The crypto markets appear the greenest it has looked in 2022 so far. While the Central Bank of Russia has proposed a full ban on cryptocurrencies last week over money laundering and terror financing fears, Oman is taking another positive approach towards the crypto sphere by inviting crypto and blockchain firms to help create a regulatory framework for all virtual assets.
Jordan on the other hand is exploring the possibilities of issuing its very own official digital currency but with a twist to it!
Oman Announces Tender for Regulatory Framework for Virtual Assets
The government of Oman wants to regulate cryptocurrencies as the Oman financial regulator, the Capital Markets Authority (CMA) has invited crypto and blockchain firms who are interested in helping the Sultanate set up a regulatory framework for virtual assets, to submit their bids before March 23, 2022.
According to a report by Unlock media, the first stage of it will include “identifying and setting out the legislative and regulatory framework required for the regulation of virtual assets in order to establish the proper safeguards for investors.
The second stage will include “providing training and technical support for the Capital MARKET Authority and setting up work manuals forms and proposals for the regulatory systems for the licensing supervision and regulations processes”.
Back in December, Oman Information and Communication Technology Group, Oman ICT Group, has inked deals to invest two of which were with Blockchain entities. Aiming to expand the company’s investment portfolio by investing in Blockchain firm known as Salasil Al Kutal to team up with Omantel to work on Internet of Things (IoT) projects.
UAE’s Al Fardan Exchange Announces Partnership With Ripplenet
UAE based Money transfer firm, Al Fardan Exchange, has teamed up with blockchain company Ripple to offer real-time remittances for cross border transactions. This means that Al Fardan exchange will join RippleNet Cloud, Ripple’s cloud-based global financial network, which offers connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper and more reliable for you and your customers across more than 55 countries with 120 currency pairs. Hasan Al Fardan, chief executive of Al Fardan Exchange said:
“We are well into a digital future and payments powered by technology, which is becoming key in the region. This partnership underscores our commitment to offer new channels and opportunities for people to remit money more securely, with more flexibility and convenience.”
Jordan Explores Launching its First CBDC
Jordan is currently exploring the possibilities of launching a Central Bank Digital Currency (CBDC), however, according to Jordan’s Central bank’s governor, Adel Sharkas, this CBDC will be “different from virtual currencies and is backed by the Jordanian dinar.”
It’s worth noting that Jordan have banned dealing with virtual currencies over terrorism funding fears.
