Where does crypto stand? Sanctions, money laundering, and the challenges ahead
report
Crypto is used more than ever before to bypass sanctions. Russia’s war against Ukraine has shown how sanctioned states can use crypto to reconnect with global finance. Iran’s crypto ecosystem is said to have reached over $7 billion in 2025.1 North Korea is said to have stolen at least $2 billion in crypto between 2024-2025.2
We begin with illustrative examples how sanctioned states bypass sanctions. We then turn to three areas deserve particular attention: stablecoins, privacy-enhancing technologies applied to cryptocurrency protocols and networks, and the hardware that underpins crypto infrastructure. These three are elements of a systemic perspective on crypto as ecosystem, one that is at the core of the research program’s we initiate at TNO.
We begin with illustrative examples how sanctioned states bypass sanctions. We then turn to three areas deserve particular attention: stablecoins, privacy-enhancing technologies applied to cryptocurrency protocols and networks, and the hardware that underpins crypto infrastructure. These three are elements of a systemic perspective on crypto as ecosystem, one that is at the core of the research program’s we initiate at TNO.
TNO Identifier
1034581
Publisher
TNO
Collation
8 p.