Oman invites experts to create a regulatory framework for crypto assets

Omani authorities call specialized companies interested in helping the country set up a regulatory framework for virtual assets to submit their proposals. Interested companies have to submit their proposals by March 23, 2022.

The Oman financial watchdog, 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 Bitcoin.com.

Creating the regulatory framework will be divided into two phases, Unlock Media reported. The first part will identify and set out the legislative and regulatory framework required to regulate virtual assets. It will also establish the proper safeguards for investors.

According to the report, the next phase will involve training and technical support for the CMA as well as 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.

The CMA’s floating of the tender comes several months after the country’s central bank warned Oman residents of the risks of cryptocurrency trading. The tender invitation also comes nearly four months after the central bank’s launch of a task force mandated with studying the pros and cons of authorizing the use of cryptocurrencies.

Back in September, UAE’s financial regulator (NAMLCFTC) has adopted a regulatory framework for virtual assets. With this, Middle East regulators seek coordination among public and private sectors to combat money laundering and terror financing.