Turkmenistan enacts law to regulate virtual assets
Legislation covers creation, issuance, storage, placement, use and transfer of virtual assets, defining their legal principles
ASHGABAT, Turkmenistan (MNTV) — President Serdar Berdimuhamedov has signed the Law on Virtual Assets, establishing the legal and organizational framework for the use and circulation of digital assets in Turkmenistan, the Neutral Turkmenistan newspaper reported Friday.
The legislation covers the creation, issuance, storage, placement, use and transfer of virtual assets, defining their legal, economic and organizational principles.
Key terms include blockchain, digital and non-fungible tokens (NFTs), mining, mining equipment, smart contracts and virtual asset service providers.
It also distinguishes between industrial and private mining and sets standards for crypto exchanges and operators.
The law does not apply to securities, national currency, electronic money, bank deposits or gambling activities. It is grounded in Turkmenistan’s Constitution and is supplemented by other legal acts governing virtual asset relations.
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