Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. A7A5’s appearance at the recent Token2049 conference wasn’t in contravention of Singaporean law, despite being backed by a sanctioned Russian bank, highlighting the limits of the city-state’s sanctions regime, which applies only to licensed financial firms. A7A5's ruble-based stablecoin is backed by Russia’s state-owned Promsvyazbank (PSB), an entity sanctioned by the Monetary Authority of Singapore (MAS) as well as financial authorities in the U.S., U.K., and most Western jurisdictions . Bloomberg recently reported that the E.U., as a bloc, is considering sanctions against A7A5 too . Indeed, an audit prepared for Old Vector LLC, the parent company behind A7A5, warns of possible "redemption and regulatory issues" regarding use of the tokens considering the breadth of the sanctions. Given A7A5 was a sponsor at Token2049, complete with booths and branded massage rooms , one has to wonder if this contravened Singaporean rules given the exchange of funds. The answer, according to MAS, is no. "Singapore financial institutions (FI) are not permitted to facilitate transactions (whether directly or indirectly) for designated persons in contravention of our financial measures," a MAS Spokesperson told CoinDesk in an email. "An entity that is not an FI regulated by the MAS is not subject to the financial measures." Under Singapore’s sanctions framework, financial measures targeting Russia’s Promsvyazbank and related entities bind banks, insurers, capital-markets intermediaries, and digital payment token providers. But, according to MAS' own guidance , non-financial companies and individuals are only obligated to comply with United Nations-mandated sanctions, which have never been applied to Russia as the country would veto them as a member of the U.N. security council. Furthermore, Token2049 is organized by Hong Kong registered BOB Group . Hong Kong, as part of China, does not have any financial sanctions on Russia which makes recieving funds from A7A5 legal in the territory. Singapore's sanctions are a bit different from what's been imposed in the U.S. where the company behind A7A5 is Specially Designated National (SDN) under U.S. Treasury’s Office of Foreign Assets Control (OFAC) meaning U.S. persons are prohibited from interacting with them in any way. It may seem like an edge case, but Foundation for Global Political Exchange v. U.S. Treasury shows just how far those restrictions can go. OFAC initially denied the Foundation for Global Political Exchange, a U.S. nonprofit, permission to host members of Hezbollah – understandably sanctioned individuals – at a forum they organized in Beiruit about peace in the middle east, ruling that simply offering a platform or audience constituted a prohibited service under U.S. sanctions law. Only after a first amendment challenge did OFAC reverse its position, narrowly allowing participation under strict conditions: no payments, no lodging, no coordination, and no affiliation with the event’s host. By that standard, even in the U.S., hosting A7A5 could be legal if no money or material support changed hands. In Singapore, where sanctions bind financial institutions but not conference organizers, it’s an even easier call. Washington regulates who you can pay; Singapore regulates who can move the money. Somewhere between those two philosophies – and one Hong Kong crypto wallet – A7A5 found a perfectly legal booth and 💆 Your Neck’s New Best Friend at TOKEN2049 Back-to-back panels? Hours of networking? We’ve got you. Step into the A7A5 Massage Zone – 110 sqm of pure relaxation on Level 5. 💆 10-minute hand, arm, & neck massages by professional therapists. 🕒 Open throughout event hours 🌿… pic.twitter.com/P77BMohO3o — A7A5 (@A7A5official) September 25, 2025 ">massage room . Market Movement BTC: Bitcoin fell to around $122,000, down 3% from record highs, as analysts warned the crypto rally had become overheated following the year’s largest ETF inflows and leveraged positioning, with Deribit projecting a possible pullback to $118,000–$120,000 before another run toward $130,000 ETH: Ethereum is trading around $4,479, down 4.4%, as traders lock in profits following recent gains and rotate out of ETH into other assets, pressuring prices after a strong rally. Gold: Gold surged past $4,000 for the first time as investors flocked to safe havens amid a weaker dollar, Fed rate cuts, and geopolitical uncertainty, with central banks and retail buyers driving demand; Goldman Sachs lifted its 2026 forecast to $4,900, though Bank of America warned the rally may be overextended. Nikkei 225: Asia-Pacific markets traded mixed Wednesday, while Japan’s Nikkei 225 hovered around 48,120 — buoyed by optimism over pro-growth policies under new LDP leadership and a tech-fueled global rally, even as concerns about stimulus durability and valuation risks linger. Elsewhere in Crypto: Trump Memecoin Issuer Zanker Is Planning Digital Asset Treasury Company ( Bloomberg ) Gemini stock projected for 25% upside driven by crypto reward card ‘flywheel’ and EU license ( The Block ) CleanCore's Dogecoin Treasury Tops 710M Tokens, Booking $20M+ Gain ( CoinDesk )
