Oman cracks down on unlicensed crypto mining, warns equipment suppliers
Sellers must verify buyers hold required licences before supplying mining equipment
Dubai: Oman has warned companies and individuals against selling or supplying cryptocurrency mining equipment to unlicensed operators, as authorities step up enforcement of regulations governing the sector.
The Ministry of Commerce, Industry and Investment Promotion said it had detected cases in which cryptocurrency mining equipment was being sold or supplied to individuals and entities that had not obtained the licences, permits and approvals required to carry out mining activities.
Get updated faster and for FREE: Download the Gulf News app now - simply click here.
Under a notice issued by the ministry, sellers are prohibited from completing transactions involving cryptocurrency mining equipment unless the buyer is legally authorised to conduct such activities.
Suppliers must verify before completing any sale that the purchaser has secured all required licences, permits and approvals from the competent authorities, the ministry said.
The checks must establish that the buyer is legally eligible to undertake cryptocurrency mining activities in Oman.
The ministry warned companies and individuals involved in the sale or supply of such equipment that failure to comply could result in legal and administrative action under the laws and regulations in force in the Sultanate.
