CMA issues Instructions for Registration of VASPs and Implementation of AML/CTF Requirements
In its endeavors to enhance the protection from money laundering and terrorism financing practices, and to ensure the safety of the national economy from such practices in view of diversified investment options including virtual assets in the Sultanate of Oman, the Capital Market Authority issued Decision No. 35/2023 on the Instructions for Registration of Virtual Assets Services Providers and Implementation of Anti-Money Laundering and Combating Financing Terrorism as an initial step for issuance of the regulatory framework for licensing, supervision and regulation of virtual assets services providers in the Sultanate of Oman, which is currently under preparation in collaboration with a consultant firm.
The instructions were issued to register VASPs to obligate them to comply with AML/CFT requirements. Virtual assets refer to any digital representation of value that can be digitally traded, transferred or used for payment and investment.
The decision emphasized that VASPS must adjust their situation within three months from the date of effect of the decision.
The instructions stipulate that any person can only carry out the virtual assets activity in Oman after registration with the CMA. The instructions comprise the activities of virtual assets services providers, registration requirements and processes, customer risk assessment procedures, products and services etc. They emphasized on putting in place internal procedures and policies, suspicious transaction reporting, providing information for the National Centre for Financial Information as well as provisions for transfer of virtual assets and precautionary measures prior to transferring.
The decision obliged the VASPs who are legal persons incorporated in the Sultanate of Oman and the natural persons who have place of business in Oman and VASPs who are legal or natural persons who offer or render virtual assets service in the Sultanate of Oman to register with the CMA and explained the method of application for registration and the required documents and statements