The Moroccan government is investigating allegations that citizens are circumventing legal procedures by using cryptocurrencies to acquire real estate overseas.
Authorities suspect that buyers are exploiting crypto’s anonymity to bypass regulations.
According to local reports, the country’s Foreign Exchange Office Monitoring and Oversight Department, in collaboration with the Studies and Statistics Department, has expedited its investigations after receiving information from international counterparts about capital flows and financial crime.
The investigations have revealed instances where Moroccan residents allegedly acquired real estate abroad without using official banking channels or securing prior authorization from the Foreign Exchange Office.
Reports indicate that these transactions were conducted via cryptocurrency platforms that offer anonymity and privacy protections, making it challenging to trace the source of funds.
Investigators have identified individuals suspected of using large amounts of:
to fund real estate purchases, mainly through specialized agencies dealing with rental properties.
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Authorities are closely examining the role of international real estate agencies that collaborate with Moroccan intermediaries to market properties.
The investigation also covers high-value real estate purchases by Moroccans with residency permits abroad, which may have been used to circumvent national foreign exchange regulations. Under Moroccan law, residents must secure prior approval from the Foreign Exchange Office before acquiring property overseas, with each request reviewed individually.
Recent data from French financial services firm, HelloSafe, reveals that six million Moroccans – about 16% of the population – owned or traded cryptocurrencies by the end of last year (2024). This marks a sharp increase of 2.5 million new users between 2019 and 2024, reflecting a 60% growth over five years.
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According to the 2024 Geography of Cryptocurrency Report by @chainalysis, #Morocco was the only African country… pic.twitter.com/JC4nIjrieC
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This rapid expansion has sparked concerns about its economic impact, particularly regarding capital flight and money laundering.
Although trading of crypto is technically outlawed in Morocco, data suggests that digital assets remain highly popular. People are not dissuaded despite repeated warnings and clarifications on the risks associated with holding and trading in cryptocurrencies.
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The Morocco Central Bank Governor however says the country is on the way to adopting a draft law on cryptocurrencies.
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The bank is also exploring a central bank digital currency (CBDC) at the same time.https://t.co/bPPf083qlB pic.twitter.com/xlt16OGtuL
— BitKE (@BitcoinKE) November 27, 2024
Investigators are also scrutinizing aggressive promotional campaigns targeting Moroccan investors via social media. These campaigns advertise foreign real estate investments with discounts and organize marketing tours in Casablanca, Marrakech, and Tangier.
With properties priced in the millions of dollars, these promotions have raised suspicions about the sources of funds and the transaction methods used.
