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The Oman Capital Market Authority (CMA) has stated it plans to ascertain a regulatory regime to control in addition to develop the nation’s digital belongings market. The regulator stated the envisaged regulatory regime allows it to avail an “different financing and funding platform for issuers and traders whereas mitigating the dangers related to this asset class.”
‘An Different Financing and Funding Platform’
The Oman monetary markets regulator, the Oman Capital Market Authority, has stated it plans to ascertain a digital belongings framework to “regulate and develop the market within the Sultanate of Oman.” In line with the regulator, this plan demonstrates its “proactive method to develop the digital belongings and fintech trade in Oman.”
Additionally as defined within the regulator’s Feb. 14 press release, the creation of the so-called digital belongings regulatory framework will allow the CMA to avail an “different financing and funding platform for issuers and traders, whereas mitigating the dangers related to this asset class.”
As beforehand reported by Bitcoin.com Information in Jan. 2022, CMA initially revealed plans to ascertain the regulatory regime after it invited bids from “specialised firms” fascinated about serving to Oman arrange a regulatory framework for digital belongings. Nonetheless, after spending multiple 12 months engaged on this, the group revealed within the newest press assertion that it’s now engaged on defining the framework.
“The CMA is within the technique of defining a complete and facilitative regulatory framework, which is able to embody a brand new regulation to cowl all digital belongings actions, a licensing framework for all VASP classes and a supervisory framework to establish, assess, and mitigate ongoing dangers,” the regulator stated.
The regulator added that the target of the envisaged regulatory regime is to ascertain guidelines which assist forestall market abuse.
In the meantime, the press launch additionally revealed that the CMA had chosen Xreg Consulting Restricted, a world coverage and regulatory consultancy specializing in digital belongings, as its adviser. The regulator has equally appointed the Omani legislation agency Stated Al-Shahry and Companions, Advocates & Authorized Consultants (SASLO), the press launch added.
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