Oman Invites Bids From Firms Interested in Creating Regulatory Framework for Virtual Assets – Regulation Bitcoin News

Oman’s authorities have invited specialized firms to send their proposals in order to help the country establish a framework for virtual assets. The deadline for interested companies to submit proposals is March 23, 2022.

Separated into Two Phases

Capital Markets Authority, Oman’s financial regulator, recently asked companies to help it establish a framework for virtual assets.

Unlock Media has reported that this regulatory process will consist of two stages. First, the first will establish the regulatory and legislative framework necessary for regulation of virtual assets. This will establish investor protections.

According to the report the next phase will include training and technical support for CMA, as well as the creation of work manuals forms. Meanwhile, in a screenshot of the tender advertisement shared by a Twitter user, the CMA asks “specialized” companies that wish to participate in the tender process to pay a tender and to submit the required documents which include a copy of the commercial registration certificate.

Crypto Taskforce

The CMA’s floating of the tender comes several months after the country’s central bank warned Oman residents of the risks of cryptocurrency trading. The tender invitation also comes nearly four months after the central bank’s launch of a task force mandated with studying the pros and cons of authorizing the use of cryptocurrencies.

The tender announcement states that interested parties must submit their proposals by March 23rd 2022.

Your thoughts? Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.