Turkmenistan Legalizes Crypto Exchanges and Mining

Turkmenistan Opens Doors to the Crypto Industry

Turkmenistan began the year with significant news as new laws legalizing the operation of cryptocurrency exchanges and miners came into effect on January 1. These regulations, signed by President Serdar Berdimuhamedow, now allow miners in the country to utilize surplus energy for mining activities, similar to what has been happening in Kazakhstan.

Although Turkmenistan is known as one of the most closed countries in the world, it has taken significant steps to open up its economy, including in the fields of tourism and energy. According to the new legislation, foreign citizens can also mine cryptocurrencies in the country, provided they register.

The regulations stipulate that cryptocurrency exchanges based in Turkmenistan must obtain licenses, implement “Know Your Customer” measures, and conduct anti-spying checks. It is also important to note that, although these activities have been legalized, cryptocurrencies are not recognized as legal tender in Turkmenistan.