Turkmenistan has passed a cryptocurrency regulatory law, which will be implemented from 2026 and subject to strict state control.

According to Odaily, Turkmen President Serdar Berdimuhamedov has signed a new bill aimed at regulating the cryptocurrency industry, which will take effect in 2026. This move marks a significant policy shift in one of the world's most closed economies.

The law legalizes cryptocurrency trading, but also establishes strict requirements for cryptocurrency exchanges and custody services, including licensing, Know Your Customer (KYC), Anti-Money Laundering (AML), and cold storage, and prohibits credit institutions from providing crypto services. The state has the power to suspend, revoke, or force the return of token issuances. Furthermore, cryptocurrency mining and mining pool operations require registration, and clandestine operations are prohibited. The bill also states that the country's central bank can authorize distributed ledgers or run its own, potentially forcing citizens to use licensed and monitored infrastructure. The law explicitly states that cryptocurrencies are neither legal tender, currency, nor securities in Turkmenistan, and categorizes digital assets into backed and unbacked types. (Cointelegraph)