Morocco has launched an investigation into residents suspected of using cryptocurrency to purchase real estate without approval.
Global exchange is your finger
Morocco’s Forex Bureau reportedly has launched an investigation into residents suspected of using cryptocurrencies to purchase real estate overseas. Authorities are also interested in understanding the role of global real estate companies employing Moroccan intermediaries for real estate marketing.
Local reports show that the survey examines the purchase of high-value properties by Moroccans who hold residence permits in other countries. These transactions are said to be driven by a nameless cryptocurrency exchange platform that offers anonymity and privacy protection.
Under national law, residents seeking to purchase real estate overseas must first obtain approval from the foreign exchange office. However, authorities believe residents are relying on crypto to avoid this requirement, as they recognize that regulators cannot track such transactions.
Moroccan authorities report targeting residents to purchase property using Crypto. It’s a few months after the country’s central bank signaled a change in its approach to digital assets. As reported by Bitcoin.com News, central banks have expressed their desire to engage all relevant parties as they function to create a regulatory framework that protects consumers without thwarting innovation.
Meanwhile, the local report said investigators are targeting aggressive social media campaigns targeting Moroccan investors with discounted foreign real estate transactions and marketing tours. These campaigns promoted $1 million in real estate and raised concerns about the origins of the funds and how transactions were carried out.
Foreign exchange firms are now said to be stepping up their oversight to protect the financial system from illegal activities related to cryptocurrencies and unregulated capital remittances.
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