Officials assured that the aim of the government’s legislative initiative is to create a comprehensive yet adaptable regime for the Sultanate’s burgeoning virtual asset sector.
The document includes 26 proposals to provide industry stakeholders with insight into future regulatory and licensing requirements for digital asset service providers, corporate governance, risk management, supervisory and enforcement mechanisms, and the issuance of virtual assets.
In addition a potential ban on the issuance of privacy coins, the use of mixers, privacy-enhanced wallets and other technologies that conceal a user’s identity is also being considered. An additional requirement for Virtual Asset Service Providers (VASPs) will be the mandatory presence of a company representative office in Oman.
For the first time, the Capital Market Authority of Oman has stated
the need to develop and implement legislation for the sultanate’s nascent crypto sector in mid-February.