CIS Region Crypto Assets Ecosystem and Digital Finance Development

At the end of March 2025, a smaller-scale Crypto Assets exhibition was held in Moscow. Despite the limited scale of the exhibition, it drew attention from government, industry, technology, and finance sectors. In the current geopolitical situation, the CIS region is trying to find breakthroughs through stablecoins and blockchain technology.

Observation of the Moscow Crypto Summit Exhibition

The exhibition will be held from March 19 to 20 in Moscow, and it is an important annual event for the Crypto Assets industry in the region. Although the scale of the exhibition is small, it has a distinct regional characteristic that reflects the current state of the CIS blockchain industry:

• 40% are Chinese mining machine vendors, showing the dominance of Chinese manufacturers in the CIS mining market.
• 25% for Crypto Assets exchanges, including international platforms and local CEX, DEX platforms.
• 15% for cross-border payment service providers, focusing on assisting businesses in avoiding sanctions.
• 10% for KOLs, media, and industry associations
• Other small projects for compliance services, etc.

Overall, it presents characteristics of extreme localization and closure. However, the mining business is a highlight, with a tolerant policy attitude and strong market demand.

Interpretation of CIS Region Crypto Policies

Under the current sanctions backdrop, Russia is gradually forming a distinctive path for its Crypto Assets policy, centered on stablecoins and blockchain, exploring cross-border payment and financial sovereignty solutions independent of the Western financial system. Major policy signals include:

1. Incorporate Crypto Assets into the "de-dollarization" strategy and build local stablecoins.
2. Improve legal regulations and open special administrative regions for compliance sandbox pilot programs.
3. Strengthen cooperation with BRICS countries to develop a multilateral framework for cross-border settlement anchored in currency recognition and coin recognition.

Overall, Russia's crypto policy is shifting from a defensive stance to a strategic deployment.

Local Stablecoin Projects

A7A5 stablecoin

The ruble-pegged stablecoin launched in February 2025 has the following main features:

• 1:1 pegged to the ruble, facilitating cross-border payments
• Issued on Ethereum and Tron
• Can generate passive income
• Built-in security mechanism
• Already listed on some exchanges

A7A5 successfully dealt with the USDT freezing incident at Garantex exchange and is regarded as a "self-rescue case in the encryption market."

Kyrgyzstan USDKG Project

• Choose to issue gold-backed stablecoins instead of CBDC
• Audited by Consensys Diligence
• Aimed at attracting foreign investment and improving the transparency of capital flows.
• Facing challenges in reserve management, liquidity, and more.

Russia's Crypto Regulation Framework

• The "Digital Financial Assets Law" recognizes the legality of digital assets.
• The draft "Digital Currency Law" still has controversies.
• Plan to pilot encryption financial services in special administrative regions.
• Proposed to launch a three-year experimental legal system (ELR)
• Allow specific investors and scenarios to use Crypto Assets

International Cooperation

• Emphasize cooperation with BRICS countries
• Promote the multilateral mutual recognition of stablecoins and local currency digital assets.
• Enterprises issue private chain stablecoins through friendly countries to evade sanctions.

Overall, the CIS region is actively exploring ways to reshape financial sovereignty and global settlement capabilities using encryption technology.