Cryptocurrency trading start-up, Easy Coins, has achieved the distinction of becoming Oman’s inaugural virtual assets service provider (VASP) to receive official registration from the Capital Market Authority (CMA).
Easy Coins commenced its operations in Oman in 2021, predating the establishment of regulatory oversight for the cryptocurrency sector within the nation. Upon its inception, the introduction of Easy Coins prompted the formation of a task force tasked with evaluating the trajectory of cryptocurrency activities’ regulation or prohibition in Oman.
The responsibility of formulating a regulatory framework for the virtual assets sector now rests with the CMA. As a step towards this regulation, the CMA initiated a registration procedure for virtual assets service providers in Oman that align with the requirements set forth by the Financial Action Task Force (FATF).
In the year 2021, Easy Coins stood out as the pioneer in introducing a virtual assets platform within Oman. Now, it garners distinction as the first recipient of CMA registration as a VASP, as per an official statement.
HH Sayyid Azzan bin Qais al Said, co-founder of Easy Coins, articulated, “Easy Coins has been operational for a span of two years, during which it has been self-regulating its operations since inception. Consequently, when the CMA launched its registration protocol for VASPs, we were promptly able to fulfill both CMA’s and FATF’s prerequisites.”
Dr. Khalid Tahhan, co-founder of Easy Coins, expressed, “Our stance at Easy Coins is rooted in the belief that societal innovation perpetually outpaces regulatory measures in any sector or nation. Hence, to realize the central innovation tenet of Vision 2040, it remains imperative that the creative drive of society should not be impeded or delayed until regulatory authorities catch up. Instead, innovators should be encouraged to forge ahead, with regulators rapidly adapting to their progress.”
Presently, the CMA is engaged in crafting an encompassing and supportive regulatory framework. This forthcoming framework will encompass fresh regulations encompassing all activities related to virtual assets, an encompassing licensing structure for all categories of VASP, and a supervisory framework aimed at identifying, assessing, and mitigating ongoing risks.
The ever-evolving landscape of the MENA region’s cryptocurrency industry never ceases to amaze, and Oman’s entry as a registered virtual assets service provider adds another layer of innovation to this dynamic sector. As Easy Coins secures its place as the pioneering player in Oman’s crypto landscape, we remain hopeful that this momentum will persist, ushering in a new era of growth and opportunity for both the nation and the broader region.