Turkmenistan legalizes cryptocurrency mining and exchanges to boost the economy
- President Serdar Berdimuhamedov signed the Law on Virtual Assets on Nov. 28, legalizing cryptocurrency mining and exchanges.
- The law categorizes virtual assets as property, not legal tender or securities, and prohibits their use for payments.
- Mining operations must register with the Central Bank of Turkmenistan and adhere to technical standards.
- Crypto exchanges must obtain licenses from the central bank and implement know-your-customer regulations.
- A study noted that cryptocurrency legalization can enhance financial inclusion in developing nations.
Turkmenistan’s new law aims to attract foreign investment by providing a clear framework for virtual assets, classifying them strictly as property or investment instruments. This move aligns with findings that suggest crypto legalization can significantly boost economic growth in developing countries.
By allowing both individuals and companies to engage in mining, Turkmenistan is positioning itself to leverage digital assets for economic development.(Source)
