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Singapore Clears Token2049 Organizer Despite Russian Sanctions Link
Singapore Clears Token2049 Organizer Despite Russian Sanctions Link
22
2
BTCCSquare news:
Singapore authorities confirmed that A7A5's participation in Token2049 did not violate local sanctions, despite its ties to Russia's sanctioned Promsvyazbank. The Monetary Authority of Singapore clarified that its sanctions regime applies only to licensed financial institutions, leaving regulatory gaps for crypto entities.
A7A5's ruble-backed stablecoin faces potential redemption risks due to sweeping Western sanctions, including possible future EU action. The project's prominent sponsorship at Token2049—complete with branded lounges—highlighted the jurisdictional complexities of enforcing financial restrictions in the crypto sector.
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