The Capital Market Authority (CMA), which regulates and develops the Sultanate's financial markets for the capital market and insurance sectors, has announced its plans to establish a comprehensive and facilitative regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). This important initiative highlights Oman's growing recognition and proactive approach to the digital assets and fintech industry. Our team at SASLO are honored to have been appointed as the legal advisor to the CMA in this significant initiative.
This new regulation will cover all virtual asset activities, provide a licensing framework for all VASP categories, and establish a supervisory framework to identify, assess, and mitigate ongoing risks. The new regulatory framework aims to establish a market regime for virtual assets that includes rules to prevent market abuse, including through surveillance and enforcement mechanisms. With this move, Oman positions itself amongst regional leaders in the growing virtual assets industry, aligning with the Sultanate's Vision 2040 of a digitally transformed economy and financial sector and attracting foreign investments into the country.
SASLO has been appointed as legal advisor to the CMA, in collaboration with XReg Consulting Limited, an international policy and regulatory consultancy specializing in virtual assets, to assist in the creation of a comprehensive regulatory framework for virtual assets in Oman.
"We are committed to supporting the CMA in their efforts to develop and implement effective regulations that foster innovation and protect consumers in this complex and constantly evolving area of the financial industry." said Thamer Al-Shahry, Partner at SASLO. "I am honored to have the opportunity to contribute to this important initiative, and I am grateful for the trust placed in our team at SASLO to provide legal expertise to support the CMA in their efforts."
For more information on the Virtual Assets Regulatory Framework and the CMA's initiatives in regulating and developing the virtual assets industry in Oman, please visit the CMA website at https://cma.gov.om.