Turkmenistan has formally legalized cryptocurrency mining and exchange operations after putting into effect its new Law on Virtual Assets. The legislation, signed by President Serdar Berdimuhamedov, establishes a legal framework for the creation, use and exchange of virtual assets as part of a broader effort to support economic growth and attract foreign capital.
Under the law, virtual assets are classified strictly as property rather than legal tender or securities. The framework divides assets into secured tokens backed by underlying assets and unsecured tokens. Cryptocurrencies cannot be used to pay for goods or services and are limited to investment and ownership purposes.
The legislation permits both individual and corporate crypto mining, provided operators register with the Central Bank of Turkmenistan and comply with technical standards. Crypto exchanges and custodial services are also authorized to operate under central bank licensing, with mandatory know-your-customer and anti-money-laundering requirements, reinforcing regulatory oversight while opening the sector to regulated participation.
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