Real estate tokenization will be a part of the virtual asset regulatory framework developed by the Oman Capital Markets Authority (OCMA). According to a government advisor, tokenizing real estate will increase investment opportunities for both domestic and foreign investors.
Tokenization of real estate creates investment opportunities.
The Oman Capital Market Authority (OCMA) is planning to include real estate tokenization in its virtual asset regulatory framework, according to a report citing an OCMA advisor. According to the report, Oman expects 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 about tokenizing real estate property while attending the Real Estate Exhibition and Conference in Muscat, Oman.
“The Regulatory Framework for Virtual Assets and Virtual Asset Service Providers, which is currently being established,” Rizadi is quoted as saying, “will allow the issuance of virtual assets such as real estate tokens for the first time in the Sultanate of Oman.”
According to the advisor, real estate tokenization — the alleged 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.”
Regulatory Framework that is Internationally Benchmarked
As previously reported by Bitcoin.com News, the OCMA invited bids in January from firms interested in assisting the country in developing a regulatory framework for virtual assets. Tenders from interested parties had to be submitted by March 23.
Meanwhile, Rizadi is quoted in the report as saying that the capital markets authority is currently working with experts to “draft an internationally benchmarked regulatory framework” for Oman.