Turkmenistan legalizes crypto mining and exchanges.

President Serdar Berdimuhamedov of Turkmenistan signed legislation establishing a licensing scheme overseen by the country’s central bank for mining and exchanging cryptocurrency, marking a significant shift for the gas-dependent economy. While virtual assets are regulated under civil law, digital currencies are not recognized as a form of payment, currency, or security. Turkmenistan, known for its isolation and natural gas exports, has been gradually modernizing its economy and government functions, such as introducing electronic visas and easing restrictions on social media. The country’s move towards digitalization aligns with other Central Asian nations like Kyrgyzstan, which has also embraced cryptocurrency initiatives.

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