Oman invites companies to help it set up a regulatory framework for cryptocurrencies.

The Oman financial regulator, the Capital Markets Authority (CMA), recently invited companies interested in helping it set up a regulatory framework for virtual assets to participate in a tender process. According to a report by Unlock Media, this process of creating the regulatory framework will be divided into two phases. The first part will identify and set out the legislative and regulatory framework required for the regulation of cryptocurrencies. 

 

Oman’s financial regulator will also establish the proper safeguards for investors.

Oman’s financial regulator will also establish the proper safeguards for investors. According to the report, the next phase will involve training and technical support for the CMA and creating the work manuals forms. Meanwhile, in a screenshot of the tender advertisement shared by a Twitter user, the CMA asks “specialized” companies that wish to participate in the tender process to pay a tender and submit the required documents, including a copy of the commercial registration certificate. 

According to the tender advertisement, interested companies need to file their proposals on or before March 23, 2022.

 

 

The central bank had launched a task force on crypto in 2021. 

The Central Bank of Oman had launched a high-level Oman cryptocurrency task force to study the economic advantages and disadvantages of authorizing the use of cryptocurrencies in the country last year. The Central Bank of Oman had cautioned users and traders of crypto on the risks involved especially given the lack of customer protection mechanisms. Tahir Bin Salim Al Amri, the Executive President, had said at the time, “the breathtaking speed at which virtual assets, such as cryptocurrencies are evolving globally is continuing to cause considerable challenges to regulators like the Central Bank of Oman.”