Turkmenistan officially introduced the Virtual Assets Law, legalizing cryptocurrency mining and crypto exchanges as it looks to boost economic development and attract foreign investment.
The new rules, signed into law by President Serdar Berdimuhamedov on November 28, provide a framework for the use, creation and exchange of virtual assets in the country.
A 2025 study on Organization of Islamic Cooperation (OIC) member states, which includes Turkmenistan, concluded that allowing crypto is good for the economy.
“Cryptocurrency legalization has significantly boosted economic growth in developing countries by strengthening financial inclusion and providing the legal clarity essential to attracting digital foreign direct investment,” said Muhammad Rheza Ramadhan, economist and researcher at Indonesia’s Ministry of Finance.
The law defines virtual assets as property, not legal tender or securities, and divides them into two categories: secured (backed by an underlying asset) and unsecured (such as bitcoin). Virtual assets cannot be used as payment for goods or services and must be treated strictly as property or investment instruments.
Mining of cryptocurrency by both companies and individuals will be allowed, provided that the miners register with the Central Bank of Turkmenistan. The law imposes technical standards for mining and explicitly prohibits clandestine mining methods such as cryptojacking.
The law also allows crypto exchanges and custody services to operate, again provided a license is issued by the central bank. Both domestic and foreign entities may own these services, except those based in or connected to offshore jurisdictions. Exchanges must enforce know-your-customer and anti-money laundering rules, and anonymous transactions or wallets are not allowed.
