Oct 6, 2025
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A7A5 Sponsors Token2049 Amid Compliance Issues Despite Singapore Sanctions
Key Highlights in Crypto Markets
- A ruble-backed stablecoin tied to a sanctioned Russian bank sponsored Singapore's largest crypto event, Token2049, raising compliance concerns.
- The stablecoin, A7A5, is backed by Russia’s state-owned Promsvyazbank (PSB), sanctioned for its defense sector involvement.
- Singapore imposed sanctions on PSB, barring financial interactions, but Token2049 was organized by Hong Kong-based BOB Group, which follows China's sanction policies.
- Despite local compliance, other sponsors expressed concern over brand association with A7A5, leading to its removal from the sponsor list.
Market Movements
- Bitcoin: Surged above $125,000, up 11% for the week due to strong inflows into U.S. spot ETFs and safe-haven demand.
- Ethereum: Trading around $4,500, gaining attention ahead of December’s Fusaka upgrade aimed at reducing rollup costs and enhancing network efficiency.
- Gold: Trading above $3,880 as a safe-haven asset amid the U.S. government shutdown.
- Nikkei 225: Increased over 4% to a record high following the appointment of pro-growth leader Sanae Takaichi.