Sep 28, 2025

Kendall Brown

GM from Morocco

GM from Morocco! While crypto has been officially banned since 2017, there is now mainly a lack of updated legislation. Meanwhile, adoption in Morocco is growing and crypto and blockchain are being used as practical solutions to problems in banking, payments, or supply chains. Mehdi Sardaoui, a professional in money transfer and digital payment solutions who has worked in Morocco and France, told us: “there’s real momentum building around use cases beyond crypto". Read on for the space in Morocco, its events, adoption, and more!

^{In previous editions of}^{GM From}^{, we looked at how the crypto industry is developing in countries including Sweden, Kazakhstan, Kyrgyzstan, and Nigeria, what adoption looks like, and what we can expect looking ahead. This time, we turn to Morocco. We ask: what is the crypto industry in Morocco like? Why does this matter? And what can we learn from its ecosystem?}

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^{At Thrilld Labs, our team has included people from around the world, coming from countries such as the Netherlands and Italy to South Korea, Russia, the United States, Nigeria, and China too. Fundamentally, we argue that global collaboration is a big part of what Web3 intends: creating an ecosystem that removes traditional barriers to participation thanks to its inherent construction around a decentralized network. However, even with these decentralized beginnings, there remain challenges for everyone to have the same opportunities.}

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^{Whether it be from the lack of an internet connection or laptop, a heavily felt knowledge gap, or legal limitations, your location and personal situation is a determining factor in Web3. And, where you live and who you are surrounded by, fortunately or unfortunately, do influence your work environment and how easily you can enter or do business in the Web3 space, or any, for that matter! (}^{Networking Theories: Human Connectivity in Web3}^{, Thrilld Labs).}

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^{At the same time, we see the global nature of Web3 coming to the surface in global teams (such as our own :)), in the increasing number of international Web3 companies, and, last but not least, in all the Web3 events taking place globally.

As a global Web3 company, and one that actively works with international events, communities, and partners, we are very curious to know more about the Web3 ecosystem and emerging crypto spaces in different countries as well as how communities and individuals are contributing to discussions and furthering global participation through the very breaking down of entry barriers.
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^{In this edition, we spoke with}^{Mehdi Sardaoui}^{, a professional in money transfer and digital payment solutions who has worked in Morocco and France. He has held multiple roles in the payments industry, including as a Business Developer for U.S. and multinational companies and as general director of a UK payment institution. Mehdi shared his thoughts and reflections on the Web3 space in Morocco, from silent crypto adoption and imminent regulations to some of the evolving events and communities shaping crypto in Morocco.
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Web3 in Morocco

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According to Anthony Day (a founder and podcast host), one of the largest regions for Web3 adoption today is Africa, although overlooked by some. He writes, “Africa has been quietly leading a wave of innovative tech adoption since the M-Pesa era. And it’s no different with blockchain and crypto…” (The State of Digital Assets Regulation in Africa). M-Pesa, launched in Kenya in 2007, was a mobile money service that changed access to financial services across Africa, enabling millions to send, receive, and store money using basic mobile phones. And the data supports this when it comes to digital assets adoption, globally Nigeria takes 2nd place, Ethiopia 26th, Morocco 27th, Kenya 28th, and South Africa, Uganda, Algeria, Egypt, Ghana, and the Democratic Republic of the Congo also all placing within the top 50.

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Global Digital Asset Adoption rankings (Yellow Card, “The State of Digital Asset Regulation in Africa”

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Africa has the highest rate of stablecoin adoption globally at 9.3%. This strong uptake is largely spurred by a practical need, with many African countries using stablecoins to make cross-border payments less costly and more efficient, or they employ it as a hedge against currency volatility, or asset class for investment. As we saw in GM from Nigeria, the drivers are similar. In Nigeria, crypto adoption was propelled by the need to protect against the breakdown of fiat currency (the Naira) and inflation, as well as by an eager and curious youth. This is also the case in Morocco.

