Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors.
According to the report, Oman expects to complete drafting the virtual assets regulatory framework by Q3 of 2022.
The advisor, Kemal Rizadi is reported to have made the remarks about tokenizing real estate property while 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 suggested the tokenization of real estate — the supposed conversion of real estate property into several blockchain-based tokens — will likely “open up investment opportunities in the real estate sector for local and foreign investors.”
