Cryptocurrency in Morocco: 5 Key Points About the Current Market

Morocco's cryptocurrency landscape is evolving rapidly, despite a 2017 ban and ongoing regulatory discussions. As the country awaits the details of new regulations announced by the central bank governor, here are five crucial aspects of the Moroccan crypto market.

1. A Thriving Underground Market

Despite official prohibitions and awareness campaigns by Moroccan authorities, a vibrant cryptocurrency market exists in Morocco. The ban, initially supported by Bank Al-Maghrib and other financial institutions, has not deterred Moroccan citizens from engaging with digital assets.

2. Increasing Adoption Rates

The cryptocurrency adoption rate in Morocco has seen significant growth:

• An estimated 1.8 million Moroccans now own crypto assets
• The adoption rate has increased to between 4.8% and 4.9% of the population
• Morocco ranks 27th globally in Chainalysis' 2024 cryptocurrency index

The typical Moroccan crypto user is a well-educated male aged 20-30 with medium to high income, seeking investment diversification and modern financial alternatives.

3. A Promising Market with Substantial Growth

Morocco's cryptocurrency market is experiencing rapid expansion:

• Projected annual growth rate of 5%
• Transaction volume reached $12.7 billion between June 2023 and June 2024
• Morocco ranks third in Africa for crypto usage, behind Ethiopia and Nigeria

While current market estimates vary widely, from $3.30 million to over $115 million in revenue, experts believe this represents only the beginning of Morocco's crypto potential.

4. Popular Cryptocurrencies and Trading Platforms

Bitcoin and Ethereum are the most popular cryptocurrencies in Morocco, valued for their relative stability and global reputation. Altcoins are also gaining traction, offering unique features and transaction services.

Due to the current ban, Moroccan users primarily rely on peer-to-peer platforms for buying and exchanging crypto assets. Some users employ VPNs to access international exchanges like Binance or Coinbase, though this practice increases security risks.

5. Diverse Use Cases

Cryptocurrencies in Morocco serve various purposes:

• International transfers: Offering a quick and cost-effective alternative to traditional banking services
• Remote work payments: Preferred method for Moroccans working on international projects
• Investment diversification: Emerging as a legitimate investment category for individuals seeking financial diversification

While uses in sectors like real estate, automotive, and retail remain limited in Morocco, they could expand with appropriate regulation

The Future of Crypto in Morocco

Despite legal threats, Moroccans' enthusiasm for cryptocurrencies has led to a dynamic market. The introduction of a legal framework, as announced by the central bank, is expected to transform this industry into an economic catalyst while mitigating risks for users.