It looks as though the Sultanate could soon join the ranks of countries with a robust framework for regulating digital currencies. That’s right – in a recent announcement, the Capital Market Authority (CMA) declared that Oman is considering passing new rules to help guide everyone through the ins and outs of the dynamic digital asset industry.
Despite their warnings to citizens against investing in digital assets, Oman is still home to 65,000 digital asset holders, so now is the time for pre-emptive action. After all, it’s best to be prepared!
The CMA’s freshly proposed rules, if approved, would provide direct oversight of activities such as digital currency issuance, ICOs, and various token custodial services. Additionally, the rules could initiate a licensing regime designed to mitigate the risks inherent in digital currencies.
Furthermore, the CMA sought the expertise of XReg Consulting Limited, a specialist in digital assets, to aid it in preparing the regulations. Though their aim was to regulate the sector, the CMA did not set a timeline for the rules to be put into effect but specified that these steps were consistent with the Vision 2040 goal of the nation.
Marching Towards a Blockbuster Blockchain Future!
Oman’s plan to leapfrog every other Gulf country’s digitization aspirations might be a little bit of an ambitious move! Despite the goals set by its Gulf neighbors, Oman definitely won’t have an easy ride to the top.
The United Arab Emirates has already taken the lead in several aspects, from Dubai’s strong regulations in the industry to the metaverse they’re experimenting with! International blockchain technology firms have already set up shops in the UAE, allowing them to provide services to the rest of the Middle East.
Moreover, Saudi Arabia’s new alliance with Sandbox signals an upcoming shift into the digital world.