Law on Virtual Assets Service Providers (VASPs) in Morocco: Navigating the Legal Framework

The global financial landscape is undergoing a significant transformation with the rise of digital assets. In Morocco, the legal and regulatory approach to Virtual Assets Service Providers (VASPs) and cryptocurrency is a subject of intense development. As the Kingdom seeks to balance financial innovation with security and international compliance, understanding the interplay between various regulatory bodies and existing laws is essential for any stakeholder in the digital economy.

While Morocco has historically maintained a cautious stance toward cryptocurrencies, the legislative framework is evolving to address the realities of virtual assets, Anti-Money Laundering (AML) requirements, and Know Your Customer (KYC) protocols. This article explores the institutional and legal foundations that govern financial entities and intellectual property, providing context for the emerging regulation of VASPs.

The Institutional Watchdogs: AMMC and Bank Al-Maghrib

The regulation of any financial asset in Morocco falls under the scrutiny of major institutional bodies. A primary actor in this space is the Moroccan Capital Market Authority (AMMC). According to Law No. 43.12, the AMMC is empowered to conduct investigations and monitor entities to ensure market integrity.

Under Article 60 of Law No. 43.12, professional secrecy cannot be invoked against the AMMC or judicial authorities acting within criminal proceedings. This is a critical component for the regulation of VASPs, as it ensures that "secret" digital transactions are subject to legal oversight if they involve suspected illicit activity. Furthermore, the law allows for international cooperation, enabling the AMMC to exchange information with foreign counterparts, provided there is reciprocity and equivalent professional secrecy standards.

In tandem with the AMMC, Bank Al-Maghrib (the Central Bank) plays a foundational role. While Article 23 of the Law relating to Credit Institutions (issued via Dahir No. 1.21.77) lists entities exempt from certain banking regulations—such as the Treasury and the Hassan II Fund—it reinforces the centralized authority of the Central Bank. Any future framework specifically targeting VASPs will likely see Bank Al-Maghrib issuing circulars (Manashir) which, according to Article 24, must be published in the Official Gazette after approval by the Minister of Finance.

Intellectual Property and Digital Innovation

The operation of a VASP is not merely a financial endeavor; it often involves proprietary software, unique algorithms, and brand identity. Morocco has a robust framework for protecting these assets through the Moroccan Office of Industrial and Commercial Property (OMPIC).

Law No. 17.97 (protected by Dahir No. 1.00.19) and Law No. 13.99 establish the legal basis for industrial property and the creation of OMPIC. For tech-driven VASPs, this means:

• Electronic Filing: Recent updates, such as those mentioned in Decree No. 2.99.71, allow for the electronic creation of enterprises. This facilitates a more streamlined "KYC" process for businesses at the administrative level.
• Copyright Protection: For the software code and creative elements of a platform, Law No. 2.00 (as amended by Law No. 25.19) provides protection for authors' rights. The Moroccan Office of Copyright and Related Rights (BMDA) ensures that the intellectual efforts of developers and creators are shielded from infringement.

AML/KYC and International Treaties

A major driver for VASP regulation in Morocco is the commitment to international standards regarding Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). Moroccan law explicitly recognizes the supremacy of international agreements.

Article 68 of the Law on Copyright and Related Rights provides a useful legal principle that applies across many Moroccan sectors: if there is a conflict between national law and an international treaty ratified by the Kingdom, the provisions of the international treaty shall prevail. As Morocco aligns with the Financial Action Task Force (FATF) recommendations, VASPs will be required to implement rigorous KYC (Know Your Customer) procedures.

These procedures typically include:

1. Identity Verification: Collecting and verifying the identity of users before allowing transactions.
2. Transaction Monitoring: Reporting suspicious activities to the relevant financial intelligence units.
3. Record Keeping: Maintaining logs of transactions for a period defined by law to assist in potential audits or criminal investigations.

The Future: Towards "Morocco 2030"

The Moroccan legislative agenda is increasingly forward-looking. The recent enactment of Law No. 35.25, which established the "Morocco 2030 Foundation" (promulgated by Dahir No. 1.25.54 in August 2025), signals a national strategy aimed at long-term economic and technological sovereignty.

While specific "Crypto Laws" are often discussed in the context of draft bills, the existing legal infrastructure—ranging from capital market oversight (Law 43.12) to industrial property (Law 17.97)—is already being adapted to handle the digital transition. For VASPs, this means that while the sector may be "new," the rules regarding transparency, institutional reporting, and consumer protection are firmly rooted in established Moroccan legal tradition.

Conclusion and Key Takeaways

Navigating the legal landscape for virtual assets in Morocco requires an understanding of both emerging digital trends and established institutional powers.

• Regulatory Oversight: The AMMC and Bank Al-Maghrib hold significant power to monitor financial flows and waive professional secrecy in cases of suspected criminal activity.
• Institutional Shift: The transition from the old "Moroccan Copyright Office" to the "Moroccan Office of Copyright and Related Rights" under Law 25.19 reflects a broader modernization of administrative bodies to handle "related rights" which are often relevant in digital media.
• Legal Supremacy: International treaties ratified by Morocco regarding financial transparency and intellectual property often take precedence over local statutes in case of conflict.
• Digital Integration: The ability to create companies and manage industrial property electronically through OMPIC indicates a move toward a fully digital business environment.

As Morocco continues to refine its stance on VASPs, businesses must remain vigilant, ensuring they comply with both the commercial requirements of OMPIC and the financial integrity standards set by the AMMC and the Central Bank.

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