The Oman Capital Market Authority (CMA) said it plans to establish a regulatory regime to manage as well as develop the country’s virtual asset market. The regulator said the envisaged regulatory regime allows it to provide “an alternative financial and investment platform for issuers and investors while mitigating the risks associated with this asset class.”
“Alternative financial and investment platform”
Oman’s financial markets regulator, the Oman Capital Market Authority, said it plans to set up a virtual asset structure to “regulate and develop the market in the Sultanate of Oman.” According to the regulator, this plan demonstrates its “proactive approach to the development of digital assets and the financial technology industry in Oman.”
Also, as explained in the regulator’s announcement of February 14. Press releasethe creation of a so-called regulatory framework for virtual assets will allow the CMA to use “an alternative financial and investment platform for issuers and investors, while reducing the risks associated with this asset class.”
As previously reported by Bitcoin.com News in January 2022, the CMA initially unveiled plans to establish a regulatory regime after inviting applications from “specialized companies” interested in helping Oman create a regulatory framework for virtual assets. However, after spending more than a year on this, the organization said in a recent press statement that it is now working on defining the structure.
“The CMA is in the process of defining a comprehensive and facilitating regulatory framework that will include a new regulation covering all VA activities, a licensing system for all VASP categories, and an oversight system to identify, assess and mitigate current risks. the regulator said.
The regulator added that the purpose of the envisaged regulatory regime is to establish rules that help prevent market abuse.
Meanwhile, the press release also reveals that CMA has selected Xreg Consulting Limited, an international policy and regulatory consultancy specializing in virtual assets, as its advisor. The regulator has similarly appointed Omani-based law firm Said Al-Shahry and Partners, Advocates & Legal Consultants (SASLO), according to a press release.
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