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New warning from financial authorities against the use of virtual currencies

Bank Al Maghrib, the Moroccan Capital Market Authority and the Office des Change warn against the risks associated with the use of virtual currencies and urge legal and natural persons using this type of operation to comply fully comply with the regulations in force.

This new warning comes following the persistence of the use of cryptomannies despite previous updates issued by the competent authorities.

Being an unregulated payment system, characterized by high volatility and devoid of any protection for the consumer, virtual currencies entail significant risks for their users. Especially since this process, which remains unauthorized in Morocco, can be used for illicit purposes, including money laundering or the financing of criminal activities.

Ultimately, the ban on the use of virtual currencies stems from the concern of the financial authorities to protect the citizen against any legal abuse or financial loss.