Real estate tokenization is set to be included in the Oman Capital Markets Authority (OCMA) regulatory framework for virtual assets. According to an adviser to the agency, real estate tokenization will open up investment opportunities for local and foreign investors.
Real estate tokenization creates investment opportunities
The Oman Capital Market Authority (OCMA) will include property tokenization in its regulatory framework for virtual assets, according to a report citing an adviser to the authority. According to the report, Oman expects to complete the drafting of the legal framework for virtual assets by the third quarter of 2022.
Advisor Kemal Rizadi is said to have made the remarks about real estate tokenization while attending the real estate exhibition and conference held in Muscat, Oman.
“The regulatory framework for virtual assets and virtual asset service providers that is 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 saying.
The advisor suggested that real estate tokenization — the purported conversion of real estate into multiple blockchain-based tokens — will likely “open up investment opportunities in the real estate sector for local and foreign investors.”
Internationally assessed regulatory framework
As previously reported by Bitcoin.com News, OCMA announced in January that it is soliciting bids from companies interested in helping the country establish a regulatory framework for virtual assets. Interested bidders had to submit their bids by March 23rd.
Meanwhile, Rizadi is quoted in the report as revealing that the Capital Markets Authority is currently working with experts who he said will help Oman “design an internationally benchmarked regulatory framework”.
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