– 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.