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Morocco is located in Northwest Africa, with a western border along the Atlantic Ocean, giving it the name Maghreb, meaning “The West.” With coastlines on both the Atlantic and the Mediterranean, and a cultural blend of Arab, Berber, European and African influences, Morocco shares ties in both Africa and the Arab world. Morocco has a long history of mobilization. Even today, for different reasons such as joining a diverse workforce, seeking education overseas, or simply looking for other opportunities, Moroccans continue to move and live abroad.

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In the next section, we examine some of the numbers of Morocco’s transition to crypto and what sectors in particular are most impacted.

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Crypto Adoption and Usage-Cases

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Morocco has officially banned crypto assets since 2017. Yet, adoption continues to rise fast under the radar. Moroccans are not only using crypto, but are also actively contributing to the ecosystem's development through community-led grassroots initiatives to large-scale Web3 conferences. In practice, cryptocurrencies have become widespread, with an estimated 6 million Moroccans, about 16% of the population, already using them. Most commonly, blockchain technologies are being used in gaming, NFTs, e-commerce and small businesses, supply chain, as well as for remittances and cross-border payments. With remittances accounting for ~10% of GDP, stablecoin-based cross-border solutions are of strategic interest, reinforcing why regulatory clarity is urgent.

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Mehdi Sardaou shared that more meetups, dev communities, and early-stage projects are popping up. “The momentum is there,” he told us, and, “this massive adoption is often driven by concrete needs: international self-employment, (informal) money transfers abroad, e-commerce, or simply people seeking alternatives to traditional banking systems, which can be very disappointing for some.” This reality on the ground contrasts sharply with the lack of a legal framework. And yet, it’s far from marginal: Morocco is now among the most active African countries in terms of crypto transaction volumes, particularly P2P.

Mehdi continued: "It’s important to note that the country is still in an exploratory phase when it comes to blockchain (because of a lack of literacy and confusion between what is a blockchain and crypto), even within fintech. The only usages tolerated today are informal ones: individuals, freelancers, and small businesses accessing crypto via international exchanges such as OKX or Binance. This functions as a kind of ‘policy loophole’ rather than formal legalization. Despite that, the numbers are already significant".

He added: "Morocco’s momentum is to prioritize crypto and blockchain as fintech enablers — especially for B2B cross-border payments, remittances, and trade finance — while also supporting broader, non-financial blockchain applications (e.g., agri traceability)". Indeed, when sending payments across borders, where a diaspora of 5 million live and work, traditional banking institutions have struggled with efficiency, higher costs, and privacy. In contrast, sending remittances in the form of stables and crypto help avoid the overly expensive fees and long waiting times, as well as the lack of anonymity that comes with the regular remittance transfers. This transition acts as both a solution to cross-border and cross-currency money transfer pain points and an inflation-hedging mechanism for Moroccan families, as noted by Stablecoin Transactions Take Off in Morocco: Addressing Inflation & Remittances.

Yet, digital payments are just one of the practical cases contributing to crypto adoption in Morocco. As a big exporter for agricultural products such as olives, citrus, and fish, Moroccans are exploring the potential of blockchain for agriculture use cases (certify product origins, ensure supply chain transparency, reduce fraud, and build trust with international buyer). This involves using blockchain to improve transparency, traceability, and efficiency in the regular supply chain process. Illustrative, one study conducted by Axfood, looked at how blockchain could be used for social compliance in the Moroccan strawberry supply chain (Blockchain in Morocco).

Blockchain technologies are thus moving beyond an abstract or conceptual topic to something integrated into the everyday lives of Moroccans. As Mehdi comments, “there’s real momentum building around use cases beyond crypto, and usage is no longer marginal ... millions of Moroccans are already engaging with crypto and Web3 solutions, especially in remittances, e-commerce, and informal money transfers".
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Indeed, there are already numerous projects and firms at work. DeGNZ Labs, for example, is a firm that bridges Web2 and Web3 technologies by offering solutions for businesses in Morocco and internationally, and provides Web3 education. OCP Group, a major Moroccan agri-food company, has started using blockchain to streamline trade finance, automate processes, and improve transparency in supply chains. There are also a number of NFT and creative agencies like DolFinContent, CryptoKlay Studio, MetaNorth Africa, and others focused on NFT art and design working out of and in Morocco (Top or Best NFT Art Agencies in Morocco).

