Morocco: financial authorities warn users of cryptocurrencies

By Le360 (with MAP) on 04/05/2022 at 5:55 p.m.

© Copyright: DR

Despite previous clarifications relating to the risks associated with the use of virtual currencies such as Bitcoin, it has been observed that natural and legal persons continue to use this type of process.

However, it is an unregulated activity and characterized by great volatility which causes an absence of any protection for the consumer, especially since this system seems attractive and easy to use, indicates a press release from Bank Al Maghrib, the Moroccan Capital Market Authority and the Foreign Exchange Office.

It is also a process that could be used for illicit purposes, in particular money laundering or the financing of criminal activities.

The financial authorities urge the persons concerned to strictly comply with the regulations in force in this area.

It being understood that Bank Al Maghrib, the Moroccan Capital Market Authority as regulatory bodies and the Foreign Exchange Office, prohibit the use of such procedures in order to protect the citizen against any legal drift or financial loss , adds the same source.

By Le360 (with MAP)

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