- Easy Coins is now Oman’s first registered virtual assets service provider (VASP).
- The company has been operating in Oman since 2021, even before the country had established regulations for the cryptocurrency field.
- The CMA is currently crafting a comprehensive and supportive regulatory framework for the virtual assets sector.
The world of cryptocurrency in Oman has a new milestone thanks to Easy Coins, a cryptocurrency trading startup. It’s now the country’s very first registered virtual assets service provider (VASP), a recognition granted by Oman’s Capital Market Authority (CMA).
Easy Coins kicked off its operations in Oman back in 2021, even before the country had established regulations for the cryptocurrency field. This launch prompted the formation of a special task force to figure out how to regulate or potentially restrict cryptocurrency activities in Oman.
Now, the task of creating a regulatory framework for the virtual assets sector lies with the CMA. As a step toward this, the CMA introduced a registration process for VASPs in line with the standards set by the Financial Action Task Force (FATF).
In 2021, Easy Coins stepped up as the pioneer, introducing a platform for virtual assets in Oman. Fast forward to now, and it’s proudly the first VASP to officially register with the CMA, as confirmed by an official statement.
HH Sayyid Azzan bin Qais al Said, co-founder of Easy Coins, said, “Easy Coins has been running for two years and has been self-regulating from the beginning. So when the CMA launched its registration process for VASPs, we were already meeting both CMA’s and FATF’s requirements.”
Dr. Khalid Tahhan, another co-founder of Easy Coins, emphasized, “At Easy Coins, we believe that societal innovation often outpaces regulations. To truly embrace the innovation of Vision 2040, it’s essential that society’s creative drive isn’t slowed down by regulations. Instead, innovators should be encouraged to keep moving forward, with regulators adapting to their progress.”
Right now, the CMA is actively crafting a comprehensive and supportive regulatory framework. This upcoming framework will include new rules covering all virtual asset-related activities, a licensing structure for different VASP categories, and a supervisory system to manage ongoing risks.
The ever-evolving landscape of the cryptocurrency scene in the Middle East and North Africa never fails to impress. Oman’s entrance as a registered virtual assets service provider adds another layer of innovation to this dynamic sector. As Easy Coins secures its role as a pioneer in Oman’s crypto scene, we can only hope this momentum continues, ushering in a fresh era of growth and opportunity for the country and the broader region.