Oman integrates real estate tokenization into the regulatory framework for virtual assets

The Oman Capital Markets Authority (OCMA) has decided to integrate real estate tokenization into the regulatory framework for virtual assets. According to one of the authority’s advisors, real estate coding will open investment opportunities for local and foreign investors. Real estate tokenization creates investment opportunities The Oman Capital Market Authority (OCMA) is scheduled to include real estate tokenization in its regulatory framework. 

For virtual assets, according to a report quoting one of the Authority’s advisors. According to the report, Oman expects to finalize the formulation of the regulatory framework for virtual assets by the third quarter of 2022. Advisor Kamal Razadi reportedly made his remarks on the tokenization of real estate properties while attending 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,” Al Razadi explained. The advisor suggested that real estate tokenization – the supposed conversion of real estate properties into multiple blockchain-based tokens – would likely “open up investment opportunities in the real estate sector for local and foreign investors.” Standard regulatory framework for virtual assets The Omani Capital Markets Authority (OCMA) announced in January that it would invite companies interested in helping the country to submit bids for companies in establishing a regulatory framework for virtual assets.

Note that interested bidders were supposed to submit bids before March 23. But in the meantime, the report quoted Razadi as saying that the Capital Markets Authority is currently working with experts who have made clear their desire to help Oman “formulate this standard regulatory framework internationally.”