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- The Capital Market Authority of Oman published a consultation document on July 27.
- The deadline for feedback on the consultation document is set for August 17.
As its financial markets regulator seeks public input on its proposed regulatory framework for digital assets, including cryptocurrency, the Sultanate of Oman is advancing towards the establishment of its own virtual asset regulations.
Following public input, the Capital Market Authority (CMA) of Oman issued a consultation document on July 27, detailing its intentions to formulate comprehensive regulations for the virtual asset sector.
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The consultation document contains 26 questions aimed at gathering insights from relevant stakeholders. It includes recommendations on the regulation and licensing of Virtual Asset Service Providers (VASPs), as well as guidance on corporate governance, risk management, and the issuance of virtual assets.
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The proposed framework encompasses all digital currencies that align with the Financial Action Task Force’s (FATF) definition of virtual assets. However, public sentiment may influence a potential ban on the distribution of privacy coins.
The CMA may also establish minimum capital requirements for VASPs and require them to operate in Oman through a legally recognized entity with a physical office. If implemented, the regulations could also stipulate that virtual asset firms maintain a small portion of their assets in “hot wallets,” conduct audits, and provide proof of reserves.
The deadline for feedback on the consultation document is August 17, and the CMA may publish selected responses on its website.
Once the consultation phase for developing the virtual asset framework concludes, the CMA will formulate and approve the regulatory structure. Discussions regarding the regulation of the virtual asset industry in Oman commenced prior to the CMA’s announcement in February about creating a regulatory framework.
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