Turkmenistan has officially implemented the Law on Virtual Assets, which legalizes cryptocurrency mining and exchanges as part of its strategy to enhance economic growth and attract foreign investments.
The recent legislation, signed by President Serdar Berdimuhamedov on November 28, establishes a regulatory framework for the utilization, creation, and trade of virtual assets within the nation.
A 2025 study concerning Organization of Islamic Cooperation (OIC) member nations, including Turkmenistan, concluded that the incorporation of cryptocurrency benefits the economy.
“Legalizing cryptocurrency has markedly improved economic progress in developing countries by increasing financial inclusion and providing the legal clarity necessary for attracting digital foreign direct investments,” stated Muhammad Rheza Ramadhan, an economist and researcher at the Indonesian Ministry of Finance.
The law classifies virtual assets as property rather than as legal tender or securities, dividing them into two types: secured (backed by tangible assets) and unsecured (like bitcoin). Virtual assets are not allowed for use in purchasing goods or services and must exclusively be regarded as property or investment tools.
The legislation also permits the operation of crypto exchanges and custodial services, contingent upon obtaining a license from the central bank. Both domestic and international entities can own these services, excluding those associated with offshore jurisdictions. Exchanges are required to implement know-your-customer and anti-money-laundering regulations, and anonymous transactions or wallets are prohibited.
