Share this text
In a transfer to convey crypto regulation to Oman, the nation’s Capital Market Authority (CMA) is inviting public and business feedback on its proposed regulatory framework governing digital belongings.
The session paper, printed on July 27, outlines a complete regime for the digital asset sector, together with enterprise necessities and market abuse prevention:
“The aim of this new framework is to establish a comprehensive yet adaptable regime for the rapidly evolving VA 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 proposal arrives as nations worldwide study the potential of digital belongings, with the CMA seeking to steadiness innovation and threat in its native market. It contains 26 questions, permitting business stakeholders to supply insights on regulatory and licensing necessities for digital asset service suppliers, company governance, threat administration and digital asset issuance.
The session paper emphasizes utility tokens, safety tokens, fiat-backed and asset-backed stablecoins, and different digital currencies in keeping with the Financial Action Task Force’s definition of digital belongings.
A possible prohibition on privateness coin issuance can also be into account, together with necessities for VASPs to determine an area presence in Oman:
“The CMA will prohibit the use of privacy coins and the activity linked to such assets, such as the use of tumblers, mixers, privacy-enhanced wallets and other technologies that obscure the identity of the sender, recipient, holder, or beneficial owner of a VA.”
The paper units an Aug. 17 deadline for public suggestions, following which the CMA will draft and finalize the regulatory framework.
This transfer builds on earlier discussions that started in November 2020, when Oman’s National Committee for Combating Money Laundering and Terrorist Financing determined to check whether or not to ban or allow digital asset actions.