Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors.
Real Estate Tokenization Creates Investment Opportunities
Oman Capital Market Authority (OCMA) is set to include real estate tokenization in its virtual asset regulatory framework, a report quoting an advisor of the authority has said. According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.
The advisor, Kemal Rizadi is reported to have made the remarks about tokenizing real estate property while attending the Real Estate Exhibition and Conference that was 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,” Rizadi is quoted explaining.
The advisor suggested the tokenization of real estate — the supposed conversion of real estate property into several blockchain-based tokens — will likely “open up investment opportunities in the real estate sector for local and foreign investors.”
Internationally Benchmarked Regulatory Framework
As previously reported by Bitcoin.com News, OCMA announced in January it was inviting bids from firms interested in helping the country set up a regulatory framework for virtual assets. Interested bidders had to submit tenders before March 23.
Meanwhile, Rizadi is quoted in the report revealing that the capital markets authority is currently working with experts whom he said will help Oman “draft an internationally benchmarked regulatory framework.”
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Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.