Legalising Crypto Activities

     Turkmenistan's President, Serdar Berdimuhamedov, has formally legalised cryptocurrency mining and exchanges by enacting the “Law on Virtual Assets,” which will come into effect on 1 January 2026. Under this legislation, licences for crypto-related activities will be issued and regulated by the Central Bank of Turkmenistan.

A Bitter Struggle

     Historically, Turkmenistan maintained a highly restrictive stance on cryptocurrencies, with authorities frequently conducting raids and seizing mining equipment. Despite the tough conditions, citizens discreetly participated in crypto trading and mining through VPNs and peer-to-peer (P2P) networks. These constraints created a significant obstacle to technological and economic advancement in the country.

My Point

     Turkmenistan is not a struggling economy—it is resource-rich. However, the government’s tight control has deterred investment and severely limited self-employment opportunities, particularly in tech and digital innovation. While this legalisation appears to be a positive development, in reality, it is likely to benefit only those licensed and aligned with the government’s strict regulations, offering minimal real freedom or opportunity for the wider population.