Kyrgyzstan’s recent crypto law introduced in January 2022 has attracted illicit activities from Russia, with local exchanges reportedly connected to sanctioned groups. The 7,118% rise in transaction volumes from 2022 to 2024 reflects the growing misuse of this crypto haven.
TRM Labs highlights the urgent need for stricter financial regulations in Kyrgyzstan to prevent foreign misuse. The growing ties between Russian entities and local exchanges demand immediate reforms to enhance transparency and combat sanctioned activities.
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