Crypto Exchanges and Mining Now Legal in Turkmenistan

Crypto mining and trading is now legal in Turkmenistan after a new law signed by President Serdar Berdimuhamedow in late November took effect on Thursday. 

Implementation of the new laws could see the Central Asian country’s economy expand beyond its heavy reliance on natural gas exports by tapping surplus energy for crypto mining, following the lead of neighboring country Kazakhstan.

Turkmenistan is considered to be one of the more closed-off countries in the world, but has taken several steps to open up its economy in recent years, including to the tourism and energy sectors.

That now extends to the entire crypto industry, with non-Turkmenistan residents also permitted to mine crypto in the country once registered, according to the law. 

Crypto mining pools are also permitted.

Turkmenistan-based crypto exchanges will need to secure licenses, set up Know-Your-Client and Anti-Money Laundering checks and satisfy certain cold storage requirements, the law states.