Oman to Integrate Real Estate Tokenization into Virtual Assets Regulatory Framework – Bitcoin Regulation News

Real estate tokenization is expected to be incorporated into the virtual assets regulatory framework of the Oman Capital Markets Authority (OCMA). According to an adviser to the authority, the tokenization of real estate will open up investment opportunities for local and foreign investors.

Real estate tokenization creates investment opportunities

The Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its regulatory framework for virtual assets, said a report citing an adviser to the authority. According to the report, Oman plans to complete the drafting of the virtual assets regulatory framework by the third quarter of 2022.

The adviser, Kemal Rizadi, is said to have made remarks on real estate tokenization while attending the real estate exhibition and conference held in Muscat, Oman.

“The regulatory framework for virtual assets and virtual asset service providers being established will enable the issuance of virtual assets such as real estate tokens for the first time in the Sultanate of Oman,” Rizadi said. cited to explain.

The adviser suggested that real estate tokenization – the supposed conversion of real estate into multiple blockchain-based tokens – is likely to open investment opportunities in the real estate sector for local and foreign investors.

International reference regulatory framework

As previously reported by News, the OCMA announced in January that it was seeking bids from companies interested in helping the country establish a regulatory framework for virtual assets. Interested bidders had to submit their bids by March 23.

Meanwhile, Rizadi is quoted in the report revealing that the Capital Markets Authority is currently working with experts who he says will help Oman ‘draft an internationally benchmarked regulatory framework’.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

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