Oman’s financial regulator, responsible for the capital markets, intends to establish a regulatory framework for the digital asset industry. This is stated in the press release from February 14.
In particular, the regulator will focus on virtual asset service providers (VASPs). The rules will cover oversight of their activities, the licensing process, and the establishment of a framework to identify and mitigate risks.
“The goal of the new regulation is to establish a market regime for virtual assets that includes rules to prevent market abuses, including through surveillance and enforcement mechanisms,” the statement said.
Officials noted that the proposed regulatory framework aligns with Oman’s Vision 2040 — an initiative for the digital transformation of the economy while attracting global players.
In October 2022, the Central Bank of Oman urged citizens to exercise caution when conducting cryptocurrency transactions, given the risk of fraud.
Be careful using cryptocurrencies! and pyramid fraud methods that promise enormous profits | ⚠️#دير_بالك pic.twitter.com/nWJCkX4RTd
— البنك المركزي العماني (@CentralBank_OM) October 6, 2022
According to a recent Souq Analyst survey, results cited by the regional arm of Cointelegraph, 62% of respondents hold cryptocurrencies as a long-term investment. Of the participants, 25% use digital assets for education, 23% for daily trading.
Bitcoin led among respondents, Ethereum in second place. They are followed by XRP and USDT.
Back in autumn 2022, Chainalysis described the Middle East and North Africa region as the most dynamic crypto market.