicitly excluded from Bill 42.25's scope
• Private operators seeking a sports-betting, horse-racing, greyhound-racing, or draw-lottery licence outside the state-monopoly framework
• Online gambling operators wanting a Moroccan iGaming licence — no licensing framework exists; offshore operators serve the market
• Crypto operators relying on Moroccan banks for fiat onboarding without authorisation — Office des Changes treats crypto transactions as foreign-exchange offences
• Operators with foreign-exchange compliance risk — Morocco's managed-float dirham and Office des Changes scrutiny apply
• Decentralised finance (DeFi) platforms seeking direct AMMC supervision — Bill 42.25 explicitly excludes DeFi
• Casino operators wanting to combine land-based casino operations with online gambling — online gambling has no licensing framework
• Lottery operators outside the Loterie Nationale state-monopoly framework
• Operators wanting Moroccan crypto-licence portability to MiCA — even after Bill 42.25 is enacted, Morocco is not in the EU/EEA and no MiCA passporting is conferred