Turkmenistan unveils polymer note, legalizes crypto operations

ASHGABAT, Turkmenistan (MNTV) — Turkmenistan has introduced sweeping reforms to modernize its financial and digital sectors, signing a new law on virtual assets and unveiling a 200-manat polymer banknote, the state newspaper Neutral Turkmenistan reported.

The Law on Virtual Assets, signed by President Serdar Berdimuhamedov and effective Jan. 1, 2026, permits cryptocurrency mining and the operation of exchanges. While digital assets fall under civil law, they are not recognized as official currency or securities.

Individuals and legal entities may mine cryptocurrencies after registering with the Central Bank, while unauthorized or hidden mining is prohibited. Crypto exchanges must obtain Central Bank licenses, and users must undergo full identification under anti-money laundering rules. Offshore entities cannot serve as founders or shareholders.

Strict advertising rules ban misleading claims about wealth generation and restrict the use of national identifiers such as “state” or “Turkmen” in business names. Authorities bear no responsibility for financial losses from crypto activity.

Alongside the legislation, Turkmenistan introduced a new 200-manat polymer banknote as part of a broader currency upgrade that also modernizes the 1, 5 and 10-manat notes. The 200-manat note features the Arkadag Monument on the front and the mayor’s office of Arkadag city on the reverse. Older notes issued since 2009 remain valid.

The move follows regional trends, including Kyrgyzstan’s launch earlier this year of domestically produced som banknotes.