Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. The Oman virtual asset regulation will be finalized by Q3 of 2022.
Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022, Unlock Media reported.
The advisor Kemal Rizadi made the remarks about tokenizing real estate property while attending the Real Estate Exhibition and Conference that was held in Muscat, Oman.
“The Regulatory Framework for Virtual Assets and Virtual asset service providers currently being established will allow the issuance of virtual assets such as real estate tokens for the first time in the Sultanate of Oman,” Rizadi explained.
He suggested the tokenization of real estate – the supposed conversion of real estate property into several blockchain-based tokens – will likely “open up investment opportunities in the real estate sector for local and foreign investors.”
As reported in January, OCMA announced it was inviting bids from firms interested in helping the country set up a regulatory framework for virtual assets. Interested bidders had to submit tenders before March 23.
Meanwhile, as per Rizadi, “The Capital Markets Authority is currently engaging with experts to help draft an internationally benchmarked regulatory framework to govern virtual assets which might include cryptocurrencies and tokenized assets.”