Morocco bans cryptocurrency

The Office des changes has reported that the use of cryptocurrencies within the country can lead to sanctions under current law
22 November 2017   1036

Morocco's foreign exchange authority claims that cryptocurrencies transactions within Morocco constitute an "infringement of the exchange regulations" that are punishable by penalties stated in current laws.

The office strongly encourages the public to comply with the rules of the foreign exchange, 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 central bank of Morocco.

This is a hidden payment system that is not backed by an organization, the use of virtual currencies entails significant risks for their users.


The Office des changes statement

Last week, MTDS, digital services company, started to introduce bitcoin as a way of payment for its services in Morocco. It is not yet clear how the official statement will affect the firm. It remains to be seem how the statement of the Office des Changes will affect  the company.

However, the Office des Changes along with the central bank of Morocco and the Professional Group of Banks of Morocco (GPBM) – is closely following the evolution of virtual currencies in the country.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   102

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.