Sanctioned Russian-Linked Stablecoin Issuer A7A5 Sparks Compliance Concerns at Token2049 Singapore

A ruble-backed stablecoin tied to a sanctioned Russian defense bank became the center of controversy at Singapore's Token2049 crypto conference. Despite global sanctions, A7A5—issued by Old Vector and used on the A7 LLC platform to circumvent restrictions—secured a sponsorship role at the event. The appearance of Oleg Ogienko, A7A5's regulatory affairs director, raised eyebrows as he promoted the stablecoin just hours after former White House crypto policy lead Bo Hines endorsed Tether's USAT as a pillar of dollar hegemony.

Compliance experts question how A7A5 processed payments for its high-profile participation, exposing jurisdictional gaps in financial sanctions enforcement. The incident underscores the crypto industry's ongoing struggle to balance open participation with regulatory adherence, particularly involving assets designed to bypass traditional financial controls.