Real estate tokenization will be introduced into the virtual asset regulatory framework of the Oman Capital Markets Authority (OCMA). According to a government advisor, tokenizing real estate will increase investment options for both domestic and foreign investors.
Tokenization of real estate creates investment opportunities.
The Oman Capital Market Authority (OCMA) is planning to incorporate real estate tokenization in its virtual asset regulation framework, according to a report citing an OCMA advisor. According to the research, Oman plans to complete the regulatory framework for virtual assets by the third quarter of 2022.
Kemal Rizadi, the advisor, is said to have made the remarks on tokenizing real estate property while visiting the Real Estate Exhibition and Conference in Muscat, Oman.
“The Regulatory Framework for Virtual Assets and Virtual Asset Service Providers, which is now being constructed,” Rizadi is cited as saying, “would allow the issuing of virtual assets such as real estate tokens for the first time in the Sultanate of Oman.”
According to the advisor, the tokenization of real estate — the alleged conversion of real estate property into multiple blockchain-based tokens — will most certainly “open up investment options in the real estate industry for both local and foreign investors.”
Internationally Recognized Regulatory Framework
The OCMA announced in January that it was seeking bids from organizations interested in assisting the country in developing a regulatory framework for virtual assets. Tenders from interested parties were due by March 23.
Meanwhile, Rizadi is reported in the report as saying that the capital markets body is now working with specialists to help Oman “create an internationally benchmarked regulatory framework.”