Oman's financial regulator, the Capital Markets Authority (CMA), recently invited interested companies to help create a regulatory framework for virtual assets and participate in a bidding process. According to a report by Unlock Media, this process of creating the regulatory framework will be divided into two stages. The first part will identify and define the legislative and regulatory framework necessary for the regulation of virtual goods. It will also establish the appropriate guarantees for investors.
The next stage, according to the report, will involve training and technical support for the CMA, as well as creating the work manual modules. Meanwhile, in a screenshot of the tender announcement shared by a Twitter user, the CMA asks "specialized" companies wishing to participate in the tender process to pay a bid and submit the required documents that include a copy of the certificate commercial registration. The CMA's tender comes several months after the country's central bank warned Oman residents of the risks of cryptocurrency trading. The invitation to tender also comes almost four months after the launch by the central bank of a task force in charge of studying the pros and cons of authorizing the use of cryptocurrencies. According to the tender announcement, interested companies must submit their proposals by 23 March 2022.