Turkmenistan has formally enacted a new law regulating cryptocurrency mining and exchange activities nationwide.
The Law on Virtual Assets entered into force following approval by the country’s executive leadership in late November.
President Serdar Berdimuhamedov signed the legislation as part of wider economic modernisation efforts.
Authorities said the law aims to stimulate economic growth while attracting long-term foreign investment.
The legislation establishes a legal framework governing the creation, circulation and exchange of virtual assets.
Virtual assets are explicitly defined as property rather than legal tender or recognised securities.
The law divides virtual assets into secured and unsecured categories based on underlying backing.
Secured virtual assets must be linked to tangible or financial assets recognised by regulators.
Unsecured assets include decentralised cryptocurrencies such as Bitcoin.
The use of cryptocurrencies as payment for goods and services is strictly prohibited.
All virtual assets must be treated solely as investment or property instruments under national law.
Cryptocurrency mining by companies and individuals is permitted following mandatory registration.
Miners must register their operations with the Central Bank of Turkmenistan.
The law sets technical standards for mining facilities to manage energy usage and security.
Covert mining practices, including cryptojacking, are explicitly banned under the legislation.
Licensed cryptocurrency exchanges and custodial service providers are authorised to operate domestically.
Exchange licences will be issued and supervised by the central bank.
Both domestic and foreign entities may own exchanges, subject to regulatory approval.
Entities linked to offshore jurisdictions are excluded from operating licensed platforms.
Exchanges must enforce strict know-your-customer and anti-money-laundering compliance rules.
Anonymous transactions and unverified wallets are not permitted under the new framework.
A 2025 study on Organization of Islamic Cooperation member states linked crypto adoption to economic benefits.
The study highlighted increased financial inclusion and improved digital investment flows.
Cryptocurrency legalization has significantly boosted economic growth in developing nations by enhancing financial inclusion and providing the legal clarity essential for attracting digital foreign direct investment.
Muhammad Rheza Ramadhan said.
Ramadhan serves as an economist and researcher at the Indonesia’s Ministry of Finance.
Officials believe the new law positions Turkmenistan as a regulated digital asset market in the region.