According to online reports, according to a report released by blockchain intelligence company TRM Labs, Russian entities are using Kyrgyzstan cryptocurrency platforms to circumvent sanctions. Russia-related cryptocurrency transactions account for almost all of Kyrgyzstan's cryptocurrency industry, and the country's cryptocurrency industry was "almost non-existent" before the Russia-Ukraine War in 2022. On-chain analysis shows that the closed Russian trading platform Garantex has likely changed its name to Grinex and has used Russian-backed stablecoins (such as A7A5) to conduct large-scale ruble exchange for cryptocurrency transactions. The transaction volume of virtual asset service providers in Kyrgyzstan reached US$59 million at the end of 2022, and quickly soared to US$4.2 billion in the first seven months of 2024. These platforms have become a key channel for Russian entities to fight sanctions and maintain access to the global financial system.（decrypt）