The Oman Capital Market Authority is likely reviewing a virtual asset regulatory framework for the crypto industry, which could soon set new crypto rules.
Crypto regulatory laws could see a new dawn in the Sultanate of Oman due to a recent development. The Oman Capital Market Authority, one of its main financial regulators, is behind it. The regulator is likely to develop a new virtual assets regulatory framework for the country.
It has invited public opinion for the new crypto regulations. It recently released a consultation paper on the proposed laws, a detailed document describing the framework.
The document stated the authority saying, “The aim of this new framework is to establish a comprehensive yet adaptable regime for the rapidly evolving (virtual assets) sector, that includes prudential and conduct of business requirements, as well as rules to prevent market abuse, including through surveillance and enforcement mechanisms, and around the issuance of virtual assets.”
The consultation document has several questions on various issues regarding the new rules. Industry stakeholders could reply to the questions with their opinions and suggestions. The questions cover risk management, virtual asset service providers, corporate governance, and others.
The regulator has announced time till August 17 for the responses. Oman’s government has been deliberating crypto regulations for a long time. But this is the first time they have released the consultation document. The UAE has been a shining example of a crypto hub in the Middle East. Countries like Saudi Arabia have also taken the lead recently.