Oman Capital Markets Regulator Plans to Establish a Virtual Assets Regulatory Framework – Regulation Bitcoin News

[ad_1]

The Oman Capital Market Authority (CMA) has said it plans to establish a regulatory regime to govern as well as develop the country’s virtual assets market. The regulator said the envisaged regulatory regime enables it to avail an “alternative financing and investment platform for issuers and investors while mitigating the risks associated with this asset class.”

‘An Alternative Financing and Investment Platform’

The Oman financial markets regulator, the Oman Capital Market Authority, has said it plans to establish a virtual assets framework to “regulate and develop the market in the Sultanate of Oman.” According to the regulator, this plan demonstrates its “proactive approach to develop the digital assets and fintech industry in Oman.”

Also as explained in the regulator’s Feb. 14 press release, the creation of the so-called virtual assets regulatory framework will enable the CMA to avail an “alternative financing and investment platform for issuers and investors, while mitigating the risks associated with this asset class.”

As previously reported by Bitcoin.com News in Jan. 2022, CMA initially revealed plans to establish the regulatory regime after it invited bids from “specialized companies” interested in helping Oman set up a regulatory framework for virtual assets. However, after spending more than one year working on this, the organization revealed in the latest press statement that it is now working on defining the framework.

“The CMA is in the process of defining a comprehensive and facilitative regulatory framework, which will include a new regulation to cover all virtual assets activities, a licensing framework for all VASP categories and a supervisory framework to identify, assess, and mitigate ongoing risks,” the regulator said.

The regulator added that the objective of the envisaged regulatory regime is to establish rules which help prevent market abuse.

Meanwhile, the press release also revealed that the CMA had chosen Xreg Consulting Limited, an international policy and regulatory consultancy specializing in virtual assets, as its adviser. The regulator has similarly appointed the Omani law firm Said Al-Shahry and Partners, Advocates & Legal Consultants (SASLO), the press release added.

Tags in this story

Advocates & Legal Consultants (SASLO), Capital markets, CMA, Digital Assets, Fintech, Oman Capital Market Authority (OCMA), Said Al-Shahry and Partners, VASPs, virtual asset service providers (VASPs), virtual assets, Xreg Consulting

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.