Morocco has begun investigating residents suspected of purchasing foreign properties with cryptocurrencies. The Foreign Exchange Office is particularly concerned about anonymity afforded by crypto exchanges and the circumvention of required approvals. This inquiry follows the central bank’s call for better regulatory frameworks for digital assets. Investigators are also scrutinizing aggressive marketing tactics aimed at Moroccan investors in foreign real estate.
Morocco’s Foreign Exchange Office has initiated an investigation into residents suspected of utilizing cryptocurrencies for overseas property acquisitions without the necessary approvals. This investigation seeks to unveil the involvement of international real estate firms that employ local intermediaries for marketing purposes.
Authorities are particularly interested in scrutinizing high-value real estate purchases made by Moroccans with residency permits in other countries, facilitated by cryptocurrency platforms that promise anonymity. It is believed that these individuals are attempting to circumvent regulations requiring approval from the Foreign Exchange Office for such transactions.
The inquiry follows the central bank’s recent intention to reform its stance on digital assets, aiming to engage various stakeholders to establish a regulatory framework that safeguards consumers while fostering innovation.
Investigators are also examining aggressive social media promotions targeting Moroccan investors with enticing offers on foreign properties, which raises concerns regarding the legitimacy and source of funds for these transactions. The Foreign Exchange Office is reportedly enhancing its regulatory measures to mitigate risks linked to unregulated capital transfers and cryptocurrency-related illicit activities.
The investigation into Moroccan residents using cryptocurrencies for international real estate purchases highlights the authorities’ increased scrutiny and regulation of digital asset transactions. This move comes in the wake of broader regulatory efforts to adapt to evolving financial technologies while ensuring the protection of investors and the integrity of Morocco’s financial system.
Original Source: news.bitcoin.com
