Turkmenistan Legalizes Crypto Mining, OKs Crypto Exchanges

Turkmenistan has officially legalized cryptocurrency mining and the operation of crypto exchanges after President Serdar Berdimuhamedov signed a new law regulating virtual assets.

Miners will be required to undergo mandatory state registration with the Central Bank, The Caspian Post informs via Russian media.

Under the new rules, both individual entrepreneurs and legal entities can mine digital currencies, but using someone else’s equipment without permission is strictly prohibited.

Crypto exchanges and virtual asset service providers will be allowed to operate only with a Central Bank license. Their services may include buying and selling digital assets, storage, transfers, management, and initial offerings. Founders of these exchanges can be both Turkmen residents and foreign nationals.

All crypto advertisements must include warnings about financial risks, the fact that virtual assets are not backed by the state, and notices about potential loss of funds.

The law also states that the government bears no responsibility for the depreciation or loss of virtual assets, and their value cannot be refunded.