Oman’s Financial Regulator Seeks Input on Proposed Virtual Asset Rules
Oman’s financial regulator is actively seeking input on its proposed virtual asset framework, a step closer to establishing regulations for the digital asset sector.
The Capital Market Authority (CMA) of Oman has released a consultation paper outlining its comprehensive approach to governing digital assets, including cryptocurrencies, with a focus on business requirements and market abuse prevention. The framework encompasses various types of virtual assets, such as utility tokens, security tokens, stablecoins, and other digital currencies, adhering to the Financial Action Task Force’s definition. Based on public feedback, there is a potential for the prohibition of privacy coin issuance.
The CMA may mandate virtual asset service providers (VASPs) to have a local presence, meet capital requirements, and maintain asset security. Stakeholders have until August 17 to provide feedback, following which the CMA will finalize the regulatory framework. This development follows extensive discussions and collaboration between regulatory bodies in Oman to address virtual asset activities and their potential impact on the financial landscape.
Clever Robot News Desk 8th August 2023
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