Parliament’s New Legislative Year Saturday: Cryptocurrencies Will Be Discussed!

In the last legislative year of the 27th term of the Turkish Grand National Assembly, work will begin on 1 October. The opening speech of President Recep Tayyip Erdoğan will take place in the special session to be held at 14.00. Cryptocurrencies are also on the agenda this period. Here are the details.

Parliament enters the new legislative year: What’s on the agenda?

It was decided that the Turkish Grand National Assembly would take a recess, starting from Friday, July 1 and meeting on Saturday, October 1 at 14.00. In other words, the Parliament will start the new legislative year to meet on Saturday, October 1 at 14.00. One of the first agenda topics of the Assembly is the “disinformation law”, the talks of which were postponed. Age at retirement (EYT) will also be one of the topics to be discussed.

It is planned that the interest of the loan debts of the students to the Credit and Hostels Institution (KYK) will be deleted and the legal regulations including the 7th judicial package will be passed by the Parliament. The reception, which could not be held due to the pandemic, will take place two years later. Mustafa Şentop, Speaker of the Grand National Assembly of Turkey, will host the reception.

Is there a regulation for cryptocurrencies?

Although there are many topics on the parliamentary agenda, one of the most curious in the field of crypto money is the issue of regulation. In particular, the legislative proposal, which is expected to include framework regulations to increase the reliability of crypto money companies, is pointed out. With this bill, it is thought that international crypto money companies will be able to establish companies in Turkey, that these companies will be required to obtain a license from the Capital Markets Board and to provide technical infrastructure adequacy.

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Turkey and the cryptocurrency market

Falls in the lira and rising inflation reduced the value of their savings. For this reason, cryptocurrencies have become attractive to Turks. But the asset class has been raised by concerns about the dangers it may pose to the broader financial system. It faces strict scrutiny. Legislation, which presents requirements such as capital requirements on platforms, is expected to enter into force. Our country, shaken by the collapse of several cryptocurrency exchanges last year, has signaled tighter surveillance. As we have reported, government officials began to closely monitor the cryptocurrency space, especially after Thodex ceased operations and the CEO of the platform fled abroad. This Thodex incident resulted in many investors not getting their investment back right away. He also left a deep mark on Turkey’s crypto history. Meanwhile, Thodex CEO Faruk Fatih Özer was caught in Albania recently.

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