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Oman's financial regulator invites input on proposed framework for virtual assets

Oman’s financial regulator invites input on proposed framework for virtual assets

– The Sultanate of Oman is in the process of developing its own virtual asset regulatory framework.

– The Capital Market Authority of Oman is seeking public comments on its proposed framework, which aims to provide an alternative financing and investment platform while mitigating risks.

– The framework covers various digital assets, including utility tokens, security tokens, stablecoins, and other virtual currencies defined by the Financial Action Task Force.

– However, the issuance of privacy coins may be banned, pending public feedback.

– The framework may require virtual asset service providers to establish a local presence in Oman and meet minimum capital requirements.

– Feedback on the consultation paper can be submitted until August 17, and key opinions may be posted on the CMA website.

– Once the consultation phase is complete, the CMA will finalize the regulatory framework.

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