Yeliz Akmaca 
Turkmenistan has officially legalized crypto mining and trading, marking a major shift in its long-closed economy. Effective January 1, the “Law on Virtual Assets” allows licensed crypto activities under strict government supervision. The timing coincides with a global surge in crypto regulation, signaling a strategic step rather than a purely technical change.
Turkmenistan, Central Asia’s largest natural gas supplier, has relied on energy revenues for decades. The new law hints at a quiet but meaningful transition in the country’s economic approach.
Government-Controlled Crypto Era Begins
Signed by President Serdar Berdimuhamedov in November 2025, the legislation introduces a licensing framework covering exchanges, custodians, and mining operations. Only state-authorized entities can issue, handle, or trade digital assets. Oversight is directly assigned to the Cabinet of Ministers and the Ministry of Finance and Economy.
This framework emphasizes controlled growth over full market freedom. Licenses can be suspended or revoked if compliance rules are not met, aiming to curb illegal activity while securing the sector.
Step Away From Isolation
Turkmenistan has been one of the world’s most closed countries, controlling media, internet access, and foreign investment. Legalizing crypto marks the first time digital assets are formally recognized in the economy.
However, cryptocurrencies are not allowed as a payment method, and internet restrictions remain, creating uncertainty for large-scale mining and trading operations.
Energy Advantage and Investment Potential
With vast natural gas reserves, Turkmenistan could theoretically offer low-cost energy for crypto mining. Yet, strict government oversight may limit private-sector appeal. Government statements suggest the law aims to attract investment and advance digitalization, though details on initial licensing remain key for market direction.
Quiet Opening, Controlled Uncertainty
Alongside last year’s e-visa system for foreigners, the crypto law signals a gradual and selective opening from isolation. While mining and trading are legal, tight regulation, internet controls, and payment restrictions leave the sector’s full potential uncertain.
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