Turkmenistan Legalizes Crypto Under Tight State Control

Turkmenistan has taken a significant policy shift by legalizing and tightly regulating its cryptocurrency industry, marking one of the most isolated economies globally. The move comes after President Serdar Berdimuhamedov signed a law in November 2023 establishing a licensing framework for exchanges and custodial services, prohibiting credit institutions from providing crypto services. The law requires registration for cryptocurrency mining operations and bans covert activities. Notably, the government also has the power to intervene in token issuances by stopping or refunding them.