Morocco is witnessing an unprecedented surge in cryptocurrency adoption, with 6 million Moroccans—about 16% of the population—now holding digital assets. According to French broker, HelloSafe, the number of crypto holders in the country has skyrocketed by 60% in just five years, adding 2.5 million new investors since 2019.
Despite Morocco’s 2017 ban on cryptocurrency trading – citing concerns over illicit financial activities – the enthusiasm for digital assets continues to grow. Investors are increasingly turning to crypto as an alternative financial tool, embracing decentralized finance and online trading platforms.
However, regulatory winds are shifting. As reported by BitKE, Bank Al-Maghrib (which is the Central Bank of Morocco) Governor, Abdellatif Jouahri, announced in November 2024 that Morocco is drafting a law to regulate crypto trading, signaling a potential shift from prohibition to regulation.
This move could provide clarity for investors while fostering innovation in the rapidly expanding sector.
Morocco’s crypto growth mirrors a larger trend across Africa. Nigeria, the continent’s leader in digital assets, recorded a 68% increase in crypto adoption last year, reportedly reaching 105 million holders. Egypt’s crypto user base surged 138% to 21 million, while Kenya and South Africa saw 90% and 38% growth, respectively, according to the French firm.
According to the 2024 Geography of Cryptocurrency Report by Chainalysis, Morocco was the only African country ranked in the top 30 of the global crypto adoption index, at position 27, after capturing $12.7 billion of value received.
🇪🇬 🇩🇿🇲🇦NORTH AFRICA | Out of The Top 10 Largest Crypto Markets in the #MENA region, 3 Are African
Centralized exchanges remain the primary source of crypto inflows across MENA overall, indicating that most users and institutions still prefer traditional crypto platforms.… pic.twitter.com/Jdhn56KNd6
— BitKE (@BitcoinKE) October 7, 2024
On a global scale, India dominates the crypto scene with 314 million holders, followed by China with 128.5 million users. As Morocco prepares to regulate digital assets, its expanding crypto community is poised to integrate more seamlessly into the global market.
With regulation on the horizon, Morocco’s crypto landscape is set for a transformation – potentially unlocking new opportunities for investors and innovators alike.
