Morocco Cracks Down on Real Estate Purchases Made with Cryptocurrency

Morocco is taking strict action against real estate purchases made with cryptocurrency. Security agencies maintain their watch on Moroccan

Morocco is taking strong action against real estate purchases made with cryptocurrency and is investigating any Moroccan citizens who purchased properties in Spain and the United Arab Emirates (UAE).

According to reports by Cid Tourabic, officials from the Monitoring and Oversight Department are probing crypto transactions. The department, which is the main investigative authority, conducts its investigation jointly with the Studies and Statistics Department.

International agencies reported suspicious money movements, which began the investigators’ process. Meanwhile, real estate transactions are being strictly examined by officials to ensure they do not breach monetary flight regulations.

Crypto transactions face significant problems because their operations remain opaque to outside parties. The digital assets such as Bitcoin and Ethereum provide anonymous purchasing by eliminating identifying information about buyers.

This characteristic of the systems makes the traceability of fund origins challenging because private agencies handle numerous clients who buy properties via cryptocurrency transactions, according to the investigation findings.

The systems enable buyers to bypass banking regulations while also circumventing foreign exchange rules.

Moroccan citizens who hold residency permits in foreign countries are currently being investigated for their property acquisition activities.

Individuals with foreign residency status might exploit their advantages to avoid Morocco’s legal requirements.

Before purchasing property abroad, residents of Morocco need specific authorization from the Foreign Exchange Office. However, numerous people appear to be disregarding this regulatory requirement.

The officials are also examining promotional schemes that use aggressive methods to attract real estate buyers from the country. Various advertisements promoting luxury properties for discounted prices are being displayed on social media platforms.

The authorities believe these campaigns function to facilitate non-regulated financial operations.

The Foreign Exchange Office continues its dedication to enhancing financial oversight measures going into the upcoming period. The system works toward stopping illegal cryptocurrency use and upholds Morocco’s economic stability through proper regulatory mechanisms.

Earlier this year, the Central Bank of Tunisia warned the public about the risks associated with cryptocurrencies. The bank urged Tunisians to exercise caution regarding crypto investments and highlighted the potential for fraud and scams in the decentralized nature of cryptocurrencies.

In February, the bank stated that cryptocurrencies are not legal tender in Tunisia and their use does not engage the bank in any way. The bank also emphasized the lack of protection offered by cryptocurrency transactions, rendering investors vulnerable to market volatility and the possibility of losing their investments.

Moreover, the bank expressed concern over the use of cryptocurrencies for money laundering and terrorist financing activities. The bank's statement aimed to advise the public about the inherent risks and to ensure a sound and stable financial system in the country.