最新报道：According to the Coinnet, has Russia turned Kyrgyzstan's booming cryptocurrency market into a backdoor for transferring funds? A new report reveals how exchanges registered in Kyrgyzstan help Russian networks circumvent sanctions. Since the passage of the "On Virtual Assets" bill in 2022, Kyrgyzstan's cryptocurrency industry has grown from near zero to billions of dollars in trading activity, according to TRM Labs. By October 2024, authorities had issued 126 virtual asset service provider (VASP) licenses, and licensed platforms recorded $4.20 billion in transactions in the first seven months of 2024 alone. But due to the relatively weak regulation of the local industry in the region, rapid growth has made it an ideal base for entities seeking to circumvent sanctions. TRM Labs' report points to the Grinex and Meer cryptocurrency exchanges, which emerged in Kyrgyzstan shortly after U.S. law enforcement smashed Russia's Garantex in March 2025. On-chain analysis suggests that the two suspected successors used similar wallet infrastructure and transaction patterns to Garantex, helping Russian users move funds through A7A5, a stablecoin pegged to the Russian ruble that has long been under scrutiny. Crypto.news reported earlier in June that a Financial Times study showed that the A7A5 stablecoin had quietly moved billions of dollars since its launch and was linked to sanctioned entities, suggesting that it may be part of a broader effort to circumvent Western sanctions and enable cross-border payments for Russian entities. Another exchange, Envoys Vision Digital Exchange (EVDE), was found to be linked to wallets associated with the Rusich Group, a sanctioned Russian paramilitary organization. Many of these platforms also show signs of shell companies, including identical registered addresses, common founders, and reused contact information, suggesting coordinated or shared illicit control. TRM Labs warned that while Kyrgyzstan may have been exploited rather than complicit, weak regulation leaves the door open. Without stricter controls on VASP registration, clearer ownership rules, and tighter checks on shell companies, Russian financial networks will continue to exploit the country’s cryptocurrency infrastructure. If not addressed, similar tactics could also spread to neighboring Kazakhstan and Uzbekistan, which are already rolling out crypto-friendly regulations that undermine international sanctions.