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Why Web3 in Morocco? Infrastructure, Renewable Energy & Challenges Faced

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Morocco also boasts a rapidly developing renewable energy sector in solar and wind power. The country has some of the world’s highest solar irradiation and exceptional wind corridors and the Noor Ouarzazate Solar Complex (Drâa-Tafilalet region, near Ouarzazate) is one of the world’s largest concentrated solar power plants! According to Rawi Abi Akl, a Business Development Manager at Wartsila, Morocco’s energy reforms are bold, but have a clear vision, that is to make renewable energy the cornerstone of its electricity development in just a few years. The target is 52% energy capacity coming from renewables by 2030 (Morocco at the Energy Crossroads: Balancing Renewable Ambition with Grid Stability).

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As for Web3, it has been well-described that some technologies and consensus mechanisms like Proof-of-Work blockchains consume significant amounts of energy for both transactions and mining new blocks. Although the calculations consume energy, many miners run on renewable energy. Similarly, for Proof-of-Stake, there are also gas fees that enable transactions to go through and make sure that there are rewards for those running validators or nodes. While renewable energy can not help reduce gas fees (as that relates to how busy the network is, and moreover, a lot of network activity happens on layer-2s, which have minimal gas fees), it can help reduce the cost of the energy that the machinery uses to enable blockchains to run. In that light, there might be a clear role for Moroccan sustainable energy on the worldwide crypto grid...

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Even so, Morocco faces several challenges in developing its Web3 space. Firstly, is the lack of a regulatory framework. While there is a promise for regulatory changes in the near future, it is still unclear what exactly this might entail. Second, public perception is still a mix. In addition – and while this is true for many countries – Morocco faces less access to capital from VC funding when compared to other African countries (African Blockchain Report 2024, CV VC). There may also be infrastructure limitations given the internet quality in rural areas.

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To tackle these challenges, collaboration is key. In the next section, we turn to some of the larger events and communities driving the Web3 ecosystem in Morocco.

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Web3 Communities and Events

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One signal reflecting the growing interest in Web3 and blockchain technology is the emergence of events and communities. In Morocco, Web3 events are still relatively few, but two worth noting are the Blockchain & Crypto Days in Rabat, and the Morocco Web3Fest held in Marrakech.

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In a few words, Blockchain & Crypto Days in Rabat, which took place in February 2025, explored the transformative impact of blockchain technologies and cryptocurrencies across industries.

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The third day of Morocco Blockchain Days 2025 on February 28. LinkedIn.

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As for Morocco Web3Fest, the conference was held in April 2025 and specializes in technology and innovation in AI, blockchain, and sustainability. Morocco Web3Fest was organized by Inacta Ventures and co-hosted by The Hashgraph Association (a Swiss non-profit driving global adoption of Hedera as well as economic inclusion).The association also promotes The event took place during GITEX Africa, Africa’s largest technological conference (Morocco WEB3FEST GITEX Edition).

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Additionally, several universities, including institutions like Mohammed V University in Rabat and Al Akhawayn University in Ifrane, have begun integrating blockchain and decentralized technology topics into their computer science and engineering courses. These academic initiatives equip students with foundational knowledge about cryptography, smart contracts, and decentralized applications, providing a steady pipeline of technically skilled graduates. There are also smaller community events like the IEEE Morocco Blockchain Summit (Feb 2024) and an event hosted by LBank Labs (Nov 2023) that are bringing together developers, entrepreneurs, and enthusiasts to collaborate on real-world projects.

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So, there seems to be more activity–even if slowly at times–that is gaining traction, but in Mehdi’s words, “There’s definitely room to build something meaningful here.” On how exactly to do this, Mehdi suggests approaching institutional public investors like CDGInvest, UM6P Ventures (from the University Mohammed VI Polytechnic), or private banks like Attijariwafa Bank, BOA, and AI Barid bank, which host annual fintech events, and propose a special event focused on Web3. Who knows… with growing interest, as well as by the government, maybe we’ll see this happening in the future after all!

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Crypto Regulations...Gray Zone?

