{"id":553050,"date":"2023-02-17T10:26:31","date_gmt":"2023-02-17T07:26:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/oman-to-establish-regulatory-framework-for-virtual-assets\/"},"modified":"2023-02-17T10:26:31","modified_gmt":"2023-02-17T07:26:31","slug":"oman-to-establish-regulatory-framework-for-virtual-assets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/oman-to-establish-regulatory-framework-for-virtual-assets\/","title":{"rendered":"# Oman to establish regulatory framework for virtual assets"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29e93416d56\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29e93416d56\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/oman-to-establish-regulatory-framework-for-virtual-assets\/#%E2%80%9D_Oman_to_establish_regulatory_framework_for_virtual_assets_%E2%80%9C\" >&#8221; Oman to establish regulatory framework for virtual assets &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Oman_to_establish_regulatory_framework_for_virtual_assets_%E2%80%9C\"><\/span>&#8221; Oman to establish regulatory framework for virtual assets &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNDhhNGQyOGYtMTAxNS00ZGMxLTgxMmQtOTE0OTk4MGEwZGE2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The Capital Market Authority (CMA), the regulator of Oman\u2019s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate.<\/p>\n<p>According to a Feb. 14 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cma.gov.om\/\">press release<\/a>, the new rules would include oversight of virtual asset activities, a licensing process for virtual asset service providers (VASPs), and a framework to identify and mitigate risks surrounding the new asset class.\u00a0The announcement reads:<\/p>\n<blockquote><p>\u201cThe aim of this new regulation is to establish a market regime for virtual assets that include rules to prevent market abuse, including [thorough] surveillance and enforcement mechanisms.\u201d<\/p><\/blockquote>\n<p>Several virtual asset activities under the proposed guidelines include issuing crypto assets, tokens, crypto exchange products and services and initial coin offerings, among others.<\/p>\n<p>XReg Consulting Limited, a virtual assets policy and regulatory consultant, and Said Al-Shahry and Partners, Advocates &amp; Legal Consultants (SASLO), an Omani law firm, were enlisted to advise and assist CMA in drafting the new regulation. <\/p>\n<p>The financial markets regulators said the proposed regulatory framework aligns with Oman\u2019s Vision 2040, an initiative to digitally transform the country\u2019s economy while attracting global players into Oman.<\/p>\n<p>While Oman looks to position itself as a leader in virtual asset adoption in the Middle East through the proposed regulatory oversight, the country\u2019s central bank <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be warier when it comes to cryptocurrencies.<\/p>\n<p><strong><em>Related:\u00a0UAE central bank to issue CBDC as part of its financial transformation program<\/em><\/strong><\/p>\n<p>In October, the Central Bank of Oman (CBO) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CentralBank_OM\/status\/1578036142196359173\">urged<\/a> citizens to exercise caution when transacting with cryptocurrencies, given the risks of fraud around the asset.<\/p>\n<p>In repeated advisories, CBO warned it has yet to license any entity to trade in cryptocurrencies in Oman and that currency banking laws do not cover any digital or virtual currencies and activities involving their use.<\/p>\n<p>However, the warning did not stop Omanis from holding and investing in the asset. According to the recent Souq Analyst survey, about 65,000 residents, or 1.9% of the adult population, own cryptocurrencies in the country.<\/p>\n<p>The study found that 62% of locals own crypto for the long term, while 25% said they use digital assets for learning and education. The rest said they use cryptocurrencies for daily trading.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/oman-to-establish-regulatory-framework-for-virtual-assets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Oman to establish regulatory framework for virtual assets &#8220; The Capital Market Authority (CMA), the regulator of Oman\u2019s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate. According to a Feb. 14 press release, the new rules would include oversight of virtual asset activities, a licensing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":553051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/48a4d28f-1015-4dc1-812d-9149980a0da6.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,74863,70934],"class_list":["post-553050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-cryptocurrencies","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553050","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=553050"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/553050\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/553051"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=553050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=553050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=553050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}