According to a report citing an OCMA advisor, the Oman Capital Market Authority is planning to include real estate tokenization in its virtual asset regulatory framework. According to the report, Oman expects to complete the regulatory framework for virtual assets by the third quarter of 2022.
Kemal Rizadi the advisor of OCMA said to have made the remarks about tokenizing real estate property. He said this while he was attending the Real Estate Exhibition and Conference in Muscat, Oman.
Rizadi further said, “The Regulatory Framework for Virtual Assets and Virtual asset service providers currently being established 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, the tokenization of real estate, the alleged conversion of real estate property into several blockchain-based tokens, will most likely “open up investment opportunities in the real estate sector for both local and foreign investors.”
He further noted that the Virtual Assets Regulatory Framework will include the launch of crypto exchanges. He explained “Crypto exchanges will enable investors to invest in real estate tokens providing more liquidity to property developers interested in raising funds for their projects. This will attract a far wider investor based to enter the market.”