As part of this law, the processes of creation, issuance, storage, and circulation of virtual assets are regulated. It is important to note that cryptocurrencies in Turkmenistan can be used within the framework of civil law; however, they are not accepted as an official means of payment, currency, or securities. Virtual assets can be either secured or unsecured.
Mining will be available for both individual entrepreneurs and legal entities, who must register electronically with the Central Bank of Turkmenistan. Hidden mining is prohibited, meaning the use of someone else's computing power without the knowledge of its owners.
The licensing of cryptocurrency exchanges and exchange offices providing services with virtual assets will be carried out 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 various services, including exchange, buying and selling, storage, and transfer of virtual assets, as well as initial placements. Founders of such exchanges can be both residents of Turkmenistan and foreigners, with some restrictions— for example, individuals and companies from offshore zones cannot be shareholders.
The state bears no obligations for the actions of crypto platforms and is not responsible for any potential losses in the value of virtual assets.
The law also introduces strict requirements for cryptocurrency advertising. Advertising materials must include warnings about the risks of losing funds and clarify that these assets are not supported by the state and are not official means of payment. Any promises of profitability, references to luxury items, as well as the use of images of minors and the presentation of cryptocurrencies as an easy way to get rich are prohibited.
Furthermore, the law prohibits the use of the terms "state," "Turkmenistan," "Turkmen," "Turkmen," and "national" in the names and symbols of companies related to cryptocurrency activities. Individuals not engaged in crypto activities are not allowed to use the terms "virtual asset," "cryptocurrency," and "digital asset" in their names and advertising materials.
