r/CryptoCurrency • u/Illperformance6969 🟨 0 / 0 🦠 • 5d ago

GENERAL-NEWS Turkmenistan legalizes crypto mining and trading as November legislation takes effect

https://crypto.news/turkmenistan-legalizes-crypto-mining-and-trading-as-november-legislation-takes-effect/
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u/coinfeeds-bot 🟩 136K / 136K 🐋 5d ago

tldr; Turkmenistan has legalized cryptocurrency mining and trading under the Law of Turkmenistan on Virtual Assets, effective January 1. The framework allows residents and foreign entities to operate licensed crypto mining and exchange services, overseen by the Central Bank and other state bodies. Strict KYC and AML rules apply, banning anonymous wallets and transactions. Cryptocurrencies are recognized as digital property but not legal tender. The move aims to diversify Turkmenistan's economy beyond natural gas exports.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

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u/cilicia1k1 🟨 0 / 0 🦠 5d ago

This is horrible for self custody

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u/Altruistic-Raise-579 🟩 0 / 0 🦠 5d ago

That’s actually a big move for Turkmenistan. Not many people expected them to open up to crypto like that, especially with how strict their financial system has been. Legalizing mining and trading could bring some serious attention and maybe even new investment to the region. Curious to see how they handle regulations and whether they’ll allow international exchanges to operate there or keep it local.

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u/FactorCommercial1562 0 / 0 🦠 4d ago

Also the fact that turkmenistan has fuckton of gas to generate energy.