By George Ward
The cryptocurrency world has seen exponential growth over the past few years, with investors and enthusiasts from all walks of life jumping into the fray. Every country and region has its unique demographic of digital asset holders, and Oman is no exception.
The latest research conducted by Souq Analyst has uncovered important details concerning the demographics of crypto owners in Oman. The research revealed that more than 65,000 Omani citizens own digital assets.
Surprisingly, most of those who own these assets are college- or high school-educated, the majority being between 18 and 44 years old. This figure is an exciting finding, even though the holders are just 1.9% of the residents.
Also, the report reveals that a remarkable 97.9% of Omani adults know cryptocurrency, signifying a rise in cognizance. Furthermore, the Souq Analyst study of over 200 people showed that two-thirds of crypto owners in Oman had a Bachelor’s degree or higher, while a quarter had graduated high school.
Also, the study results show that over 55% of crypto owners in Oman possess BTC, with just below 50% holding Ethereum and about 25% owning the Tether-issued stablecoin USDT. These statistics give an insight into the crypto portfolio of individuals in Oman.
In addition, the survey results revealed that approximately 12.5% of crypto asset holders had portfolios exceeding $25,900 (10,000 Oman rials). In contrast, over one-third had crypto assets worth less than $259.
Oman May Pass Regulation Laws on Crypto Assets
It is still unclear what the outcome will be for virtual currencies in Oman. Yet, there are speculations that the nation may contemplate controlling cryptocurrency assets.
In a report dated back to October last year, Oman’s Capital Market Authority (CMA) is taking steps to develop regulations for crypto assets. This report signals a favorable attitude towards digital assets in the nation and a proactive approach to fintech.
Kemal Rizadi Arbi, an expert/advisor with the CMA, declared at the IFN Oman Forum 2022 that all digital assets in Oman would be subject to regulation, except the payment system. According to him, it is the central bank’s responsibility to present these regulations.
Arbi expressed optimism that a regulatory framework will be achieved by the end of the year. This framework will incorporate digital assets, non-interchangeable tokens, cryptographic exchanges, and first-time coin offerings.
Upon the initiation of these regulations, Oman will be on par with its neighboring countries in accepting virtual tokens at a time when approximately 50 nations have decided to reject this asset.
As more Omani residents become involved in digital assets, they will require more detailed information regarding their use and deployment. Hence, the Souq Analyst study is a great starting point for them or anyone else to learn more about this burgeoning field.
With the right resources and knowledge, Omani residents can become a leading force in the global cryptocurrency revolution and make the most of its opportunities.