Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. A representative of the authority stated that tokenizing real estate will provide investors with investment options for both local and international.
Real Estate Tokenization Creates Investment Opportunities
Oman Capital Market Authority, (OCMA), is planning to incorporate real estate tokenization into its virtual assets regulatory framework. A report quoting an advisor from the authority said this. According to this report, Oman anticipates that it will complete the drafting of the virtual assets regulatory structure by the end of Q3-2022.
Kemal Rizadi, an advisor is said to have commented on tokenizing real-estate property during the Real Estate Exhibition and Conference held in Muscat (Oman).
“The Regulatory Framework for Virtual Assets and Virtual asset service providers currently being established will allow the issuance of virtual assets such as real estate tokens for the first time in the Sultanate of Oman,” Rizadi is quoted explaining.
The advisor suggested the tokenization of real estate — the supposed conversion of real estate property into several blockchain-based tokens — will likely “open up investment opportunities in the real estate sector for local and foreign investors.”
Internationally Recognized Regulatory Framework
Bitcoin.com News previously reported that OCMA had announced in January that it would be inviting firms to submit bids for the establishment of a national regulatory framework for virtual assets. Bidders interested in the country’s regulatory framework for virtual assets had to send tenders by March 23.
Meanwhile, Rizadi is quoted in the report revealing that the capital markets authority is currently working with experts whom he said will help Oman “draft an internationally benchmarked regulatory framework.”
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