Published: 17.04.2022
Article reading time:
2 minutes.
The Oman Capital Market Authority (OCMA), amid the booming crypto industry in the country, is exploring the possibility of attracting investment to the real estate market through digital assets.
OCMA intends to include real estate tokenization in its regulatory framework for digital assets, which the authorities expect to complete by the third quarter of 2022. Omani Governance Advisor Kemal Rizadi, during a real estate conference in Muscat, announced the possibility of real estate tokenization:
“The regulatory framework for virtual assets and virtual asset service providers currently being established will allow for the first time in the Sultanate the issuance of virtual assets such as real estate tokens.”
The OSMA adviser explained that he was referring to the transformation of development projects into blockchain-based tokens, which “will open up opportunities in the real estate sector for local and foreign investors.” The agency is now working with experts to help Oman “develop a regulatory framework that meets international standards.”
The Sultanate has been moving towards the adoption of the crypto industry for years. The country started using cryptocurrencies back in 2019 for international transactions. Then, the second largest bank in Oman, Bank Dhofar, whose total income in 2017 reached $28.2 million, announced the use of RippleNet technology for international transfers to India. In January 2022, OCMA announced that it was inviting participation from companies interested in supporting the state in creating a regulatory framework for regulating cryptocurrencies.
Source: Bits
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