News

First crowdfunding platform to be licensed before year-end

09 August 2021

 The Board of Directors of the Capital Market Authority (CMA) has approved amendments to capital market legislations to license crowdfunding platforms in the Sultanate as innovative financing instruments and financial techs enabling entrepreneurs, micro, small and medium enterprises to get more appropriate financing mechanisms.

The Board emphasized the importance of launching such type of financing products for their significance as financing options for small and medium enterprises in the Sultanate to enhance economic development, creations of jobs and financial inclusion.

Laws regulating crowdfunding platforms are in their final stages of preparation and the CMA will take into consideration, in setting out the rules, that they will not be transformed into lending institutions in the conventional sense and will post them for consultation and feedback from the public. CMA intends to license the first crowdfunding platform in Oman before the end of this year.

Source: https://www.omanobserver.om/article/1105067/business/economy/first-crowdfunding-platform-to-be-licensed-before-year-end


Related News

OSH in COMEX 33
OSH is active and online again, starting in COMEX 33 - 2024 ...
26 May, 2024
Omani duo creates country’s first digital identity platform
Muscat – Techies Ahmed al Marjeby and Mahmood al Lawati have created a platform, called Nashid ...
26 September, 2022
Female Taxi pilot to be launched in Muscat
A 'Female Taxi' service, to be operated by female drivers only, will be launched on a trial ...
13 January, 2022