Real property tokenization is about to be integrated into Oman Capital Markets Authority (OCMA)’s digital asset regulatory framework. According to an advisor with the authority, the tokenizing of actual property will open funding alternatives for native and overseas buyers.
Real Estate Tokenization Creates Investment Opportunities
Oman Capital Market Authority (OCMA) is about to embody actual property tokenization in its digital asset regulatory framework, a report quoting an advisor of the authority has mentioned. According to the report, Oman expects to full drafting the digital belongings regulatory framework by Q3 of 2022.
The advisor, Kemal Rizadi is reported to have made the remarks about tokenizing actual property property whereas attending the Real Estate Exhibition and Conference that was held in Muscat, Oman.
“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,” Rizadi is quoted explaining.
The advisor advised the tokenization of actual property — the supposed conversion of actual property property into a number of blockchain-based tokens — will doubtless “open up investment opportunities in the real estate sector for local and foreign investors.”
Internationally Benchmarked Regulatory Framework
As beforehand reported by Bitcoin.com News, OCMA introduced in January it was inviting bids from corporations in serving to the nation arrange a regulatory framework for digital belongings. Interested bidders had to submit tenders earlier than March 23.
Meanwhile, Rizadi is quoted in the report revealing that the capital markets authority is presently working with consultants whom he mentioned will assist Oman “draft an internationally benchmarked regulatory framework.”
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