According to information published in the newspaper "Neutral Turkmenistan," the new law will come into effect on January 1, 2026. It regulates various aspects related to the creation, issuance, storage, and use of virtual assets.
Cryptocurrencies in Turkmenistan will be recognized as objects of civil law; however, they will not be classified as a means of payment, currency, or securities. Virtual assets can be either secured or unsecured.
Cryptocurrency mining can be carried out by both individuals and legal entities, and they will need to register with the Central Bank of Turkmenistan through electronic channels. It is important to note that hidden mining—i.e., the use of someone else's computing resources without their knowledge—will be strictly prohibited.
Licensing of cryptocurrency exchanges and exchange services related to virtual assets will be conducted by the Central Bank. To open a cryptocurrency wallet on such platforms, users must undergo full identification in accordance with anti-money laundering legislation.
Cryptocurrency exchanges will offer services for exchanging, buying and selling, storing, and managing virtual assets, as well as for initial placements. Founders of these exchanges can be both citizens of Turkmenistan and foreigners, subject to certain restrictions. In particular, individuals and companies registered in offshore zones or having accounts in offshore banks cannot be founders or shareholders of such services.
The state is not responsible for the obligations of crypto platforms and any potential losses in the value of virtual assets.
The law also introduces strict advertising requirements related to cryptocurrencies. Advertising materials must include warnings about the potential risks of losing money, information that these assets are not backed by the state and are not an official means of payment. Promises of returns, mentions of luxury items, bonuses and discounts, as well as the use of images of minors in cryptocurrency advertising will be prohibited.
Furthermore, the law prohibits the use of the words "state," "Turkmenistan," "Turkmen," "Turkmenian," and "national" in names and symbols related to cryptocurrencies. Individuals not involved in crypto activities will also be unable to use the terms "virtual asset," "cryptocurrency," and "digital asset" in their names or advertising materials.
Source: Fergana
