Turkmenistan Enacts Law on Virtual Assets, Legalizing Cryptocurrency
- President Serdar Berdimuhamedow signed the “Law on Virtual Assets,” officially legalizing cryptocurrency activities.
- The law defines cryptocurrencies and sets obligations for service providers and miners.
- The Central Bank of Turkmenistan will regulate the sector, requiring licenses for all operators.
- Prohibitions include hidden mining and mandates user verification under AML/CFT guidelines.
- The initiative aims to attract investment and promote growth in the digital economy.
Turkmenistan’s new regulatory framework is designed to ensure structured oversight of cryptocurrency operations, aligning with global trends in digital currency adoption. The law emphasizes security through user verification processes while promoting economic digitization.
By establishing a clear legal framework, Turkmenistan seeks to enhance its digital economy and attract foreign investment, reflecting similar legislative efforts seen in other Central Asian nations like Kazakhstan. (Source)
