The Capital Markets Authority (CMA) of Oman has announced plans to establish a regulatory regime to manage and develop the country’s virtual asset market. The regulator said the envisioned regulatory regime will allow for the use of “alternative financing and investment platforms for issuers and investors” while reducing the risks associated with this asset class.
alternative financing and investment platforms”
The Oman Capital Markets Authority, Oman’s financial markets regulator, said it plans to establish a framework for virtual assets to “regulate and develop markets in Oman.” According to the regulator, the plan represents a “proactive approach to developing Oman’s digital assets and fintech industry.”
Also, as explained in the regulator’s February 14press releaseThe establishment of the so-called virtual asset regulatory framework will allow the CMA to “reduce the risks associated with this asset class while providing an alternative financing and investment platform for issuers and investors” available to them.
As Bitcoin.com News previously reported in January 2022, the CMA initially revealed plans for Oman to establish a regulatory regime by soliciting bids from “specialized companies” interested in setting up a regulatory framework for virtual assets. However, after spending more than a year on this, the organization revealed in its latest press statement that it is now working on defining a framework.
“The CMA is in the process of defining a comprehensive and facilitative regulatory framework, including new regulations covering all virtual asset activities, a licensing framework for all VASP categories, and an oversight framework to identify, assess, and mitigate ongoing risks “There are,” the regulator stated.
The regulator added that the purpose of the envisioned regulatory regime is to establish rules that will help prevent market abuse.
Meanwhile, the press release also revealed that the CMA has selected Xreg Consulting Limited, an international policy and regulatory consultancy specializing in virtual assets, as its advisor. The regulator has likewise appointed Omani law firm Said Al-Shahry and Partners, Advocates & Legal Consultants (SASLO), the press release added.
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