Oman has announced that it is looking into creating its crypto regulatory framework in the coming months. According to a statement by the financial regulator in the country, the new regulations would be available to guide the sector’s activities. In the report, the regulator mentioned that it would also create rules that would include exchanges and firms producing digital assets and another framework that would check users’ activities in the sector.
Oman wants a guideline for its crypto sector
In the announcement, the regulator mentioned that it would also introduce a framework to look into the risks surrounding each digital asset. The regulator said that Oman wants to create a regime where digital assets are put under controlled use. In addition, the regulator said it would enable proper enforcement of its rules by checking the activities of everyone involved in the market process.
The proposed guideline houses many activities that the regulatory body would check. These include ICOs, tokens, and many other market instruments and actions. The regulator has also enlisted the help of a legal outfit and crypto consulting firm to help with drafting the laws and their implications.
CBO warns users about the risk of digital assets
The regulator mentioned that this recent crypto framework is part of Oman’s vision for 2040. The country wants to attract global investors in all spheres while making Oman a digitally inclined country by the time. Although Oman is looking forward to achieving its aims in the allotted time frame, its premier bank has reservations about digital assets and the crypto industry. Last year, the bank warned investors to beware of digital assets transactions as fraudsters and hackers could target them.
In another warning, the central bank of Oman also issued a circular stating that it has yet to grant any firm permission to run its crypto exchanges and other crypto-related activities inside the country. However, the warnings have fallen on deaf ears as Omanis have continued to rack up digital assets by the numbers. According to a recent survey, close to 2% of the entire grown-up population in the country hold at least a digital asset. Of that population, about 62% have the asset for investment purposes, while 25% say they are learning about digital assets. Meanwhile, the other part of the population said that they are actively trading with digital asset.