Turkmenistan legalises crypto mining and exchanges in shift for economy

Legislation signed by President Serdar Berdimuhamedov establishes a licensing scheme overseen by country’s central bank.Published On 2 Jan 2026Turkmenistan, one of the world’s most isolated nations, has officially legalised mining and exchanging cryptocurrency in a major shift for the country’s tightly controlled, gas-dependent economy.President Serdar Berdimuhamedov signed the legislation on Thursday, regulating virtual assets under civil law and establishing a licensing scheme for cryptocurrency exchanges overseen by the country’s central bank.Recommended Stories list of 3 itemslist 1 of 3Why is Trump hosting Central Asia leaders; are Russia, China his targets?list 2 of 3‘The Caspian Sea is shrinking. It is visible with the naked eye’list 3 of 3Which countries are on Trump’s travel ban list, and who will be affected?end of listHowever, digital currencies will still not be recognised as a means of payment, currency or security.Turkmenistan, a former Soviet country in Central Asia, relies heavily on the export of its vast natural gas reserves to support its economy.China is the country’s main importer of gas, and Turkmenistan is currently working on a pipeline to supply gas to Afghanistan, Pakistan and India.Turkmenistan has been taking steps to digitalise government functions as well as its economy.In April, it adopted a law introducing electronic visas aimed at simplifying entry for foreigners.After gaining independence in 1991, the tightly governed nation typically placed strict entry requirements on would-be visitors, with many visa applications turned down for unclear reasons.A mostly desert country of seven million people with the world’s fourth-largest natural gas reserves, Turkmenistan declared itself officially neutral in 1995 under its first president, Saparmurat Niyazov, who spurned both Western and Russian influence.Until his death in 2006, Niyazov maintained tight control over politics, a policy of isolationism from the outside world, and an economy heavily based on natural gas exports.