Muscat – Easy Coins, a local start-up cryptocurrency trading platform, has become Oman’s first virtual assets service provider (VASP) to be registered by the Capital Market Authority (CMA).

Easy Coins began operations in Oman back in 2021 before the establishment of a regulator for this sector within the sultanate. Following the launch of Easy Coins, a task force was established to evaluate the country’s direction regarding the regulation or banning of cryptocurrency activities within Oman.

The CMA is now the regulatory body responsible for establishing the regulatory framework for the virtual assets sector. 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.

Easy Coins was the first entity to launch a virtual assets platform in 2021 in Oman and is now the first to have received the CMA registration as a VASP, according to a press release.

H H Sayyid Azzan bin Qais al Said, 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 realised, 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 in the process of drafting a comprehensive and facilitative regulatory framework, which will include new regulations 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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