Key Notes
- Turkmenistan has taken a step towards regulating the crypto ecosystem in its region.
- President Serdar Berdymukhamedov signed a law that will come into force on January 1.
- In the Central Asia region, Kyrgyzstan recently launched a national stablecoin in partnership with Binance.
The Central Asia nation, Turkmenistan, has passed a law that legalizes and regulates digital assets.
In a November 28 report, it was stated that the country will now begin to issue licences to cryptocurrency exchanges and crypto mining companies.
The law, which was signed by President Serdar Berdymukhamedov, will come into force on January 1.
Turkmenistan Crypto Legislation Goes Live on Jan. 1
The Neutral Turkmenistan newspaper reported that Turkmenistan’s President, Serdar Berdymukhamedov, has signed a new law that regulates crypto activities.
According to a spokesperson, this new law will regulate several crypto-related activities. This includes the creation, storage, placement, use, and circulation of virtual assets in the country.
It also defines the assets’ legal and economic status. This comes as the country intensifies efforts towards diversifying its economy beyond exports of natural gas, which it is well known for.
The authorities in this region are hopeful that it will “help attract investment and stimulate digitalization.”
Turkmenistan’s new legislation puts a structure to the organizational basis for activities involving virtual assets in the country.
The document provides clarity on its crypto jurisdiction. In other words, its provisions do not extend to securities, currency, electronic money, bank deposits, or gambling activities.
It also introduced official definitions for key terms such as blockchain, digital and Non-fungible Tokens (NFTs), mining, mining equipment, smart contracts, and virtual asset service providers.
The signed law is scheduled to become effective on January 1, 2026 kickstarting the new year on a fresh start.
Kyrgyzstan Takes a Bold Step on Crypto
Apart from Turkmenistan, another Asian nation that has been pushing its crypto boundaries is Kyrgyzstan.
Back in September, the parliament of the former Soviet Central Asian republic moved forward with legislation that would create a state cryptocurrency reserve and establish comprehensive digital asset regulations.
The government of Kyrgyzstan had previously shown interest in working with Binance and its former chief executive, Changpeng Zhao.
The plan was to develop a cryptocurrency policy, including a roadmap for the creation of a strategic Bitcoin reserve.
Although it was not later specified whether the legislation included advisory input from CZ or any other crypto industry key player.
Kyrgyzstan also secured a position as a regional leader in the digital asset sector recently. It launched a national stablecoin in partnership with leading cryptocurrency exchange Binance.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/turkmenistan-passes-law-to-regulate-crypto-market-report/
