Turkmenistan has adopted new legislation governing Bitcoin and digital assets, including a licensing system for exchanges and mining operators, according to state media reports released Friday.
The Neutral Turkmenistan newspaper reported that President Serdar Berdymukhamedov signed the law, which is set to take effect on January 1st.
The country, which holds one of the world’s largest natural gas reserves, has been pursuing broader economic initiatives beyond natural gas exports.
A government spokesperson stated that the new law will “help attract investment and stimulate digitalization.”
According to the spokesperson, the legislation outlines rules for the creation, storage, placement, use, and circulation of virtual assets in Turkmenistan, and defines their legal and economic status.
The development follows similar activity elsewhere in Central Asia.
Kyrgyzstan has taken steps to advance its own Bitcoin and digital asset sector, including the launch of a national stablecoin in partnership with Binance.
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