Singapore’s Monetary Authority (MAS) has clarified that entities not regulated as financial institutions are not subject to the city-state’s sanctions, following the appearance of A7A5 at the recent Token2049 conference.
A7A5, a ruble-backed stablecoin issuer linked to Russia’s state-owned Promsvyazbank (PSB), is sanctioned by MAS and other global authorities. However, MAS sanctions apply only to licensed banks, insurers, capital market intermediaries, and digital payment token providers. Non-financial entities, including conference organizers, are not restricted under Singapore’s sanctions framework.
Token2049 is organized by Hong Kong-based BOB Group, where no financial sanctions exist against Russia, making A7A5’s sponsorship legally permissible in that jurisdiction. MAS emphasized that while Singapore-regulated financial institutions cannot facilitate transactions for sanctioned entities, non-FI companies can host them without violating local law.
Experts note that the approach differs from stricter frameworks like the U.S., where hosting sanctioned entities without material support may still require compliance under the Office of Foreign Assets Control (OFAC). In Singapore, the focus is on who moves the money, not merely hosting or platform access.
MAS confirmed that A7A5’s sponsorship, including booths and branded spaces at the event, did not contravene Singapore law, highlighting the limits of local sanctions regimes in a globalized, multi-jurisdictional crypto ecosystem.
Market Snapshot
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