Oman: Crowdfunding Rule Changes Announced

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Oman: Crowdfunding Rule Changes Announced

Times of Oman, 21 November 2021: Oman’s Capital Market Authority has announced crowdfunding rule changes.

They have been approved as part of amendments to the Implementing Regulations to the Capital Market Law.

Under the amendments, licensing companies cannot specialise in managing crowdfunding platforms if their capital is less than 25,000 Riyals.

Companies wanting to engage in activities will be exempt from licensing fees of 155,000 Rials until January 2023. The aim is to stimulate the establishment of platforms and support owners of SMEs.

Licensed companies will have to provide an electronic system which allows four types of financing. These are donation, rewards, contribution to ownership and debt instruments.

Those operating these platforms will have to display all disclosures issued by the applicants for financing on the same platform.

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Marlé Van Sandwyk