Oman‘s financial regulator responsible for capital markets plans to create a regulatory framework for the digital asset industry.
According to a press release dated February 14, in particular, the regulator will focus on virtual asset service providers. The rules will include the oversight of their activities, the licensing process, and the formation of a structure to identify and mitigate risks.
The report says:
“The purpose of the new regulation is to establish a market regime for virtual assets, which includes rules to prevent market abuse, including through supervisory and enforcement mechanisms.”
The authorities of the country have noted that the proposed regulatory framework is in line with Oman’s Vision 2040, an initiative to digitally transform the economy while engaging global players.