The controversy between governments and adoption of blockchain technology is becoming unreal as Oman is set to establish a regulatory framework for virtual assets.
Governments around the world are pushing different news and warnings while there are regulatory frameworks that are being issued by the same government.
The Middle East is moving towards the adoption of blockchain technology as Oman seeks to position itself as a leader in the virtual asset adoption through a proposed regulatory framework for virtual assets.
According to a press release, the new regulatory framework includes oversight of virtual asset activities, licensing process for virtual asset service providers and a framework to identify and mitigate the risk surrounding the new asset class.
Several virtual asset activities under the proposed guidelines include issuing crypto assets, tokens, crypto exchange product and services, and initial coin offering among others.
The regulatory framework will be established by the Capital Market authority (CMA) which is Oman’s financial market regulator.
CMA, the financial market regulator, said the proposed regulatory framework is in line with Oman’s vision 2040, an initiative to transform the country’s economy by attracting global players to Oman.
Oman government and virtual assets
In October 2022, the Central Bank of Oman (CBO) warn citizen to exercise caution when transacting cryptocurrency
This warning did not stop Omanis from holding and investing in digital assets.
According to a recent survey, about 65,000 residents of the adult population own cryptocurrency in the country.
The study also revealed that 62% of the citizens own crypto for the long-term while 25% use these digital assets for learning and education.
The middle east is not new to adoption of blockchain technology; it is evident that the Oman government is only reforming what the citizens believed.
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