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Morocco vs Uruguay

Crypto regulation comparison

← Back to map | Morocco | Uruguay
Morocco

Morocco

Uruguay

Uruguay

Restricted
Legal

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.

Uruguay has a generally favorable stance toward cryptocurrency. The BCU has not banned crypto and in 2024 introduced regulations for virtual asset service providers. Crypto income may be taxed at 12% under the IRPF (personal income tax) as capital income. Uruguay has a stable economy and is positioning itself as a fintech hub in Latin America.

Tax Type None
Tax Type Income
Tax Rate N/A
Tax Rate 12%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator BAM (Bank Al-Maghrib), AMMC
Regulator BCU (Banco Central del Uruguay)
Stablecoin Rules No regulation; crypto transactions banned by central bank
Stablecoin Rules No specific stablecoin regulation
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
Key Points
  • BCU introduced VASP regulations in 2024
  • Crypto income taxed at 12% as capital income under IRPF
  • Crypto not classified as legal tender; peso remains the national currency
  • Uruguay has a relatively stable economy and favorable fintech environment
  • AML/KYC requirements apply to registered VASPs
Sources
Sources