Morocco’s Foreign Exchange Office is investigating residents suspected of using cryptocurrencies to buy properties abroad without approval, examining both the transactions and the role of global real estate firms. This move follows the central bank’s new stance on digital assets and aims to enhance oversight of illegal activities related to cryptocurrency.
The Moroccan Foreign Exchange Office has initiated an investigation into citizens suspected of utilizing cryptocurrencies to purchase properties abroad without the necessary authorization. This investigation also seeks to determine the involvement of global real estate firms that utilize Moroccan intermediaries for their marketing efforts.
The current inquiry focuses on high-value property transactions made by Moroccans with residency permits in foreign countries, potentially facilitated by cryptocurrency exchange platforms that offer anonymity. Following Moroccan laws, residents must receive approval from the Foreign Exchange Office prior to purchasing real estate outside the country; however, authorities suspect that some are exploiting crypto assets to evade these requirements.
This investigation follows the recent stance shift by the Moroccan central bank towards digital assets, indicating a willingness to engage with stakeholders to formulate a regulatory framework that balances consumer protection with innovation. Additionally, authorities are scrutinizing social media campaigns enticing Moroccan investors with discounted foreign real estate options.
Concerns have arisen regarding the funding sources and transaction methods for these promotions, which showcase high-value properties. In response to these developments, the Foreign Exchange Office is enhancing its oversight to safeguard the financial system from illicit activities associated with cryptocurrencies and unregulated financial transactions.
In summary, Morocco’s Foreign Exchange Office has embarked on a comprehensive investigation into the unauthorized use of cryptocurrencies for foreign property purchases. This initiative aims to uphold regulatory compliance and ensure the integrity of the financial system amidst rising concerns surrounding real estate promotions and transaction transparency.
Original Source: news.bitcoin.com
