Crypto-asset bill: The legislator chooses caution

After several years of waiting, the Ministry of Economy and Finance has just published draft Law 42.25 concerning crypto-assets. This piece of legislation, unprecedented in the national regulatory landscape, aims to fill a persistent legal void while integrating the Kingdom into the global dynamic of digital asset regulation. The stated ambition is twofold: to establish confidence in an expanding market and to ensure that innovation does not come at the expense of legal or monetary security.

Expected legal framework

Until now, cryptocurrencies operated in a gray area—prohibited for use as payments, but tolerated in private transactions. Bill 42.25 changes this; crypto-assets become digital representations of value or rights, tradable via blockchain technology, and thus integrated into the category of financial instruments, subject to strict institutional control. The text sets out several fundamental objectives: protecting investors, guaranteeing market integrity and combating fraud, supporting innovation in finance, and preserving the stability of the monetary system.
A delicate balance that the legislator intends to maintain firmly. The bill thus grants the Moroccan Capital Market Authority (AMMC) the supervision of token issuance and public offerings, as well as the authority to issue licenses to digital asset service providers. The central bank (Bank Al-Maghrib), for its part, will be responsible for overseeing stablecoins and ensuring the soundness of the underlying assets. Finally, the National Financial Intelligence Agency (ANRF) will strengthen anti-money laundering surveillance and the traceability of transactions. This institutional framework aims to prevent abuses in a market often associated with speculation and money laundering. The legislation also requires, among other things, that licensed providers verify the identity of their clients, retain transaction records for ten years, and report any suspicious activity.

A limited but transformational field

Two categories of tokens are distinguished: utility tokens, used to access a service, and asset-backed tokens, or stablecoins , designed to limit volatility. Cryptocurrencies issued by central banks, NFTs, mining, and decentralized finance activities are expressly excluded from the scope. This exclusion, considered prudent by some, is seen by others as a hindrance to innovation. «It is a very cautious, almost conservative approach. We understand the desire to protect the system, but by locking it down too much, we risk slowing down local blockchain adoption «, says a financial market analyst. In reality, Morocco is opting for gradual regulation. By focusing the system on the most widespread tokens, the ministry seeks to lay solid foundations before broadening the framework. This choice prioritizes security over speed.

Fedoua Tounassi