1. BITBILIHome
  2. Article

Oman takes a significant leap forward with Proposed 2023 Digital Asset Laws

• 117 views

TL;DR Breakdown

  • Oman’s financial regulator has published a proposal to regulate digital assets and crypto service providers.
  • The draft framework covers licensing, custody requirements, token issuance rules, and seeks industry feedback.
  • Oman aims to enable digital asset innovation while managing risks as adoption grows in the Middle East.

Description

The Capital Market Authority (CMA) of Oman is finalizing a comprehensive framework to regulate digital assets and virtual asset service providers (VASPs) in the country. The CMA recently published a consultation paper outlining key aspects of the proposed regulations. The framework aims to provide a platform for digital asset issuance and investment while mitigating risks. … Read more

The Capital Market Authority (CMA) of Oman is finalizing a comprehensive framework to regulate digital assets and virtual asset service providers (VASPs) in the country.

The CMA recently published a consultation paper outlining key aspects of the proposed regulations. The framework aims to provide a platform for digital asset issuance and investment while mitigating risks.

Key areas covered include licensing requirements, minimum capital requirements for VASPs, secure custody of digital assets, and disclosure rules around token issuance. The CMA is seeking feedback from industry stakeholders on issues like required audits for token issuers and the use of privacy coins.

Responses to the consultation paper are due by August 17th. The input will help shape the CMA’s final policy.

Oman’s progress on digital asset regulation comes as adoption grows in the Middle East, led by the United Arab Emirates. However, risks around anti-money laundering and terrorist financing have slowed the embrace of cryptocurrencies.

Regional outlook on digital asset adoption

While Oman moves forward with crafting regulations, its neighbors in the region are taking a varied approach to digital assets.

The UAE has been the most proactive in the Middle East in developing a regulatory framework and promoting blockchain technology. It has attracted many virtual asset companies and aspires to be a global crypto hub.

Saudi Arabia has also shown support through partnerships between government entities and crypto exchanges. However, Qatar and other countries are proceeding cautiously.

Qatar recently received criticism from the Financial Action Task Force over gaps in its digital currency supervision and enforcement of anti-money laundering controls.

Oman’s measured approach

Oman appears to be taking a more measured approach as it finalizes its new digital asset regulations. The CMA’s work dates back to 2020, when it first considered digital asset legislation. At the time, banning cryptocurrencies altogether was also discussed.

If implemented, the new framework would provide legal clarity for digital token issuance and trading in Oman. The regulations aim to balance innovation in the sector with risk management.

By crafting comprehensive legislation, Oman could emerge as a welcoming destination for virtual asset companies in the Middle East. With thorough oversight of the industry, the country hopes to reap the benefits of digital asset adoption.

The CMA consultation paper represents significant progress. But it remains to be seen how emerging digital asset regulations will be enacted and enforced.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Oman takes a significant leap forward with Proposed 2023 Digital Asset Laws

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月14日 07:06
Next 2023年8月14日 13:02

Related articles

  • BRICS’ India thinks de-dollarization is not possible

    TL;DR Breakdown The idea of sidelining the U.S. dollar in global trade remains distant, despite appeals for de-dollarization. India’s Oil Minister believes the dollar will continue to dominate international oil markets. Indian refiners have experimented with alternate currencies, like the yuan, due to sanctions on Russia. BRICS nations are exploring the idea of a common currency to strengthen their economic bloc. Description While global trade sees a flurry of currencies in motion, the idea of completely sidelining the U.S. dollar in favor of others, like the yuan, ruble, or rupee, remains a distant dream. Within the BRICS alliance, India stands firm in its belief that the mighty dollar’s dominance won’t wane anytime soon, despite the appeal of … Read more While global trade sees a flurry of currencies in motion, the idea of completely sidelining the U.S. dollar in favor of others, like the yuan, ruble, or rupee, remains a distant dream. Within the BRICS alliance, India stands firm in its belief that the mighty dollar’s dominance won’t wane anytime soon, despite the appeal of de-dollarization. The Lure of Local…

