Crypto news

After the introduction of strict restrictions in 2022, classic brokerage accounts for Russian investors in the U.S. stock market became virtually inaccessible. However, the most enterprising market participants found a workaround — tokenized stocks and crypto derivatives on foreign platforms. These instruments allow earning income from changes in stock prices using cryptocurrency for settlements. But how safe and legal is this solution? There are more questions than answers.

Scale of the Phenomenon: From Popular Trend to Niche Instrument

Estimates of the prevalence of this method vary. Some experts, like Igor Plotnikov from Millpay, note high demand for tokenized shares of tech giants on Bybit, Binance, and Deribit among Russians. Indirect data — lively discussions in specialized communities and high traffic on exchanges — confirm that this is one of the sought-after ways to invest in the U.S. The current situation adds particular relevance to the instrument: a downturn in the crypto market against the backdrop of a strong revival in the stock market.

Other analysts, including Alexander Nam from MTS Fintech and Yaroslav Kabakov from IC Finam, estimate the popularity much more modestly. They believe that trading U.S. stocks via cryptocurrency remains the domain of a narrow circle of experienced players — a niche practice.

Risks: Legal, Sanctions, and Infrastructure

In assessing potential threats, experts are unanimous. Yaroslav Kabakov highlights three categories of risks:

• Legal: complete uncertainty about the legal status of operations and complex tax accounting.
• Sanctions: high probability of account blocking due to Russian citizenship.
• Infrastructure: a tokenized instrument never guarantees legal rights to ownership of the underlying asset.

Igor Plotnikov adds that any tokenized stock is a derivative fully dependent on the exchange that issued it. If the platform runs into problems, the trader risks being left with nothing, as they have no rights to the real securities. The legal status of transactions is in a gray area due to the lack of clear regulation.

Fyodor Ivanov from the operator SHARD focuses on the issue of confirming the legality of income when repatriating it to Russia. On centralized exchanges, difficulties arise with compliance, which has become too demanding for users with Russian passports. On decentralized platforms, the analyst sees no particular risks beyond the standard loss of funds due to high volatility.

Looking Ahead: Regulation and Legal Alternatives

Yaroslav Kabakov believes that Russian legislators will bet on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. Alexander Nam specifies: most likely, investors will be offered digital financial assets (DFAs) on foreign securities, tokenized RWAs, and various structural solutions. In his opinion, their active development will eventually crowd out the gray segment of the market.

Igor Plotnikov views regulation from a different angle. For him, it is not about pushing players out, but about a long-awaited clarification of the rules of the game. He explains that after the law on digital currency comes into force, citizens will be able to legally buy tokenized assets with cryptocurrency. Restrictions will only affect the use of Russian payment infrastructure. That is, buying USDT for rubles on a domestic licensed platform, transferring them abroad, and purchasing assets there is legal. However, buying them on a foreign exchange directly with rubles will be prohibited, although technically it is already impossible now.

Analyst Conclusions

Trading U.S. stocks via crypto derivatives is a high-risk but sought-after instrument for experienced traders. The main threat lies not in the volatility of the asset, but in its legal uncertainty and dependence on foreign platforms. It appears that the market is moving toward legalization through domestic DFAs, which will eventually make "gray" schemes less attractive. However, until these mechanisms are fully implemented, investors should carefully weigh the risks, especially those related to sanctions and the repatriation of funds to the Russian jurisdiction.