morocco

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Morocco has launched an investigation into residents suspected of using cryptocurrencies to buy properties abroad without approval.

Global Exchanges Fingered
The Moroccan Foreign Exchange Office has reportedly launched an investigation into residents suspected of buying properties abroad using cryptocurrencies. Officials are also interested in understanding the role of global real estate companies that employ Moroccan intermediaries in property marketing.
According to a local report, the probe is examining purchases of high-value real estate by Moroccans holding residency permits in other countries. These transactions are said to be facilitated by unnamed cryptocurrency exchange platforms that provide anonymity and privacy protection.
Under the country’s laws, residents seeking to buy real estate abroad must first obtain approval from the Foreign Exchange Office. However, officials believe residents are resorting to crypto to bypass this requirement, as they are aware of regulators’ inability to track such transactions.
Reports that Moroccan authorities are targeting residents using crypto to buy properties come just a few months after the country’s central bank signaled a change in its approach toward digital assets. As reported by Bitcoin.com News, the central bank has expressed a desire to engage all relevant parties as it works to create a regulatory framework that protects consumers without stifling innovation.
Meanwhile, the local report states that investigators are also looking into aggressive social media campaigns targeting Moroccan investors with discounted foreign real estate deals and marketing tours. These campaigns, promoting million-dollar properties, have raised concerns about the origin of the funds and how the transactions are being conducted.
The Foreign Exchange Office is now said to be strengthening its oversight to protect the financial system from illegal activities related to cryptocurrency and unregulated capital transfers.

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