Crypto Exchanges and Mining Now Legal in Turkmenistan

Turkmenistan has legalized cryptocurrency mining and trading following a new law signed by President Serdar Berdimuhamedow in late November that took effect on Thursday. This move is intended to diversify the Central Asian nation's economy beyond its reliance on natural gas exports by leveraging surplus energy for crypto mining, similar to neighboring Kazakhstan. The law permits non-Turkmenistan residents to mine crypto after registration, and crypto mining pools are also allowed. However, Turkmenistan-based crypto exchanges must obtain licenses, implement Know-Your-Client (KYC) and Anti-Money Laundering (AML) procedures, and meet specific cold storage requirements. Crucially, the law clarifies that cryptocurrency is not recognized as legal tender, currency, or a security within the country. While neighboring countries like Kazakhstan and Pakistan have seen significant crypto adoption, Turkmenistan's progress may be slower due to tight government controls over internet access, strict financial oversight, and limited foreign investment.

(Source：Cointelegraph)