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Morocco vs Uzbekistan

Crypto regulation comparison

← Back to map | Morocco | Uzbekistan
Morocco

Morocco

Uzbekistan

Uzbekistan

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.

Uzbekistan has actively regulated crypto since 2018, when it established the NAPM (initially NAPCI) to oversee virtual assets. Licensed crypto exchanges operate in a regulatory sandbox. Individual crypto trading profits are exempt from tax. Uzbekistan has also established a state-backed mining pool and licensing regime for miners, leveraging its energy resources.

Tax Type None
Tax Type None
Tax Rate N/A
Tax Rate 0%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator BAM (Bank Al-Maghrib), AMMC
Regulator NAPM (National Agency for Prospective Projects)
Stablecoin Rules No regulation; crypto transactions banned by central bank
Stablecoin Rules Regulated under NAPM virtual asset framework
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
  • NAPM oversees virtual asset regulation and licensing
  • Licensed exchanges operate under regulatory framework since 2018
  • Individual crypto trading exempt from income tax
  • State-backed mining pool and licensing for crypto miners
  • Only licensed platforms can offer crypto services; unlicensed platforms blocked
Sources
Sources
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