Turkmenistan | Crypto

Turkmenistan has started the year with a bang, with new laws legalizing the operation of crypto exchanges and crypto miners kicking in on Jan 1. Crypto mining and trading is now legal in Turkmenistan after a new law signed by President Serdar Berdimuhamedow in late November took effect on Thursday.  Implementation of the new laws could see the Central Asian country’s economy expand beyond its heavy reliance on natural gas exports by tapping surplus energy for crypto mining, following the lead of neighboring country Kazakhstan. Turkmenistan is considered to be one of the more closed-off countries in the world, but has taken several steps to open up its economy in recent years, including to the tourism and energy sectors. Read more

Turkmenistan has passed a sweeping crypto law that legalizes the industry but tightly controls it through licensing and the potential use of state-run ledgers. Turkmenistan has approved a sweeping law to legalize and tightly regulate the cryptocurrency industry, marking a major policy shift for one of the world’s most closed economies. According to a Nov. 28 report from local news outlet Business Turkmenistan, President Serdar Berdimuhamedov signed a law regulating the crypto industry. The new law, which will come into force in 2026, establishes licensing, know-your-client, Anti-Money Laundering, and cold storage requirements for crypto exchanges and custodial services, and prohibits credit institutions from providing crypto services. The state can also stop, void and force a refund of token issuances. Read more