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The Oman Capital Markets Authority (OMA) has launched a tender for assistance in establishing a legal framework for the regulation of virtual assets.
The authorities of the Sultanate of Oman announced the start of work on the formation of a regulatory framework for the legalization of cryptocurrencies on January 24. CMA together with the Central Bank of Oman (CBO) invited companies interested in the tender to submit their proposals until March 23, 2022 inclusive.
Before a decision is made to legalize transactions with cryptocurrencies in Oman, regulators want to be sure that participants in the country’s cryptocurrency market can be legally protected.
“The breathtaking speed at which virtual assets like cryptocurrencies are evolving around the world continues to pose significant challenges for regulators,” said CBO Executive President Tahir Bin Salim Al Amri.
According to the terms of the tender, the process of creating a regulatory framework is divided into two stages. At the first stage, it is necessary to formulate blocks of legislative and regulatory initiatives. The second is to train CMA specialists and technical support. All works are carried out at the expense of the tender winner’s own funds; at the initial stage, SMA does not plan to compensate for the costs incurred.
In mid-2021, the CBO set up a working group to study the economic advantages and disadvantages of using cryptocurrencies in the country.
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