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.