President Serdar Berdimuhamedov of Turkmenistan has signed a new law, “On Virtual Assets,” aimed at regulating the country’s digital economy. The legislation legalizes mining activities, as well as the operation of cryptocurrency exchanges and virtual asset “exchanger” services within the country.
According to the law, cryptocurrencies are recognized as objects of civil rights in Turkmenistan. However, they are not permitted to be used as legal tender, national currency, or securities. The document defines both collateralized and non-collateralized types of virtual assets.
Individuals and legal entities wishing to engage in mining must register electronically with the Central Bank of Turkmenistan. Cryptocurrency exchanges and virtual asset service providers will operate based on special licenses issued by the Central Bank. To ensure security and prevent money laundering, the identity of every user opening a wallet on these platforms must be verified.
The law also introduces strict requirements for virtual asset advertising. Advertisements must include warnings about potential risks. In addition, promising guaranteed profits, offering bonuses, or using elements of luxury lifestyles—or images of minors—in promotional materials is strictly prohibited.
