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Cryptocurrency and Financial Crime in Western Sahara: A Complex Landscape

Western Sahara, a disputed territory under Moroccan control, has been making headlines for its stance on cryptocurrency. Despite being a non-recognized state, Western Sahara’s complex status has led to controversy surrounding its embrace of digital currencies.

The Moroccan Connection

In 2018, Morocco hosted a blockchain summit, signaling a loosening of restrictions on the technology. Meanwhile, Brookstone Partners, a New York-based private equity firm, is set to build a wind farm in Western Sahara to mine bitcoin. The project, dubbed Soluna Technologies, aims to bring sustainable energy to cryptocurrency mining.

Controversy and Concerns

However, the wind farm has been met with controversy. Western Sahara Resource Watch (WSRW) claims that the development is taking place on occupied land, sparking concerns about the legitimacy of any agreements signed between Brookstone and the Moroccan government.

“Sahara Dakhla is not situated in Morocco,” said Sara Eyckmans, WSRW Coordinator. “It’s situated on land under foreign military occupation. Any agreement that Brookstone has signed with the Moroccan government for this area is thus null and void.”

The Ongoing Conflict

As Western Sahara navigates its relationship with cryptocurrency, it remains embroiled in the ongoing conflict with Morocco over sovereignty.

Global Regulation Uncertainty

Meanwhile, the legality of cryptocurrency mining remains unclear globally. Most jurisdictions lack specific laws governing digital currencies, leaving miners uncertain about their legal status.

  • Some countries have taken steps to regulate crypto-related activities, such as:
    • Israel: Treats crypto mining as a business subject to corporate income tax
    • Canada and the United States: More welcoming to crypto mining
    • India and other nations: Plagued by regulatory uncertainty

Expert Guidance for Investors and Entrepreneurs

As the cryptocurrency landscape continues to evolve, it’s essential for investors and entrepreneurs to stay informed about the legal implications of digital currencies. At Freeman Law, we provide expert guidance on cryptocurrency law, including tax planning and compliance. Contact us today to schedule a consultation and discuss your concerns about blockchain technology and digital assets.

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