Turkmenistan Legalizes Crypto Mining and Trading
- A new law signed by President Serdar Berdimuhamedow allows crypto mining and trading in Turkmenistan.
- Non-residents can mine crypto after registration, following the example of Kazakhstan.
- Crypto exchanges in Turkmenistan must obtain licenses and implement cold storage and compliance checks.
- Despite legalization, crypto is not recognized as legal tender or a security in the country.
- Kazakhstan became a major player in Bitcoin mining after China’s ban on cryptocurrency activities.
The new laws signify a shift towards embracing the crypto industry, potentially diversifying Turkmenistan’s economy beyond natural gas exports. However, tight internet controls may slow adoption compared to its neighbors.
With these developments, Turkmenistan joins Central Asia’s growing trend of crypto adoption, although it remains cautious about recognizing digital currencies officially. The recent law could open up opportunities for both local and foreign miners under regulated conditions.