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Morocco’s outlaw of crypto assets in 2017 was to prevent violations of exchange rules, and, in the government’s words, to “[raise] public awareness about the associated risks” (Moroccan central bank plans to legalise cryptoassets). While crypto is still presently banned in Morocco (as of September 2025), the central bank, Bank Al-Maghrib (BAM), is currently running tests on Central Bank Digital Currencies (CBDCs) for both retail and wholesale use. While a CBDC isn’t technically a crypto asset, it still is a digital asset, which arguably signals a broader openness to this type of technology. Additionally, Morocco and Egypt kicked off a pilot for cross-border digital money transfers using blockchain (testing cross-border blockchain transfers and broader CBDC efforts). Both countries are exploring real use cases, not just theory.

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The Governor of Bank Al-Maghrib, Abdellatif Jouahri, significantly, expressed a new stance in November 2024, announcing that a draft law to regulate and legalize crypto was in the adoption process. He explained that “adopting a regulatory approach [is] aimed at ensuring adequate protection for users and investors, while preserving the opportunities to capitalise on these innovations” (Moroccan central bank plans to legalise cryptoassets). And it's not just words, Morocco is expected to introduce a comprehensive regulatory framework for digital assets by the end of 2025. According to the Governor of Bank Al-Maghrib, just days ago as of September 2025, the crypto law has already been finalized. It is now with the government for validation and should be enacted in the coming months. The IMF and World Bank have been pressing Morocco for months. to provide a clear legal framework, which explains the accelerated timeline for the new law.

Mehdi shared an idea on what key measures could come into effect, at least for taxation, saying:

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Progressive taxation on capital gains is expected to range from 15% to 30%, while taxation on mining and staking activities could potvary between 10% and 38%. The framework will likely establish compatibility between stablecoins and the Moroccan dirham within a regulated environment.

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Additionally, a probable exemption from VAT on crypto transactions is anticipated. Exchange platforms are expected to require licenses that enforce compliance measures such as Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. Transparency will be emphasized through mandatory reporting of fiat-to-crypto and crypto-to-fiat transactions. Furthermore, a dedicated tax framework is likely to be introduced, potentially including corporate tax rates for crypto-related activities ranging from 20% to 31%.

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Key questions remain. Will the future framework treat cryptocurrencies solely as investment assets, subject to strict financial regulation? Or will it open the way to broader uses, notably as a means of payment (for example via stablecoins)? Mahdi explained that the answer largely depends on the ability to strike the right balance between innovation, monetary sovereignty, and financial security. Morocco’s evolving stance indicates a shift from prohibition to regulation, reflecting a cautious but constructive embrace of digital assets. The use is here. Regulation is coming. The transition is only just beginning.

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Conclusion

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In conclusion, while crypto has been officially banned since 2017, there is now mainly a lack of updated legislation. At the same time, crypto adoption in Morocco is growing and, indeed already, crypto and blockchain is being used as practical solutions to problems in banking, payments, or supply chains. Some of the common use cases, consistent across Africa, are for remittance and cross-border payments and the use of stablecoins.

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Individual use cases are the primary driving force for crypto adoption in Morocco, and the ecosystem is facing increasing attention through community initiatives, dev meet-ups, and through annual conferences like Blockchain & Crypto Days in Rabat and Morocco Web3Fest. Morocco provides an example of blockchain in action, usable in a practical and real way.

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^{The research and data used in this article are up-to-date as of September 2025.
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We thank}^{Mehdi Sardaoui}^{, a professional in money transfer and digital payment solutions who has worked in Morocco and France for the insighs provided. He has held multiple roles in the payments industry, including as a Business Developer for U.S. and multinational companies and as general director of a UK payment institution}

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^{Read more}^{GM From}^{research pieces}

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^{GM from Kyrgyzstan–Thrilld Labs}

^{GM from Sweden–Thrilld Labs}

^{GM from Nigeria–Thrilld Labs}

^{GM from Kazakhstan–Thrilld Labs}

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^Resources

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^{Mehdi Sardaoui, Crypto au Maroc : une adoption silencieuse, une régulation imminente – LinkedIn Post}

^{Morocco Web3Fest will bring together Web3 leaders during Gitex Africa 2025 – Lara on the Block}