https://ift.tt/dSzmGN2 of Oman All Set to Incorporate Virtual Asset Regulation

• The virtual asset regulatory framework is expected to be finalized by Q3 of 2022.
• Oman’s capital markets administration is now engaging with specialists.

According to a source citing an OCMA adviser, the authority plans to incorporate real estate tokenization in its virtual asset regulatory framework. According to the report, the virtual asset regulatory framework is expected to be finalized by Q3 of 2022. It has been claimed that adviser Kemal Rizadi spoke about tokenizing real estate property while visiting the Real Estate Exhibition and Conference in Muscat, Oman.

Rizadi stated:

“Tokens for real estate will be issued in Oman for the first time, thanks to the Regulatory Framework for Virtual Assets and Virtual asset service providers.”

Regulatory Framework For Virtual Assets 

Tokenization of real estate, according to the adviser, would likely “open up investment opportunities in the real estate sector for local and foreign investors,” because of the alleged conversion of real estate property into multiple blockchain-based tokens.

It was previously revealed that the OCMA had invited bids from businesses interested in assisting the government put up a regulatory framework for virtual assets back in January of this year. The deadline for tender submissions was March 23 for interested bidders. Oman’s capital markets administration is now engaging with specialists who will assist Oman in “draft an internationally benchmarked regulatory framework,” as per Rizadi.

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