The aim of the new framework is "to establish a comprehensive yet adaptable regime for the rapidly evolving virtual assets sector, that includes prudential and conduct of business requirements, as well as rules to prevent market abuse, including through surveillance and enforcement mechanisms, and around the issuance of virtual assets." 

The CMA is seeking to provide an alternative financing and investment platform for issuers and investors, while mitigating the risks associated with this virtual asset class.

To prepare for this upcoming framework, the CMA is conducting a consultation on key elements of the framework as well as the proposed requirements for licensing VASPs and issuers of VAs. To facilitate VASPs' and issuers’ preparation for this regulatory framework, this consultation provides further information on the proposed transitional arrangements and other implementation details.

This consultation paper is structured as follows:

• Proposals for certain key definitions and the reasoning for adopting such definitions.

• Key proposed regulatory requirements for VASPs to obtain an operational licence under the regulatory framework.

• Proposed regulatory requirements, including registration and licensing requirements, for the issuance of VAs in or from the Sultanate of Oman.

• Proposals on the approach to application processing including expected timeframes and related fees.

• Proposed transitional arrangements that would allow existing operators of VA businesses in the Sultanate of Oman to transition into the new regime.

Deadline for comments is 17 August 2023.