While the Oman Capital Markets Authority awaits feedback for its virtual assets framework consultation paper, it has approved registry of Oman’s Easy Coins, a non custodial crypto provider, as the first VASP in the country. Easy Coins has been operating in Oman for over two years. In December 2022 Easy Coins launched its trial of Tether USDT on the Tron Blockchain. Accordingly Easy Coin users in Oman could purchase TRC20 USDT. Prior to that The Oman Water and Waste Water Services Company ( OWWSC), member of Nama Group, trialed its stablecoin linked to the Oman Riyal. The company signed an MOU with Oman based Digital Digits, the creators of Easy coins and Connected Chains to trial “ Hasalah” a stablecoin Wallet. Easy Coins was launched in Oman in June 2021, as a non custodial crypto Brokerage platform, The platform is powered by Quantoz Blockchain Technology for financial services, and running on Nexus from connectedChains and supported by ThawaniPay. Given that Easy Co...

At the end of July 2023, the Oman Capital Market Authority issued a Public Consultation Paper on its Virtual Assets Regulatory Framework. The Capital Market Authority, Sultanate of Oman (CMA), which regulates and develops Oman's financial markets for the capital market and insurance sectors, had earlier announced its plans to establish the new regulatory framework for Virtual Assets (VA) and Virtual Asset Service Providers (VASP). As per the Oman Capital Market Authority announcement, the entity is currently in the process of drafting the comprehensive and facilitative regulatory framework, which will include a new regulation to cover all virtual assets activities, a licensing framework for all VASP categories and a supervisory framework to identify, assess, and mitigate ongoing risks. This is being done after the CMA had made an extensive global analysis and benchmarking with other jurisdictions. The proposed new regulatory framework is envisaged to cover activities such as ...

  Oman based Mamun to develop secondary token crowd funding market after receiving license from Oman Capital Market Authority Oman based Mamun, has been awarded a full crowd funding license by Oman’s Capital Market Authority, with plans to offer a crowd funding token based secondary market utilizing its recent partnership with Fasset token exchange platform. The recent license is also a pre-approval for a PSP (Payment Service Provider) license by the Central Bank of Oman. As a fintech infrastructure-as-a-service provider, Mamun offers a proprietary technology platform that empowers telecommunication companies, banks, and large startups with the tools and capabilities necessary to roll out fintech services and products, including popular solutions like Foodics. Excitingly, Mamun has recently announced a strategic partnership with Fasset, a renowned innovator in the field. This collaboration aims to co-create advanced products that further enhance Mamun's holistic approach to ...

  Oman Capital Market Authority recently issued its new Securities Law (46/2022 ) which  stipulates that the authority can “Agree to application of technologies, virtual digital investments or any products or services in the areas related to the provisions of this law, as set out in the Regulation.” In an article in Oman Observer, Sheikh Abdullah Bin Salim Al Salmi, Executive President of the   Oman Capital Market Authority states, “ The law will contribute to the growth of FinTech based services as the law authorizes the authority to regulate innovative financing, approval of FinTech based apps and virtual investments. The law also allows expanding the financing options by regulating new products and services.” In March of 2022, Oman Capital Markets Authority (CMA), invited companies interested in helping it set up a regulatory framework for virtual assets to participate in a tender process. According to sources, the regulatory framework should be finalized by Q3 ...

The Executive President of the Central Bank of Oman, Mr. Tahir Salim Al Amri, commented during the 7t Edition of the new Age Banking Summit on the topic of CBDCs (Central Bank Digital Currencies) As per a tweet from Oman News Agency stated, “The Central Bank of Oman is working to issue its own CBDC. Many central banks are studying the possibility of issuing their own CBDCs and the Central Bank of Oman is committed to supporting innovation in the financial sector." He also mentioned that work was underway to open banking API services and overcoming challenges that face the digitization sector, and stressed the importance of cyber security. In April 2022, Oman Capital Market Authority announced that it would incorporate real estate tokenization within its virtual assets regulation as well as license crypto exchanges. The Oman virtual asset regulation will be finalized by Q3 of 2022. Kemal Rizadi, Advisor at the Oman Capital Market Authority made these comments during the ...