Morocco Regulators Warn of Penalties for Cryptocurrency Use

Morocco’s foreign exchange authority has stated that the use of cryptocurrencies within the country can lead to penalties under existing rules.

The Office des Changes says that transactions made using cryptocurrencies within Morocco constitute an “infringement of the exchange regulations” that are punishable by penalties set out in current laws, a translated press release said.

The office also urges the general public to comply with the provisions of the foreign exchange regulations, which stipulate that international financial transactions must be carried out through authorized intermediaries and only with the foreign currencies listed by the Bank Al-Maghrib, the North African country’s central bank.

The office warns: […]

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