At a meeting of the Cabinet of Ministers chaired by President Serdar Berdimuhamedov on Friday, May 23, the issue of legal regulation of the sphere of virtual assets and legalization of mining technologies was considered.

Deputy Chairman of the Cabinet of Ministers Khodjamyrat Geldimyradov reported on the development of the draft Law "On Virtual Assets". As reported, the bill is intended to regulate relations arising in this rapidly developing area. The document covers general provisions, norms of state regulation and organization of activities, aspects of mining, emission and public placement of virtual assets, as well as the activities of providers of relevant services.

It is expected that the adoption of this law will help attract investment, develop fintech initiatives and stimulate entrepreneurship in the field of digital services. In this regard, a proposal to consider the bill was submitted to the head of state.

President Serdar Berdimuhamedov, having heard the report, emphasized the importance of timely legal regulation of the turnover of virtual assets in the context of rapid digitalization of the economy. He instructed the Deputy Prime Minister, together with the Mejlis, to carry out further work on the draft Law of Turkmenistan "On Virtual Assets".

ORIENT