Crypto news

After the tightening of the sanctions regime in 2022, the classic access of Russian investors to the US stock market through traditional brokers was virtually cut off. However, as is well known, the market abhors a vacuum — and crypto derivatives have stepped in to fill the gap. This refers to tokenized stocks and contracts for difference on the prices of American giants, traded on platforms such as Bybit, Binance, and Deribit. Settlements are conducted in stablecoins, primarily USDT.

Scale of the Phenomenon: Mass Trend or Niche Instrument?

Expert opinions on the prevalence of this method are divided. On one hand, we see lively discussions in specialized communities and high traffic on the exchanges themselves. Igor Plotnikov, Executive Director of Millpay, calls this instrument highly sought after, especially among active traders already familiar with the crypto market. The current situation only fuels interest: amid a correction in the crypto market, many are seeking returns in traditional markets, where there is a revival.

On the other hand, Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, hold a more restrained assessment. They characterize trading US stocks through crypto derivatives as a narrow niche for experienced, professional players, rather than a mass phenomenon.

Triad of Risks: Legal, Sanctions, and Infrastructure

Despite differences in assessing the scale, experts are united in describing the threats. Yaroslav Kabakov highlights three key risk blocks.

• Legal Risks: Complete uncertainty about the legal status of such operations and the complexity of tax accounting. A token is not a stock, but a derivative, and your rights to the underlying asset are not legally secured.
• Sanctions Risks: High probability of account blocking on a foreign platform precisely due to Russian citizenship. The investor is entirely dependent on the policy of a specific exchange, which can change at any moment.
• Infrastructure Risks: If the platform itself encounters problems, the trader risks being left with nothing, as they have no rights to the real securities.

Alexander Nam adds that when attempting to withdraw profits to the Russian banking system, a problem arises with the "legality of the source of funds." It will be extremely difficult for the bank to explain the nature of income from trading obscure derivatives on a foreign exchange, which risks account freezes under Federal Law No. 115-FZ.

Outlook for the Future: Legalization and Regulation

According to analysts, the regulator will not fight this phenomenon with repressive methods, but will rather offer a civilized alternative. The emergence of legal products is expected, such as digital financial assets (DFAs) on foreign securities, tokenized RWAs (Real World Assets), and structural solutions based on licensed Russian platforms. These instruments will displace the "gray" segment, offering investors protection and clear rules of the game.

Igor Plotnikov sees the upcoming law on digital currency not as a ban, but as a long-awaited clarification of the rules. According to his logic, citizens will be able to legally buy USDT for rubles on a licensed platform, withdraw them to a foreign account, and purchase tokenized assets. Direct purchase of such assets for rubles on a foreign exchange will be prohibited, but technically this is already impossible now.

Cryptalist Analysis: Trading tokenized stocks is undoubtedly an elegant technical bypass of sanctions restrictions, but from a risk management perspective, it is a step into the "gray" zone. The investor gains access to the market at the cost of a complete loss of legal protection and dependence on the goodwill of a foreign platform. Until clear and legal domestic analogs emerge, this instrument remains the domain of professionals prepared for a total loss of capital. For a conservative investor, the risks here clearly outweigh the potential benefits.