Turkmenistan has officially legalized cryptocurrency mining and trading activities following the enactment of a new law signed by President Serdar Berdimuhamedow, which took effect at the end of November. This regulation is expected to help the Central Asian country diversify its economy, reduce dependence on natural gas exports by utilizing surplus energy for cryptocurrency mining, similar to the model in Kazakhstan.
The new law allows both domestic citizens and foreigners, after registration, to participate in cryptocurrency mining in Turkmenistan. Mining pools are also permitted to operate legally. Additionally, domestic cryptocurrency exchanges must obtain licenses, implement KYC and AML measures, and meet cold storage requirements.
However, cryptocurrencies are still not recognized as legal tender, currency, or securities in Turkmenistan. Although the trend of cryptocurrency acceptance is increasing in Central Asia, the adoption rate in Turkmenistan may be slow due to strict internet and financial controls.
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