Real estate tokenization will be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. This is expected to open opportunities for both local and international investors.
Real Estate Tokenization to Open New Investment Opportunities
Oman Capital Market Authority (OCMA) has announced it will include real estate tokenization in its virtual asset regulatory framework, a report quoting one of the authority’s advisors said. The report pointed out that Oman will complete drafting the regulatory framework for digital assets in the 3rd quarter of 2022.
The advisor, Kemal Rizadi, made the remarks on tokenizing real estate property when attending a 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,” Rizadi said.
Tokenization is the process of converting real-estate properties into blockchain-based tokens. This process is expected to open new investment opportunities for both local and foreign investors.
In January, OCMA announced it was inviting bids from companies that would assist it in setting up a regulatory framework for virtual assets. Bidders had up to 23rd March.
Rizadi was also quoted saying that the capital markets authority is working with experts to help draw an internationally benchmarked legal framework for the country.
Real estate tokenization in Oman comes in the backdrop of another major crypto deal aimed at helping to reduce gas flaring. The country has partnered with Crusoe Energy, a US-based company, to use stranded natural gas to power block reward mining.