Muscat – The decisions cancelled the licenses of the companies and will be deregistered from the register of the companies operating in the field of securities.

The administrative penalties were imposed because the companies failed to engage in activities since their establishment, as per Article 123/a of the Executive Regulation of the Capital Market Law (Decision No. 1/2009). This action was part of a review of licenses granted to companies operating in the securities sector to engage in crowdfunding, which began in 2022. This was the first year of the crowdfunding market in Oman following the issuance of the crowdfunding regulation under Decision No. 153/2021.

It is noteworthy that seven companies are licensed to carry out crowdfunding activities, but only five have actually started providing funding to emerging companies, including small and medium-sized enterprises, with a total funding amounting to RO 8.7 million. Over 140 companies have benefited from these platforms between 2022 and 2024.