Oman’s Regulator Appears for Public Suggestions on Draft Crypto Regulation

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 property.

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 purpose of this new framework is to ascertain a complete but adaptable regime for the quickly evolving VA sector, that features prudential and conduct of enterprise necessities, in addition to guidelines to forestall market abuse, together with by means of surveillance and enforcement mechanisms, and across the issuance of digital property.”

The proposal arrives as international locations worldwide study the potential of digital property, with the CMA trying to stability innovation and danger in its native market. It consists of 26 questions, permitting business stakeholders to supply insights on regulatory and licensing necessities for digital asset service suppliers, company governance, danger 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 Monetary Motion Process Drive’s definition of digital property.

A possible prohibition on privateness coin issuance can be into consideration, together with necessities for VASPs to ascertain a neighborhood presence in Oman:

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 Nationwide Committee for Combating Cash Laundering and Terrorist Financing determined to review whether or not to ban or allow digital asset actions.