This article was prepared using automated systems that process publicly available information. It may contain inaccuracies or omissions and is provided for informational purposes only. Nothing herein constitutes financial, investment, legal, or tax advice.
A new report by TRM Labs reveals that Kyrgyzstan’s cryptocurrency industry is largely driven by Russian entities evading sanctions. The country’s lax regulations and political vulnerabilities have turned it into a hub for illicit financial flows.
- Kyrgyzstan's crypto industry grew from $59M in 2022 to $4.2B in 2024, driven by Russian sanctions evasion.
- TRM Labs identified Kyrgyz platforms like Grinex and Meer as key conduits for Russian stablecoin transactions.
- Weak governance and corruption in Kyrgyzstan enable illicit financial flows, with Transparency International scoring the country 25/100 on corruption.
📎 Related coverage from: decrypt.co
Related Tags: Stablecoin
Other Tags: TRM Labs