Asia Morning Briefing: Singapore Authorities Say Token2049 Organizer Not Covered by Russia Sanctions After A7A5 Appearance

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A7A5’s appearance at the recent Token2049 conference wasn’t in contravention of Singaporean law, despite being backed by a sanctioned Russian bank, highlighting the limits of the city-state’s sanctions regime, which applies only to licensed financial firms.

A7A5’s ruble-based stablecoin is backed by Russia’s state-owned Promsvyazbank (PSB), an entity sanctioned by the Monetary Authority of Singapore (MAS) as well as financial authorities in the U.S., U.K., and most Western jurisdictions. Bloomberg recently reported that the E.U., as a bloc, is considering sanctions against

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