Singapore Confirms Token2049 Organizer Not Subject to Russia Sanctions Despite A7A5 Sponsorship
A spokesperson from the Monetary Authority of Singapore (MAS) clarified that entities not regulated as financial institutions are not bound by Singapore’s sanctions measures, allowing A7A5 to participate in Token2049 without breaching local law.
A7A5, a ruble-backed stablecoin issuer tied to Russia’s state-owned Promsvyazbank (PSB), appeared at the Hong Kong-organized conference despite sanctions imposed on PSB by Singapore, the U.S., U.K., and other Western jurisdictions. MAS confirmed that Singapore’s financial measures apply only to licensed financial institutions, not conference organizers or non-financial entities.
“Singapore financial institutions (FI) are prohibited from facilitating transactions for designated persons under our measures,” the MAS spokesperson told CoinDesk. “Entities that are not MAS-regulated FIs are not subject to these financial measures.”
Token2049, run by Hong Kong-based BOB Group, is therefore legally able to host A7A5. Hong Kong does not currently impose sanctions on Russia, meaning no local legal barriers prevented the transaction. In contrast, U.S. sanctions are stricter: A7A5 is a Specially Designated National (SDN), restricting U.S. persons from engaging with the company.
A7A5’s sponsorship included booths and branded spaces, such as the official Token2049 massage lounge, which sparked compliance concerns among attendees. MAS guidance indicates that the risk only arises when financial institutions facilitate transactions, leaving the event organizer in the clear.
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MAS’ clarification highlights the nuances of Singapore’s sanctions framework: while financial institutions are restricted, non-financial participants and foreign organizers operate under broader leeway, creating a legal pathway for sanctioned-backed entities like A7A5 to engage in high-profile events.
