Oman follows the UAE in developing legislation on virtual assets

Oman, following the example of the United Arab Emirates, is actively developing new legislation in the field of virtual assets

The Sultanate of Oman Capital Market Authority (CMA), the body responsible for the regulation and development of the country’s financial markets, has announced its plans to create a new legal framework for the regulation of virtual assets (VA) and virtual asset service providers (VASPs).

CMA is currently actively working on the development of a regulatory framework that will include new regulations covering all aspects of VA activities, as well as the introduction of a licensing system for all categories of VASPs and oversight mechanisms aimed at identifying, assessing and mitigating existing risks.

The new legislation is expected to cover a wide range of activities, including cryptocurrencies, tokens, cryptocurrency exchanges, and initial public coin offerings, among others.

The consultation paper is available in Arabic and English.