Turkmenistan's President Serdar Berdimuhamedov signed the Law on Virtual Assets, the Neutral Turkmenistan newspaper reported Friday.
The legislation establishes the legal and organizational framework for the use of virtual assets and regulates related activities within the country.
The law governs the creation, issuance, storage, placement, use, and circulation of virtual assets in Turkmenistan and defines their legal, economic, and organizational principles.
It includes key terms such as blockchain, digital and non-fungible tokens, mining, mining equipment, smart contracts, and virtual asset service providers. The law separately defines types of mining — industrial and private — and sets requirements for exchange operators and crypto exchanges.
The legislation does not apply to securities, currencies, electronic money, bank deposits, or gambling activities.
Turkmenistan’s virtual asset regulations are based on the country’s Constitution and consist of this law and other legal acts governing relations involving virtual assets.