Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework – The Oman Capital Markets Authority’s virtual asset regulatory framework will include real estate tokenization. The tokenization of real estate, according to an authority advisor, will provide investment prospects for both local and international investors.
According to a source quoting an OCMA advisor, the authority is planning to incorporate real estate tokenization in its virtual asset regulation framework. Oman, according to the report, plans to finish crafting the virtual assets legal framework by the third quarter of 2022.
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Whilst participating in the Real Estate Exhibition and Conference in Muscat, Oman, the advisor, Kemal Rizadi, is said to have made suggestions concerning tokenizing real estate property.
“For the first time in the Sultanate of Oman, the Regulatory Framework for Virtual Assets and Virtual Asset Service Providers, which is presently being constructed, would allow the issuing of virtual assets such as real estate tokens.”
Rizadi is cited as saying:
“The advisor predicted that real estate tokenization, or the conversion of real estate property into a number of blockchain-based tokens, will open up investment prospects in the real estate industry for both local and international investors.”
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Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework – As previously reported, the OCMA said in January that it was seeking proposals from companies interested in assisting the country in developing a virtual asset regulatory framework. Bidders from interested parties were to be submitted by March 23.
Meanwhile, Rizadi is cited in the report as saying that the capital markets administration is collaborating with specialists to “create an internationally benchmarked regulatory framework” for Oman.
