– The Sultanate of Oman is working on launching its own virtual asset regulations.
– The Capital Market Authority of Oman is drafting a comprehensive regime for the virtual asset sector.
– The proposed framework covers utility tokens, security tokens, stablecoins, and other digital currencies defined by the Financial Action Task Force.
– However, the issuance of privacy coins might be banned, pending public feedback.
– The consultation paper includes 26 questions for industry stakeholders to provide their opinions.
– The CMA may require virtual asset service providers to establish a local presence and impose minimum capital requirements.
– Feedback on the consultation paper must be submitted by August 17.
– The CMA will draft and finalize the regulatory framework after the consultation phase.