Ak Party, Turkey’s ruling party, has held its first-ever metaverse meeting with a focus on crypto regulation. Mahir Unal, the deputy chairman of the Grand National Assembly of Turkey (TBMM), said crypto assets require financial and legal regulations.
Mustafa Elitas, who is also the TBMM’s deputy chairman, recognized that it’s impossible to stay out of the virtual world. He believes the metaverse-based meetings would be improved expeditiously. Elitas says the metaverse will become an essential part of our lives.
Omer Ileri, the vice-president of Ak Party, highlighted that blockchain technology has made digital ownership possible. Turkey is also looking at accelerating its metaverse efforts. Ileri said the metaverse is a nascent but quickly developing field. He predicted that it will impact industries positively in the near future. The political leader said that in virtual reality, the metaverse is open for development. There are product management and innovative business models as well. Ileri said the Ak Party wants to lead the way for the metaverse ecosystem in the country.
Acknowledging the challenges that come with it, he said like very new technology or innovation, there are legal, economic, and social aspects that need to be dealt with. The ruling party is working on policies regarding crypto-assets and social media. It wants to protect the Turkish citizens and simultaneously, empower the country’s innovation capabilities.
However, it should be noted that the Turkish Central Bank had banned the use of crypto assets as a form of payment in 2021. And President Recep Tayyip Erdogan is to present a crypto law. He was one of the critics of cryptocurrencies in the country and had even declared a war on them.