LAW OF TURKMENISTAN

of November 22, 2025

About virtual assets

This Law governs the relations arising during creation, release, storage, placement, use and turnover of virtual assets in Turkmenistan, also determines their legal, economic and organizational bases.

Chapter I. General provisions

Article 1. Basic concepts

1. The basic concepts used in this Law:

1) blokcheyn – kind of technology of the distributed registers in which all data register consistently and are distributed in blocks, at the same time each new block is connected with the previous block the cryptographic signature;

2) the hidden mining – activities for implementation of mining on computing capacities of the third parties without their permission or consent with use of the special software;

3) private mining – the mining performed by the physical person-part entrepreneur who is engaged in business activity without formation of legal entity (further – the individual entrepreneur);

4) mayner – the legal entity or the individual entrepreneur performing mining;

5) mining – the activities for implementation by means of program technical means of the computing transactions providing functioning of the register of blocks of transactions (blokcheyn) by means of entering into the distributed register (according to in advance determined rules and the principles) information on the transactions made between users requiring providing with continuous electric utility service. The Mining can be followed by creation of the virtual asset arriving in ownership of person performing mining as remuneration for confirmation of making of transactions in the distributed register;

6) the mayningovy equipment – the hardware and software allowing to perform mining;

7) mining-pool – the electronic platform intended for consolidation (consolidation) of mayningovy capacities of mayner and the organization of works on mining;

8) not interchangeable token (NFT) – the unique object of digital property which is existing in the form of entry in the distributed register (blokcheena), not having analogs and not subject to interchangeability;

9) the distributed register of data – the database distributed between one or several network nodes and (or) computers which provide support of system and integrity of information by creation and record of updates of the register independently from each other created on the basis of technology of the distributed registers;

10) technology of the distributed registers – the technology supporting the distributed storage of the ciphered data using means of cryptography;

11) digital token – the type of virtual asset which is means of the certificate of the property and (or) non-property rights, including rights to claim on other objects of the civil laws;

12) industrial mining – the mining performed by the legal entity;

13) the smart contract – the agreement in digital form, execution of the rights and on which obligations is performed by making of transactions in the blokcheena in the sequence which is strictly determined by such agreement and in case of approach of the circumstances determined by it;

14) virtual asset – the data set in electronic and digital form having cost, being digital expression of value and (or) means of the certificate of the property and (or) non-property rights which is created, stored and addresses with use of technology of the distributed registers or similar technology and is not monetary unit (currency), instrument of payment and security;

15) purse of virtual asset – means (software application or other electronic and digital mechanism / carrier) for storage and the translation of virtual asset;

16) the service provider of virtual assets – the legal entity registered in the territory of Turkmenistan who as business activity provides one or several types of service connected with virtual assets based on the license granted by authorized body according to the legislation of Turkmenistan;

17) the operator of exchange of virtual assets – the service provider of virtual assets providing services of purchase and sale and (or) exchange of virtual assets and (or) exchange between virtual assets on its own behalf;

18) the issuer of virtual assets (further – the issuer) – the individual entrepreneur or the legal entity performing release of virtual assets;

19) primary placement of virtual assets – process of distribution or distribution of the issued new virtual assets for the purpose of attraction of financial resources;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info