Omani cryptocurrency trading platform, Easy Coins, announced it became the first virtual assets service provider (VASP) to be registered by the Capital Market Authority (CMA).
The CMA is the regulatory body responsible for establishing the regulatory framework for the virtual assets sector.
The startup started back in 2021 before CMA was assigned the responsibility to issue approval for VASP.
As part of the process of regulating this sector, the CMA initiated a registration process for any virtual assets service providers in Oman that meet the Financial Action Task Force’s (FATF) requirements.
Sayyid Azzan bin Qais al Said, the co-founder of Easy Coins, said, “Easy Coins has been in operation for two years and has been self-regulating its operations since its launch. Hence, when the CMA initiated its registration process for VASPs, we were able to instantly meet the CMA’s and FATF’s requirements.”
Dr Khalid Tahhan, co-founder of Easy Coins, said, “We at Easy Coins believe that innovation from society will always be ahead of any regulator in any industry and nation. That is why for Vision 2040’s primary innovation pillar to be properly realized, it is essential that innovation from society should not be slowed down or hindered until regulators catch up, but rather it is essential for innovators to innovate and regulators to catch up with them rapidly.”
“We commend the CMA for their rapid response and acclimatization towards innovations in virtual assets and believe that with such adaptable regulators, this industry will have a healthy place in Oman to flourish,” he added. The CMA is currently working in amending the process of drafting an integrated regulatory framework, covering all virtual asset activities, a licensing framework for all VASP categories, and a supervisory framework to identify, assess, and mitigate ongoing risks.
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