Overview
- The Law on Virtual Assets took effect on January 1, legalizing crypto mining and licensed exchanges following President Serdar Berdimuhamedov’s approval in late 2025.
- Virtual assets are defined as property rather than currency or securities, and using cryptocurrency to pay for goods, services, wages, or debts remains prohibited.
- All exchanges, custodians, and miners must obtain central bank licenses, comply with inspections, and face possible suspension or revocation for violations.
- KYC/AML rules bar anonymous wallets and covert mining, impose technical standards and registration, and exclude entities linked to offshore jurisdictions from operating services.
- Authorities have not clarified tax treatment or confirmed approvals for international platforms, and tight internet controls could constrain near‑term adoption.