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Authorities in the Middle East state of Oman have asked specialised companies wishing to help the country set up a regulatory framework for virtual assets to submit their proposals. Interested businesses must submit their proposals no later than March 23, 2022.
Process Divided Into Two Phases
The Omani financial regulator, the Capital Markets Authority (CMA), has recently invited interested firms to help set up a regulatory framework for virtual assets to participate in a tendering process.
According to a report by Unlock Media, this process of creating the regulatory framework will be divided into two phases. Part 1 will define and establish the necessary legislative and regulatory framework for the regulation of virtual assets. It shall also establish appropriate protection measures for investors.
The next phase, according to the report, will include training and technical support for the CMA as well as the creation of workbook forms. Meanwhile, in a screen shot of the call for proposals announcement 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 offer's floating CMA 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 announcement states that interested companies must submit their proposals by March 23, 2022.
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