President Serdar Berdimuhamedov has signed a historic regulation marking the official start of crypto asset legalization in the nation, establishing an extremely rigorous regulatory framework. This government decree, which will officially enter into force in the year 2026, seeks to formally integrate the digital economy under centralized state supervision, ending previous legal ambiguity.
According to reports from local outlet Business Turkmenistan, the new legislation imposes severe operating license requirements, strict anti-money laundering rules, and know-your-customer protocols. Furthermore, it prohibits credit institutions from offering crypto services, while granting the State absolute power to void token issuances and force immediate refunds. The law technically classifies digital assets into backed and unbacked, requiring mandatory registration for mining operations and pools, thus eliminating any covert activity within the national energy sector.
Does this measure represent a real opening or a tool for state financial surveillance?
On the other hand, the central bank may authorize or directly manage its own distributed ledgers, which could force citizens to use permissioned infrastructures. It is crucial to highlight that the rule explicitly clarifies that digital currencies are neither legal tender nor securities, defining a radical policy shift for one of the world’s most closed economies. This strategic move follows a key government meeting on November 21, where the legal and technological foundations for digital assets were laid through the creation of a special State Commission.
Likewise, this decision aligns the nation with a global trend where governments seek to build regulatory frameworks for stablecoins and blockchain technology. While international regulators like the Basel Committee reevaluate financial risks, Turkmenistan opts for a model where state control prevails over financial freedom, differentiating itself from open markets. This could significantly limit the participation of foreign investors, as the local political regime maintains tight control over internet access and external communication platforms.
To conclude, the Central Asian country, known for its vast natural gas reserves, is preparing for a slow but monitored digital transition towards 2026. It is expected that in the coming months liquidity conditions for backed assets will be defined along with specific emergency redemption mechanisms in the face of possible market volatility crises. The success of this initiative will depend on how authorities balance technological innovation with current restrictive policies that characterize its highly centralized presidential system.
