Easy Coins, a local startup cryptocurrency brokerage, initiated its operations in Oman in 2021, preceding the establishment of regulatory oversight for this sector within the Sultanate.
Subsequent to their launch, a dedicated task force was convened to assess the country’s approach to regulating such endeavours within the Sultanate. The conclusion was reached that regulatory measures would yield greater effectiveness, leading to the designation of the Capital Markets Authority (CMA) as the governing body responsible for crafting the regulatory framework for this sector.
As a component of the regulatory process, the CMA introduced a registration procedure for virtual asset service providers in the Sultanate. This protocol mandated compliance with the KYC/AML and TF requirements outlined by the Financial Action Task Force.
In 2021, Easy Coins became the pioneering entity to introduce a virtual assets platform within the Sultanate, subsequently earning the distinction of being the first to attain registration under the aegis of the capital markets as a Virtual Asset Service Provider (VASP).
HH Sayyid Azzan Bin Qais Al Said said: “Easy Coins has been in operation for two years and has been self-regulating its operations since its launch. Hence, when CMA initiated its registration process for Virtual Asset Service Providers, we were able to instantly meet CMA’s and FATF’s KYC/AML requirements.“
Furthermore, Dr. Khalid Tahhan added: “We at Easy Coins believe that innovation from society will always be ahead of any regulator in any industry and nation. That’s why for Oman Vision 2040’s primary innovation pillar to be properly realised, it is essential that innovation from society should not be slowed down or hindered till regulators catch up, but rather it is essential for innovators to innovate and regulators to catch up with them rapidly.
“We commend the capital markets for their rapid response and acclimatisation towards innovations in virtual assets and believe with such adaptable regulators, this industry will have a healthy place in Oman to flourish.”
The virtual assets sector in Oman seems to be continually growing stronger with multiple mining operations being established, exchanges now with easy coins and an upcoming stable coin pegged to the Oman riyal by the name of ‘Hasalah’.
*This story was originally published as a press release.
