Liechtenstein vs Turkmenistan
Crypto regulation comparison
Liechtenstein
Turkmenistan
Legal
Legal
Liechtenstein's Blockchain Act (TVTG) effective since 2020 is among the world's most comprehensive crypto frameworks. The FMA supervises registered TT service providers. Adapted for EU MiCAR in 2025.
Turkmenistan enacted the Law on Virtual Assets effective January 2026, legalizing crypto exchanges and mining under Central Bank licensing. Crypto is treated as property, not legal tender.
Tax Type
Income
Tax Type
None
Tax Rate
1-8%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Financial Market Authority (FMA)
Regulator
Central Bank of Turkmenistan
Stablecoin Rules
Regulated under TVTG and MiCAR
Stablecoin Rules
Regulated under Virtual Assets Law
Key Points
- Blockchain Act (TVTG) adopted unanimously in 2019, effective Jan 2020
- Token Container Model enables tokenization of any asset or right
- FMA registers and supervises all TT service providers
- EEA MiCAR Implementation Act entered into force Feb 2025
- First country with comprehensive blockchain-specific legislation
Key Points
- Law on Virtual Assets enacted November 2025, effective January 2026
- Crypto exchanges and mining require Central Bank licensing
- Crypto treated as property, not legal tender
- Banks prohibited from directly providing crypto services
- Low electricity costs attract mining operations
