Turkmenistan legalises crypto mining and trading
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Summary
- Turkmenistan has legalised crypto mining and the operation of exchanges as part of efforts to diversify its economic structure and attract foreign investment.
- Only government-approved entities and individual entrepreneurs can mine crypto and operate exchanges, provided they obtain a licence and remain under continuous supervision.
- The law defines virtual assets as digital assets—an investment asset that can be held and traded under regulatory oversight, rather than a means of payment.
Turkmenistan has legalised 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 1 January (local time), the “Law on Virtual Assets” signed by Turkmen President Serdar Berdimuhamedow on 28 November last year has officially come into force this year.
The legislation primarily allows virtual asset mining and the operation of exchanges in Turkmenistan only for licensed entities and individual entrepreneurs approved by the government. However, this is a limited legalisation under strict state control. Companies seeking to operate must obtain a licence and will be subject to ongoing oversight by relevant authorities, including the central bank, the cabinet and the Ministry of Finance and Economy.
The government said it will crack down aggressively on unauthorised illegal mining and trading. Exchanges must also comply with tax obligations and establish monitoring systems to prevent virtual assets from being used 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 in daily life for payments or wage disbursements, and are recognised only as investment assets that may be held and traded under regulatory supervision. Licensed virtual-asset service providers must keep most customer assets in cold wallets and comply with anti-money laundering (AML) requirements.
