Turkmenistan has passed a sweeping crypto law that legalizes the industry but tightly controls it through licensing and the potential use of state-run ledgers.
Turkmenistan has approved a sweeping law to legalize and tightly regulate the cryptocurrency industry, marking a major policy shift for one of the world’s most closed economies.
According to a Nov. 28 report from local news outlet Business Turkmenistan, President Serdar Berdimuhamedov signed a law regulating the crypto industry.
The new law, which will come into force in 2026, establishes licensing, know-your-client, Anti-Money Laundering, and cold storage requirements for crypto exchanges and custodial services, and prohibits credit institutions from providing crypto services. The state can also stop, void and force a refund of token issuances.
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