According to an advisorwith the authority, the tokenizing of real estate will open investmentopportunities for local and foreign investors. The advisor, Kemal Rizadi is seen and reported tohave made the remarks about tokenizing real estate property while attending theReal Estate Exhibition and Conference that was held in Muscat, Oman.
“The Regulatory Frameworkfor Virtual Assets and Virtual asset service providers currently beingestablished will allow the issuance of virtual assets such as real estatetokens for the first time in the Sultanate of Oman,” Rizadi stated.
The advisor suggested thetokenization of real estate — the supposed conversion of real estate propertyinto several blockchain-based tokens — will likely “open up investmentopportunities in the real estate sector for local and foreign investors.”
OCMA also announced inJanuary it was inviting bids from firms showing interest in helping the countryset up a regulatory framework for virtual assets. Interested bidders had tosubmit tenders before March 23.
Meanwhile, Rizadi isquoted in the report revealing that the capital markets authority is currentlyworking with experts whom he said will help“Oman draft an internationally benchmarked regulatory framework.”
