Morocco crypto inflows reach $14.6 billion this year
Morocco ranks second in North Africa with $14.6 billion in crypto flows between July 2025 and June 2026, per Chainalysis, behind Egypt and despite trading remaining officially banned.
Crypto flows into Morocco reached about $14.6 billion between July 2025 and June 2026, up roughly 15% from about $12.7 billion in the previous period, according to a regional map from the US blockchain analytics firm Chainalysis reviewed by Hespress. The figure puts Morocco second in North Africa by flow value, behind Egypt ($18.8 billion) and well ahead of Algeria and Tunisia.
Trading is still banned — so why are flows rising?
The increase comes even though crypto trading remains officially banned in Morocco under a joint November 2017 notice from the Ministry of Economy and Finance, Bank Al-Maghrib and the Foreign Exchange Office, citing the protection of monetary sovereignty, the fight against money laundering and the prevention of capital flight. Moroccan blockchain expert Badr Blaj told Hespress that crypto use in Morocco now goes beyond pure speculation to cross-border transfers and online payments and purchases, arguing that flows continuing to rise even as global markets fell shows speculation is no longer the main driver. He expects Morocco to hold around 24th or 25th place worldwide in the report's final ranking.
Morocco's ranking in North Africa
| Country | Estimated flows | North Africa rank |
|---|---|---|
| Egypt | $18.8 billion | 1st |
| Morocco | $14.6 billion | 2nd |
| Tunisia | about $11.6 billion ($3 billion less than Morocco) | not specified |
| Algeria | about $6.5 billion ($8.1 billion less than Morocco) | not specified |
Morocco's path in the global crypto adoption index
The Chainalysis report tracks an annual global crypto adoption index, where Morocco's ranking has shifted alongside the evolving legal debate over the issue:
| Year | Global rank | Key fact |
|---|---|---|
| 2021 | 24th | Morocco's Court of Cassation rules that holding bitcoin without a Foreign Exchange Office license is illegal |
| 2022 | 14th | Over 1.15 million citizens hold digital assets; Bank Al-Maghrib governor Abdellatif Jouahri announces work on a dedicated draft law |
| 2023 | 20th | Bank Al-Maghrib confirms the draft law has entered institutional consultation |
| 2024 | 27th | Flows reach about $12.7 billion; Jouahri announces a draft law prepared with World Bank technical support |
| 2025 | 24th | Draft Law No. 42.25 is published in November |
| 2026 | not yet determined | Flows climb to about $14.6 billion; the draft law remains under review |
What does draft law 42.25 contain?
Drafted with Bank Al-Maghrib and the Moroccan Capital Market Authority and inspired by the EU's MiCA framework for digital assets, draft law No. 42.25 would not make crypto assets legal tender, treating them instead as a separate class of financial assets under strict oversight; services and trading would be limited to licensed providers, and issuing stablecoins would be restricted to banks and payment institutions approved by Bank Al-Maghrib. In July 2026, Bank Al-Maghrib said the legislative text remained under review, while inspections continue to remind market participants that the legal ban stays in force until further notice.
As long as the ban stands, any crypto trading in Morocco outside this framework remains against current law, even as the actual volume of flows into the Kingdom keeps climbing.
Sources
- هسبريس (Hespress)
- Chainalysis