Legal Crypto In Oman

Overview of Cryptocurrency Legality in Oman

Status of Cryptocurrency under the Law

Cryptocurrencies like Bitcoin are legal but unregulated in Oman as of July 2020. In 2020 the Central Bank of Oman (CBO) published a notice alerting to the fact that "cryptocurrencies are not legal tenders or payment instruments" in Oman. Some individuals and entities may store and trade them, but do so without regulatory safeguards and are thereby exposed to risks such as market fluctuation, fraud and the absence of consumer protections.

Laws and Regulations that Apply to the Cryptocurrency Market

Oman has not passed any laws addressing cryptocurrencies, using the existing financial laws as guidance. The C.B.O., the central financial regulator, has also warned of the risks posed by cryptocurrencies, including money laundering and cybercrime. General AML and CTF provisions, promulgated pursuant to the Executive Regulations of the CBO, may apply in relation to cryptocurrency transactions with regulated entities. Crypto-specific CMA guidelines have not yet been published, though the CMA may choose to regulate activities that are similar to securities offerings, including some token offerings. The tax treatment for such transactions involving cryptocurrencies there is no clear legal stance but income tax (regulations) generally at least those issued by the MoF should be considered.

Laws and Regulations Table

Popular Exchanges and Means of Exchange

There are no Omani exchanges for buying or selling cryptocurrency, people are using international exchanges. Most popular exchanges include Binance, with a wide range of trading pairs and P2P trading facility; Coinbase, famous for regulatory compliance and security; and Kraken, good for high security and low support for fiat. Ways to exchangeThe ways to exchange cryptocurrency for OMR are local P2P services, OTC trading services for large trades, and select fiat on-ramps for converting OMR to cryptocurrency. There are no cryptocurrency ATMs available in Oman.

DeFi in Oman

Decentralized Finance (DeFi) is a suite of blockchain-based financial services (lending, trading) that do not require traditional intermediaries. DeFi use remains low in Oman because it hardly has any blockchain infrastructure. Sophisticated users are using global platforms such as Uniswap for token swaps, Aave for lending and borrowing and Compound for earning interest, often through their wallets such as MetaMask. Because DeFi is not regulated, users take on potential risk factors such as smart contract security issues. The worldwide DeFi market is expected to expand from US$13.6 billion in 2022 to US$600 billion in 2032 so this could have implications for future adoption in Oman.

NFTs in Oman

However, Non-Fungible Tokens (NFTs) are digital assets that are able to run on blockchains and come with distinct values, for example, digital arts, collectibles or virtual objects. The NFT market in Oman is an untouched territory that has no local platforms available for sale. Users also trawl global markets like OpenSea for art and collectibles, Rarible for NFT creation and trade, and Foundation for digital art. NFTs are not regulated but then they could be if they fall under AML/CTF or securities laws. Limited knowledge of blockchain is a barrier to adoption.

Oman’s Blockchain Programs and Vision 2040

One of the characteristics of Oman with regards to cryptocurrencies, is being consistent with Oman Vision 2040, a national plan, aiming to cut the economy's reliance on oil, and drive digital transformation. The Ministry of Transport, Communications and IT (MTCIT) has launched blockchain initiatives to improve areas such as logistics and public services. The Port of Salalah, a major gateway for regional trade, for instance, has tested blockchain for trade documentation and supply chain visibility since 2022. MTCIT has also worked with local universities including Sultan Qaboos University to establish blockchain research programmes to stimulate innovative practices. These efforts suggest that Oman could introduce crypto regulations to help achieve its digital economy objectives, but to date no crypto laws are in place as of June 2025.

Risks and Challenges

The unregulated nature of the cryptocurrency market in Oman exposes to risks of fraud, scams (phishing or fake platforms as an example), money laundering (because of the fact that cryptocurrencies transactions are anonymous), high market volatility affecting cryptocurrencies and NFTs. There are no consumer protections for users and recourse is limited in case of losses.

Useful Information

• Local Blockchain Events: Occasional tech conferences such as the COMEX Technology Exhibition in Muscat take place which includes blockchain and crypto related topics, and are great to meet with regional thought leaders.
• Omani FinTech Organizations: The sponsored by the Oman Banks Association and offers insights on disruptive technologies like blockchain and could be somewhere crypto advocates could tap from.
• P2P Trading through Local Payment Platforms: Platforms such as BankDhofar’s mobile app or Thawani (Oman’s e-payment system) are occasionally used for P2P crypto trades albeit not officially supported for crypto dealings.
• Blockchain Courses: Sultan Qaboos University and Oman College of Management and Technology have developed short programs on blockchain technology designed for professionals in Oman.
• Oman-Specific Crypto Communities: Telegram’s Oman Technology Network is Omani’s personal online forum, where you can find people discussing and sharing insights in crypto trading and the blockchain in general.
• Government Blockchain Sandbox: The MTCIT is currently working to implement a regulatory sandbox for blockchain start-ups, including projects involving crypto, applications for which are submitted through the Invest Oman portal.
• Cultural Considerations: On platforms like OpenSea, Omani users who trade NFTs tend to favour assets that characteristic Islamic art or heritage, to fit in with cultural norms.

Conclusion

Oman – Cryptos Legal but Unregulated, Central Bank Say is Not Legal Tender Cryptocurrencies are legal in Oman, however, unregulated as the Central Bank of Oman is notified that they are not legal tender. Users rely on international exchanges including Binance, Coinbase and Kraken, and DeFi markets and NFT markets are still emergent and unregulated. EDBX in Oman Especially with Vision 2040, Oman special blockchain focused projects, particularly in logistic and educational sectors hint at possible future incorporation of cryptocurrencies in its digital economy. The laws table provides guidance on the regulations while the Oman-specific, action-oriented list of information provides tools for taking action. If you one of those who is confused with mixed signals and throttling noise due to Plato level of fear has sabotaged your plans, keep calm and be safe, but keep yourself informed with all the regulations that should accompany our regulations while enjoying the digital transformation in Oman.