Cryptocurrency is not recognized as legal tender in Oman, according to the Central Bank of Oman (CBO). In coordination with the National Centre for Financial Information, the CBO has confirmed that pursuant to Oman laws, cryptocurrencies are not legal tender in the Sultanate of Oman, and the CBO has not issued any license or authorization to any entity for dealing in cryptocurrencies (1). However, the use of cryptocurrency remains legal but unregulated, with individuals able to hold and trade digital assets at their own risk.
The Capital Market Authority (CMA) has announced plans to establish a comprehensive regulatory framework for Virtual Assets and Virtual Asset Service Providers in Oman. This proactive approach aims to develop the digital assets and fintech industry while providing an alternative financing and investment platform for issuers and investors (2). The CMA is in the process of defining a regulatory framework that will include new regulations to cover all virtual assets activities, a licensing framework for all VASP categories, and a supervisory framework to identify, assess, and mitigate ongoing risks (2).
"Members of the public are cautioned that users, holders and traders of cryptocurrencies and similar products may be exposed to potential financial, operational, legal, and security related risks, in addition to the lack of customer protection."
The proposed regulatory framework is envisaged to cover activities such as crypto assets, tokens, crypto exchanges, and initial coin offerings, among others. The regulation for virtual assets in Oman will provide a clear and secure framework for the growth of the virtual assets industry, aligning with the Sultanate's Vision 2040 of a digitally transformed economy and financial sector while attracting foreign investments (2). Until the comprehensive framework is fully implemented, anyone dealing in cryptocurrencies does so at their own risk and responsibility, as these products are neither guaranteed by the CBO nor protected by Banking Law No. 114/2000 (1).
Source:
https://omannews.gov.om/topics/en/79/show/3584
https://fsa.gov.om/Home/ReadMore?id=9560&id=9560
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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