The Capital Markets Authority (CMA), Oman’s financial regulator, has asked firms which are interested in the establishment of a regulatory framework for virtual assets. The regulator announced it as a tender form, and the process of participation is bidding. According to the tender notice, interested firms must submit proposals by March 23, 2022.
According to a report by Unlock Media, the regulatory framework creation process would be split into two sections. The first section will identify and lay out the legal and regulatory framework that will be necessary to regulate virtual assets. It will also provide sufficient investment protection.
According to the report, the next steps would include CMA training and technical assistance, as well as the creation of work guidelines and forms. Meanwhile, the CMA urges “specialist” organisations who want to participate in the tender process to pay a tender and submit the relevant papers, which include a copy of the commercial registration certificate, according to a screenshot of the tender advertising supplied by a Twitter user.
The CMA’s announcement of the tender comes months after Oman’s central bank issued a warning to people about the dangers of cryptocurrency trading. The tender invitation comes almost four months after the central bank established a task group to examine the advantages and disadvantages of allowing the usage of cryptocurrency.
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