During a discussion panel at the Youth Center in Muscat Oman, the Oman Central Bank governor Tahir Bin Salim Al Amri stated that the Central Bank of Oman along with many other central banks globally do not recognize crypto as currencies. He stated, “It is not a means of payment it is a commodity or an asset of some sort that is being traded mainly for capital gains.”

He also noted that while the Central Bank of Oman is keeping an open mind while maintaining caution because of the risky nature of crypto assets.

This month the Oman Capital Authority announced that it would be launching its virtual asset framework. Commenting on this the governor Al Amri stated that they were part of the creation of the framework.  He also noted that the Central Bank of Oman was in the process of developing its CBDC ( Central Bank Digital Currency), with a final decision expected to be announced at the end of 2023.

The proposed new regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others. The regulation for virtual assets in Oman is important, as it will provide a clear and secure framework for the growth of the virtual assets industry. The move towards digitalization and the adoption of virtual assets aligns with the Sultanate’s Vision 2040 of a digitally transformed economy and financial sector, while attracting foreign investments into Oman.