PROD Excerpt_001_Flow enters phase 2 of hack recovery… “Exchange left suspicious transactions unattended”
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Summary
- Turkmenistan has legalized virtual asset (cryptocurrency) mining and the operation of exchanges, positioning the move as a step to diversify the economy and attract overseas investment.
- Under the legislation, only government-approved corporations and sole proprietors can obtain licenses to engage in virtual asset mining and exchange operations, and they will be subject to ongoing oversight by the central bank and other relevant authorities.
- The law defines virtual assets as “digital assets,” recognizing them only as investment assets that can be held and traded under regulatory oversight rather than for everyday payments, and requires authorized firms to use cold wallets and comply with anti-money laundering (AML) obligations.
Turkmenistan has legalized virtual asset (cryptocurrency) mining and the operation of exchanges. The move is aimed at diversifying an economy dependent on natural gas exports and attracting foreign investment.
According to Coinpedia on the 1st (local time), the “Law on Virtual Assets,” signed by Turkmen President Serdar Berdimuhamedow on November 28 last year, has officially taken effect this year.
The legislation allows virtual asset mining and the operation of exchanges only for licensed entities and sole proprietors that have obtained government authorization in Turkmenistan. However, this is a limited legalization carried out under strict government control. Companies seeking to operate must obtain a license, and will be subject to ongoing supervision by relevant authorities, including the central bank, the Cabinet of Ministers, and the Ministry of Finance and Economy.
The government said it will crack down aggressively on unauthorized illegal mining and trading. Exchanges must also comply with tax obligations and establish monitoring systems to prevent virtual assets from being abused for illicit activities such as money laundering.
The law defines virtual assets as “digital assets,” not legal tender. As a result, they cannot be used for everyday payments or as a means of paying wages, and are recognized only as investment assets that may be held and traded under regulatory oversight. Authorized virtual asset service providers must store most customer assets in cold wallets and comply with anti-money laundering (AML) obligations.
