The Oman Capital Markets Authority’s (OCMA) virtual asset regulatory framework will include real estate tokenization. The tokenization of real estate, according to an authority advisor, will open investment opportunities for both local and foreign investors.
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.
For the first time, “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 as 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.”
As previously reported by Bitcoin.com News, OCMA announced in January that 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.”