Oman Invites Public Input on Virtual Asset Framework
Oman Invites Public Input on Virtual Asset Framework
The Sultanate of Oman has advanced in establishing its own Virtual Asset Regulations, as the country seeks public participation in shaping its proposed regulatory framework.
Remarkably, a significant aspect under consideration is the potential ban on privacy coins, a decision depending on the public's response.
The Capital Market Authority (CMA), Oman’s financial regulatory body, has recently released a consultation paper, outlining the groundwork for its regulatory initiative.
The CMA mainly aims to offer an alternative avenue for financing and investment to market participants, addressing potential risks associated with virtual assets.
Subsequently, the consultation paper comprises a series of 26 questions, designed to gather insights from industry stakeholders and the general public alike.
The questions span a broad array of topics, such as regulatory prerequisites for virtual asset service providers, corporate governance, risk management, and the issuance of tokens.
A notable aspect of the proposed framework lies in its coverage of various categories of virtual assets, as defined by the Financial Action Task Force (FATF).
Meanwhile, the issuance of privacy coins, which prioritize user anonymity, remains under scrutiny, with chances of prohibition under the new framework.
Interested individuals and stakeholders have until August 17 to submit their feedback on the consultation paper. Notably, key insights gathered from this public engagement initiative will be available on the CMA's official website.
Upon the end of the consultation phase, the CMA is poised to advance towards finalizing the regulatory framework.
Oman's aim toward virtual asset regulation was initially revealed in February, with the state publicly expressing its plan to establish its own Virtual Asset Framework.
In 2020, Oman established a task force in collaboration with officials from the CMA and the Central Bank of Oman, marking a significant step in steering this regulatory move toward its current stage.
