April 18, 2021

Cryptocurrency users in Morocco may face fines Regulator …

Cryptocurrency users in Morocco may face fines

The Moroccan regulator, which oversees the implementation of laws in the foreign exchange markets, said that the use of cryptocurrencies in the jurisdiction of the country could lead to a fine.

The Office des Changes believes that transactions made using cryptocurrencies “violate the provisions of foreign exchange laws”, which in turn implies the imposition of a fine in accordance with the country’s rules.

Users of cryptocurrencies in Morocco may face finesMorocco's regulator enforcing laws ...

In addition, the agency urged Moroccan citizens to comply with the requirements of the laws governing relations in the field of foreign exchange, according to which international transactions must be processed by an authorized intermediary and be made only using foreign currencies approved by the country’s central bank..

Fines for Cryptocurrency Users in MoroccoMorocco's regulator enforcing laws ...

The Office warns: “This is a hidden payment system that is not supported by any organization, and the use of virtual currencies can expose users to significant risks.”.

In conclusion, the department notes that together with the central bank of the country and the Professional Banking Group of Morocco, they “with interest” are watching the development of virtual currencies.

Last week, digital currency services company MTDS added bitcoin to the list of payment methods available to Morocco residents. How officials will react to this is not yet clear.

Earlier, the Algerian leadership announced its intention to ban the use of cryptocurrencies. Morocco’s neighbor introduced financial bill, if approved, transactions using cryptocurrencies could be declared illegal.

Users of cryptocurrencies in Morocco may face finesMorocco's regulator enforcing laws ...

Photo: Lukasz Stefanski

Users of cryptocurrencies in Morocco may face finesMorocco's regulator enforcing laws ...

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