Azernews.Az

By Alimat Aliyeva

President of Turkmenistan Serdar Berdimuhamedov has signed a law legalizing cryptocurrency mining and establishing the framework for crypto exchanges in the country. Under the new legislation, all miners are required to register with the Central Bank, Azernews reports.

According to the law on virtual assets, both individual entrepreneurs and legal entities are permitted to mine digital currencies. However, using third-party equipment without the owner’s consent is strictly prohibited.

The operation of crypto exchanges and virtual asset service providers will be allowed only with a license issued by the Central Bank. Licensed services include the exchange, purchase and sale, storage, transfer, and management of virtual assets, as well as their initial placement. Both Turkmen citizens and foreign nationals are allowed to establish crypto exchanges.

Cryptocurrency advertising must include clear warnings about risks, information that virtual assets are not state-backed, and notifications about the potential loss of funds. The law explicitly states that the state is not responsible for depreciation or loss of virtual assets, and that their value is non-refundable.

Interestingly, analysts see this move as Turkmenistan’s attempt to tap into the growing global crypto market while maintaining strict regulatory oversight. By creating a legal framework, the country hopes to attract foreign investment and develop a domestic digital finance ecosystem, potentially positioning Turkmenistan as a regional hub for cryptocurrency innovation.