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Spain vs Morocco

Crypto regulation comparison

← Back to map | Spain | Morocco
Spain

Spain

Morocco

Morocco

Legal
Restricted

Cryptocurrency is legal and increasingly regulated in Spain. Crypto capital gains are taxed at progressive savings tax rates (19-28%). Spain was an early mover in requiring crypto advertising to be pre-approved by the CNMV. Since 2024, Spanish taxpayers must report overseas crypto holdings via the Modelo 721 form. Banco de España registers VASPs for AML compliance. MiCA applies from December 2024.

Morocco's central bank (Bank Al-Maghrib) banned cryptocurrency transactions in 2017, making it illegal for financial institutions to process crypto payments. Despite the ban, Morocco has one of the highest crypto adoption rates in Africa. The government has been exploring a potential regulatory framework, with Bank Al-Maghrib reportedly studying a CBDC and reconsidering its crypto stance.

Tax Type Capital gains
Tax Type None
Tax Rate 19-28%
Tax Rate N/A
Exchanges Yes Yes
Exchanges No No
Mining Yes Yes
Mining Yes Yes
Regulator CNMV (Comisión Nacional del Mercado de Valores), Banco de España
Regulator BAM (Bank Al-Maghrib), AMMC
Stablecoin Rules Regulated under EU MiCA framework
Stablecoin Rules No regulation; crypto transactions banned by central bank
Key Points
  • Crypto gains taxed at savings rates: 19% (first €6,000), 21%, 23%, 27%, 28% (above €300,000)
  • Modelo 721: mandatory declaration of overseas crypto holdings exceeding €50,000 (from 2024)
  • CNMV requires pre-approval of crypto advertising targeting Spanish residents
  • Banco de España maintains VASP registry for AML compliance
  • Spain has a large crypto-using population; significant expat and digital nomad community
Key Points
  • Bank Al-Maghrib banned crypto transactions for financial institutions in 2017
  • Crypto ownership is technically in a legal gray area; trading happens via P2P
  • Morocco ranks among the top crypto adopters in Africa despite the ban
  • Government exploring regulatory framework and potential CBDC
  • No crypto taxation framework exists due to the ban
Sources
Sources