Turkmenistan Establishes Legal Framework for Cryptocurrency Mining and Trading The Central Asian country of Turkmenistan has formally introduced a legal framework permitting domestic cryptocurrency mining and trading, marking a notable policy development for one of the worldʼs most tightly controlled economies. The new legislation governing digital assets entered into force this week, bringing crypto-related activities under state oversight for the first time. The law, signed in late November by President Serdar Berdymukhamedov, places cryptocurrency exchanges and mining operations within a licensing regime administered by the countryʼs central bank. Under the new rules, digital asset businesses must obtain official authorisation and comply with regulatory requirements designed to formalise their legal and economic status within the national system. While the legislation allows both mining and trading activities, it stops short of recognising cryptocurrencies as legal tender. Digital assets cannot be used as a means of payment for goods or services, reinforcing the governmentʼs intention to contain crypto activity within defined investment and industrial boundaries rather than integrate it into the broader monetary system. The move is notable given Turkmenistanʼs historically restrictive economic and political environment. The Central Asian state maintains a highly centralised economy and ranks among the most closed countries globally. Its economic model has long been anchored in extensive natural gas reserves, which are estimated to be the fourth largest in the world, providing a dominant source of state revenue. Despite the legalisation of crypto-related activities, broader structural constraints remain in place. Internet access in Turkmenistan continues to be tightly regulated, with significant government control over connectivity and online services. These limitations may restrict the pace at which digital asset markets can develop domestically, particularly for retail participation and cross-border integration.
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