Morocco Considers Legalizing Cryptocurrency Amid Growing Adoption

Despite the ban on cryptocurrency in Morocco, the holders of electronic currencies are increasingly numerous. In 2022, Morocco became the largest cryptocurrency market in North Africa, with more than 1.15 million citizens holding crypto wallets.

According to Abdellatif Jouahri, the governor of the Bank of Morocco (Bank al-Maghrib), "the draft law proposes a definition of cryptocurrency adapted to Moroccan realities, and is not intended to limit innovation, but to protect people against the risks associated with working in a highly speculative market".

According to a TripleA study, the African countries with the largest GDP are those with the largest number of cryptocurrency holders. Nigeria tops the African ranking and is 4th globally with 22.33 million cryptocurrency holders, or 10.34% of the population. It is followed by South Africa (7.71 million or 12.45% of the population), Kenya (6.10 million or 11.60% of the population), Egypt (2.37 million or 2.26% of the population) and Tanzania (2.32 million or 3.82% of the population).