    Article 2023年8月26日

  • SEC’s last chance to salvage reputation after many embarrassments

    TL;DR Breakdown The SEC is at a pivotal moment after numerous setbacks in the crypto arena. Michael Anderson predicts a strategic communication shift from the SEC, signaling their control over the crypto industry. Wall Street joins in the criticism, with many seeing the SEC’s actions as power grabs. Description The clock is ticking on the US Securities and Exchange Commission (SEC) to regain its tarnished image after consecutive missteps in the cryptocurrency sphere. The embattled agency now stands at a precipice, where its actions could spell redemption or deepen its quagmire. But amidst the rubble of criticism, there might just be a lifeline for … Read more The clock is ticking on the US Securities and Exchange Commission (SEC) to regain its tarnished image after consecutive missteps in the cryptocurrency sphere. The embattled agency now stands at a precipice, where its actions could spell redemption or deepen its quagmire. But amidst the rubble of criticism, there might just be a lifeline for the regulatory giant. Strategy Pivot in the Making Michael Anderson, of Framework Ventures, has forecasted a seismic shift…

    Article 2023年9月5日

  • Binance CEO warns of new scam targeting crypto users

    TL;DR Breakdown Binance CEO Changpeng “CZ” Zhao warns of a new scam using mirrored wallet addresses, targeting crypto users. Experienced operators have already fallen victim, with one losing $20 million before a timely response prevented further loss. The scam can be avoided through blockchain domains like the Ethereum Name Service, strong, unique passwords, and two-factor authentication. Description Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend. Deceptive addresses and dust transactions CZ revealed a … Read more Changpeng “CZ” Zhao, the CEO of Binance, has brought to light a deceptive crypto scam that targeted his users. This latest ploy involves a sophisticated manipulation of wallet addresses, which has already led to significant financial loss for some. Here’s a detailed insight into this alarming trend. Deceptive addresses and dust transactions CZ revealed a new scam that has alarmed the crypto community. The fraudsters…

    Article 2023年8月3日

  • Political backlash looms over UBS-Credit Suisse deal as UBS seeks to avoid taxpayer funding

    TL;DR Breakdown UBS aims to announce that its rescue of Credit Suisse will not rely on funding from Swiss taxpayers, as it faces political backlash ahead of national elections. UBS executives are confident in keeping losses below SFr5 billion and intend to avoid using the SFr9 billion backstop provided by the Swiss government. The decision not to tap into taxpayers’ money will be driven by the business case and UBS’s commitment to limiting dependence on state support, while also avoiding potential limitations on returning excess capital to shareholders. Description UBS Group AG, Switzerland’s largest bank, is set to make a decisive statement next month, clarifying that its rescue of Credit Suisse will not involve funding from Swiss taxpayers, according to a report by the Financial Times on Sunday. However, the bank intends to alleviate the mounting political pressure surrounding the deal, particularly with national … Read more UBS Group AG, Switzerland’s largest bank, is set to make a decisive statement next month, clarifying that its rescue of Credit Suisse will not involve funding from Swiss taxpayers, according to a report…

    Article 2023年7月5日

  • McCarthy blames Washington’s spending for tax hikes

    TL;DR Breakdown House Speaker Kevin McCarthy blames over-spending, not insufficient revenue, for tax hikes. He holds steadfast against raising taxes, and suggests a spending cap instead. During a meeting with President Biden, the White House Speaker reiterated opposition to a “clean debt ceiling bill” and defense spending caps. In an emphatic stand for fiscal conservatism, House Speaker Kevin McCarthy has pointed to unrestrained governmental expenditure as the primary driver for tax hikes. Consistently maintaining his stance against rising tax rates, McCarthy is striving to curtail Washington’s mounting spending habits. McCarthy’s candid message In a straightforward video message, McCarthy emphasized that there is no shortage of revenue streaming into the government. Instead, he persuasively argued, the crux of the problem is the escalating level of spending that has touched unparalleled heights in contemporary history. Rather than resorting to higher taxes to top up the Treasury, the Speaker firmly underscored the urgent need to keep a check on the spending. He maintained that currently, government revenue is higher than the 50-year average and has been higher only twice in history. However, he…

    Article 2023年5月25日
TOP