Sultanate 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.

A short-term bull rise in the inverted Flag pattern channel was seen in the Bitcoin price. Coin prices have fallen to a common support level of the rising trend line and $40000 due to the latest crypto market sell-off. A bullish reversal to the $45000 level may be seen in the decrease in volume activity. According to CMC, the Bitcoin price today is $40,469.26 USD with a 24-hour trading volume of $16,848,679,881 USD. Bitcoin is up 0.93% in the last 24 hours.