Overview
- The Law on Virtual Assets took effect on January 1, placing digital assets under civil law and under central bank oversight.
- Mining, trading, and exchange services are allowed only for licensed domestic operators, and unlicensed activity is prohibited.
- Regulators can conduct inspections and suspend or revoke licenses, with supervision involving the Cabinet of Ministers and the Finance and Economy Ministry.
- The law bars cryptocurrency use for payments or as legal tender, while taxation rules and approvals for foreign platforms remain unspecified.
- Analysts caution that tight internet controls and limited infrastructure could constrain real-world expansion of the newly legal sector.