On January 1, the Law on “Virtual Assets” came into force in Turkmenistan, legalizing cryptocurrency mining and the operation of cryptocurrency exchanges. The document regulates the creation, issuance, storage, and circulation of virtual assets within the country. Cryptocurrencies are not recognized as a means of payment, currency, or security, but they can be subject to civil law.

All miners are required to register with the Central Bank of Turkmenistan, which is the authorized body for virtual assets. Registration is conducted exclusively online, and the certificate is issued with an unlimited validity period. The law strictly prohibits hidden mining—the mining of cryptocurrency using third-party computing power without their consent.

Cryptocurrency exchanges and virtual asset service providers will operate under licenses from the Central Bank. Both residents and non-residents of Turkmenistan can establish cryptocurrency exchanges. However, the law imposes strict restrictions: participation is prohibited for individuals from offshore zones, political parties, trade unions, as well as individuals and legal entities with outstanding criminal records or included on lists linked to terrorism and the financing of the proliferation of weapons of mass destruction.

The issuance of virtual assets in the country is subject to mandatory state registration with the Central Bank. The document imposes strict restrictions on the use of state symbols: miners, issuers, and operators are prohibited from using the words "state," "Turkmenistan," "Turkmen," or "national" in their names in any form or language. Credit institutions, with the exception of exchange operators, are prohibited from providing cryptocurrency purchase and sale services.

The law also establishes strict requirements for cryptocurrency advertising. It must contain warnings about risks and the potential for complete loss of funds, as well as information that virtual assets are not backed by the state. The use of images of minors in advertising and the portrayal of cryptocurrency transactions as an easy way to get rich are prohibited. The state is not liable for the devaluation or loss of virtual assets.