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Oman financial regulator seeks feedback on proposed virtual asset framework

– The Sultanate of Oman is seeking public feedback on its proposed regulatory framework for virtual assets, such as cryptocurrencies.

– The Capital Market Authority of Oman is drafting a comprehensive regime for the virtual asset sector, which includes business requirements and market abuse prevention.

– The consultation paper includes 26 questions for industry stakeholders to provide their opinion on regulatory and licensing requirements, corporate governance, risk management, and virtual asset issuance.

– The proposed framework covers utility tokens, security tokens, stablecoins, and other digital currencies that fall under the Financial Action Task Force’s definition of virtual assets.

– Privacy coins might be banned, pending public feedback.

– VASPs might be required to establish a local presence in Oman and meet minimum capital requirements.

– The public can submit feedback until August 17, and key opinions may be posted on the CMA website.

– The CMA will draft and finalize the regulatory framework after the consultation phase.

– Discussions on regulating the virtual asset industry in Oman began in November 2020.

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