Turkmen President Serdar Berdimuhamedov signed a law on virtual assets, which will legalize cryptocurrency mining and crypto exchanges in the republic from January 1, 2026. The text of the document was published on Friday in the Neutral Turkmenistan newspaper.
The law defines the legal and organizational basis for the use of virtual assets and regulates activities in this area in the country. The document includes a list of key concepts, including blockchain, tokens, mining, smart contracts, as well as service providers of virtual assets.
Types of mining, as well as requirements for exchange operators and crypto exchanges are separately defined.
The document does not apply to securities, currencies, electronic money, bank deposits and gambling activities.
The law establishes that mining can be private and industrial. Private mining is carried out by an individual entrepreneur – resident and (or) non-resident of Turkmenistan. Industrial mining is carried out by a legal entity – resident and (or) non-resident of the country. Hidden mining is prohibited on the territory of the country. All miners must undergo mandatory state registration with the Central Bank in electronic form. The certificate is issued indefinitely.
According to the document, virtual asset service providers (crypto exchanges) may be legal entities registered in Turkmenistan, acting on the basis of a license and providing services related to virtual assets established by law.
Crypto exchanges are obliged to ensure protection of personal information and virtual assets of their customers. The following persons may not be founders or participants (shareholders), officials of crypto exchanges: individuals permanently residing in an offshore zone and (or) legal entities registered in it – non-residents of Turkmenistan; individuals and legal entities with bank accounts in offshore zones; political parties, trade unions and other public associations; legal entities and individuals in respect of whom there is information about involvement in terrorism, financing of terrorism and financing of proliferation of weapons of mass destruction; legal entities and legal entities and individuals with respect to whom there is information about involvement in terrorism, financing of terrorism and financing of proliferation of weapons of mass destruction; legal entities and legal entities with respect to whom there is information about involvement in terrorism, financing of terrorism and financing of proliferation of weapons of mass destruction.
The procedure for the establishment, operation and reporting of crypto exchanges is determined by the Cabinet of Ministers.
The law introduces restrictions on the use of state symbols in the crypto industry. Miners, issuers of virtual assets and providers of crypto services are prohibited to use the words “state”, “Turkmenistan”, “Turkmen”, ‘Turkmen’, “national” in any form, in any language and in any combinations in their names and symbols.
There are also strict requirements for advertising of cryptocurrencies: it must contain warnings about risks, information about possible total loss of funds and the fact that virtual assets are not secured by the state. It is prohibited to use images of minors in advertising and to present cryptocurrency transactions as an easy way to get rich.
The state is not liable for the depreciation or loss of virtual assets.
According to the law, miners and service providers of virtual assets are obliged to take measures to combat money laundering, financing of terrorism and financing of proliferation of weapons of mass destruction and to implement the requirements of the legislation of Turkmenistan in this area.
