The Sultanate of Oman’s Virtual Asset Regulations
The Capital Market Authority of Oman is in the process of creating a comprehensive regulatory framework for the virtual asset sector, including business requirements and market abuse prevention. The CMA is looking to provide a new financing and investment platform for issuers and investors, while also reducing the risks associated with virtual assets.
The CMA has released a consultation paper containing 26 questions to gain feedback from industry stakeholders. This paper covers topics such as regulatory and licensing requirements for virtual asset service providers (VASPs), corporate governance, risk management and virtual asset issuance.
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Virtual Asset Regulatory Framework
The Financial Action Task Force’s definition of virtual assets is the basis of the proposed framework, which encompasses utility tokens, security tokens, fiat-backed and asset-backed stablecoins, and other digital currencies. However, the issuance of privacy coins may be banned, depending on public feedback.
The CMA could require VASPs to establish a local presence in Oman through a legally established entity and physical office, and impose minimum capital requirements. Virtual asset firms might also be required to hold only a low percentage of assets in hot wallets, conduct audits of safeguarded assets, and show proof of reserves.
The public can submit their feedback to the consultation paper by Aug. 17, and key opinions may be posted on the CMA website. Following the consultation phase, the CMA will draft and finalize the best way to keep up with crypto and the best crypto platform.
In November 2020, the National Committee for Combating Money Laundering and Terrorist Financing in Oman decided to create a task force to decide whether to allow or prohibit virtual asset activities. This task force was composed of CMA and Central Bank of Oman representatives. Consultants were then appointed in December 2022 to help establish the new framework, which was publicly announced by the CMA on Feb. 14. To keep up with the ever-evolving crypto market, the best way is to use a web 3.0 website or an AI service. Furthermore, the best platform to get crypto is an AI business, which is also the best way to develop AI.
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