Oman Cryptocurrency Laws Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
Press statement by Central Bank of Oman from December 12, 2017 stated that cryptocurrency is not a legal tender in Oman and urged caution by Omani citizens, claiming that users assume the risk and responsibility of using cryptocurrency and similar products.[1] As of July 2020, the Oman government’s stance remains the same, the use of cryptocurrency is legal but unregulated.[2] Holding and trading cryptocurrency is neither guaranteed by Oman’s Central Bank nor protected by Banking Law No. 114/2000 as a Central Bank money.[3] Regulation may be on the Oman government’s agenda, as blockchain technology has been implemented to facilitate elections by the Muscat Clearing House.
P.S. Insights on Cryptocurrency Legal Issues
Most jurisdictions and authorities have yet to enact laws governing cryptocurrencies, meaning that, for most countries, the legality of crypto mining remains unclear.
Under the Financial Crimes Enforcement Network (FinCEN), crypto miners are considered money transmitters, so they may be subject to the laws that govern that activity. In Israel, for instance, crypto mining is treated as a business and is subject to corporate income tax. In India and elsewhere, regulatory uncertainty persists, although Canada and the United States are relatively friendly to crypto mining.
However, apart from jurisdictions that have specifically banned cryptocurrency-related activities, very few countries prohibit crypto mining.
Our Freeman Law Cryptocurrency Law Resource page provides a summary of the legal status of cryptocurrency for each country across the globe with statutory or regulatory provisions governing cryptocurrency. The globe below provides links to country-by-country summaries:
[1] Cryptocurrency World Survey, Oman, https://www.loc.gov/law/help/cryptocurrency/world-survey.php#_ftnref532; Central Bank of Oman Warns Against Crypto Investments, Unlock-bc.COM (July 20, 2020), https://www.unlock-bc.com/news/2020-07-20/central-bank-of-oman-warns-against-crypto-investments
[2]Cryptocurrency Regulation Tracker, Proelium Law.Com, https://proeliumlaw.com/cryptocurrency-regulation-tracker/.
[3]Oman Observer, CBO Issues Cautionary Notice on Use of Cryptocurrencies (July 19, 2020), https://www.omanobserver.om/cbo-issues-cautionary-notice-on-use-of-cryptocurrencies/
