Morocco's three financial authorities have put their prohibition in writing, jointly. In a press release published by the Moroccan Capital Market Authority (AMMC) under the title 'Les autorites financieres appellent au strict respect de la reglementation liee a l'utilisation des monnaies virtuelles', Bank Al-Maghrib, the AMMC and the Office des Changes state that they 'interdisent l'usage de tels procedes' — they prohibit the use of virtual currencies such as Bitcoin — and describe the activity as unregulated, highly volatile, offering no consumer protection and open to money laundering and the financing of criminal activity.
A perpetual on ENA tracks price and does not confer ownership of the underlying — the same contract mechanics apply in every jurisdiction; what differs by country is legal status and funding rails.
The legal status above rules out a trading route for Ethena exposure from Morocco.
20% on net capital gains from cryptocurrency sales, taxed as securities income under Morocco's securities taxation regime.
Trading Ethena from Morocco: banned.
The rule Ethena traders in Morocco face: Morocco's Bank Al-Maghrib, the AMMC and the Office des Changes jointly declared virtual currencies such as Bitcoin prohibited, citing exchange-control and capital-markets regulation; no licensing framework for virtual-asset service providers exists.
Bank Al-Maghrib (central bank), the Autorite Marocaine du Marche des Capitaux (AMMC, capital markets) and the Office des Changes (exchange control) signed the crypto prohibition together.
For Morocco residents trading Ethena: 20% on net capital gains from cryptocurrency sales, taxed as securities income under Morocco's securities taxation regime.
For Ethena traders in Morocco: Morocco has no specific KYC requirements for crypto platforms.
Perpetual markets for stocks, gold, indices and pre-IPO names — settled on-chain, no wallet-to-exchange transfers.
