Authorities in Morocco Investigate Residents Using Cryptocurrencies to Buy Properties Abroad
Global Exchanges Under Scrutiny
The Moroccan Foreign Exchange Office has launched an investigation into residents suspected of purchasing properties abroad using cryptocurrencies. This probe also aims to uncover the involvement of international real estate companies that engage Moroccan intermediaries in property transactions.
Recent reports suggest that the investigation is focusing on high-value real estate acquisitions by Moroccan residents with foreign residency permits. These transactions are believed to be facilitated by cryptocurrency exchange platforms that offer anonymity and privacy features.
According to Moroccan laws, residents must obtain approval from the Foreign Exchange Office before buying real estate overseas. However, authorities suspect that individuals are turning to cryptocurrencies to bypass this regulatory requirement, taking advantage of the challenges in tracking such transactions.
This development follows a shift in stance by the Moroccan central bank towards digital assets. The bank has shown interest in collaborating with stakeholders to develop a regulatory framework that safeguards consumers while fostering innovation.
Furthermore, investigators are examining aggressive social media campaigns enticing Moroccan investors with discounted foreign real estate deals and promotional tours. These campaigns, promoting high-end properties, have raised concerns regarding the source of funds and the transparency of transactions.
The Foreign Exchange Office is now enhancing its monitoring efforts to prevent illegal activities related to cryptocurrency and unregulated capital flows, safeguarding the financial system from potential risks.