Turkmenistan formally implement the Law on Virtual Assets legalizing cryptocurrency mining and crypto exchanges because it appears to spice up financial growth and appeal to overseas funding.
The brand new guidelines, which President Serdar Berdimuhamedov signed into legislation on Nov. 28, present a framework for the use, creation and change of digital belongings within the nation.
A 2025 study on Organization of Islamic Cooperation (OIC) member states, which embody Turkmenistan, concluded that permitting crypto is nice for the economic system.
“Cryptocurrency legalization has considerably boosted financial progress in creating nations by enhancing monetary inclusion and offering the authorized readability important for attracting digital overseas direct funding,” mentioned Muhammad Rheza Ramadhan, an economist and researcher at Indonesia’s Ministry of Finance.
The legislation defines digital belongings as property, not authorized tender or securities, and divides them into two classes: secured (backed by an underlying asset) and unsecured (resembling bitcoin). Digital belongings can’t be used as fee for items or providers and have to be handled strictly as property or funding devices.
Cryptocurrency mining by each firms and people turns into permissible, supplied the miners register with the Central Financial institution of Turkmenistan. The legislation imposes technical requirements on mining operations and explicitly prohibits covert mining strategies like cryptojacking.
The legislation additionally authorizes crypto exchanges and custodial providers to function, once more supplied a license is issued by the central financial institution. Each home and overseas entities can personal these providers, besides these primarily based in or related to offshore jurisdictions. Exchanges should implement know-your-customer and anti money-laundering guidelines, and nameless transactions or wallets usually are not allowed.
