Crypto news

After the strict restrictions of 2022, the classic access of Russian investors to the US stock market through brokerage accounts has been virtually cut off. However, the most enterprising part of market participants quickly found an alternative. We are talking about tokenized stocks and crypto derivatives on foreign platforms such as Bybit, Binance, and Deribit. These instruments allow earning income from changes in the value of US company shares, using cryptocurrency for settlements. But how safe and legal is this method for Russian citizens? Experts' opinions diverged on assessing the scale of the phenomenon but converged on describing the potential threats.

Scale of the Phenomenon: Mass Trend or Niche Instrument?

Some analysts, such as Igor Plotnikov from Millpay, assess the popularity of tokenized stocks among Russians as quite high. In his opinion, this instrument is especially in demand among active traders and those who have long worked with digital assets. Its relevance is enhanced by the current market situation: a downturn in the crypto market against the backdrop of a strong revival in the stock market. Although there is no precise open statistics, indirect data—lively discussions in specialized communities and high traffic on exchanges—indicate that this is one of the most sought-after ways to invest in the US.

Other experts, such as Alexander Nam (MTS Fintech) and Yaroslav Kabakov (IC "Finam"), are much more restrained. They call trading US stocks through cryptocurrency the domain of a narrow circle of experienced players and an exclusively niche practice. In their opinion, there has been no massive influx of investors into this segment.

Legal and Sanction Risks: A Unified Danger Zone

In assessing the potential threats, experts are unanimous. The main problem is the investor's complete dependence on the rules of a specific foreign platform. They may at any moment face asset blocking, left without the usual protection of property rights. Alexander Nam divides the risks into three categories:

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

Igor Plotnikov emphasizes the nature of this instrument: any tokenized stock is a derivative, completely dependent on the exchange that issued it. If the platform encounters 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 (operator "SHARD") adds that compliance difficulties on centralized exchanges are becoming increasingly demanding for users with Russian passports. He also notes the main problem when withdrawing funds: the bank needs an explanation of the source of funds, and this explanation must be understandable to it.

Future: Legalization and the Emergence of Digital Financial Assets (DFAs)

Experts agree that Russian legislators will bet on licensed digital instruments within the national financial system. Most likely, investors will be offered DFAs on foreign securities, tokenized RWAs, and various structural solutions. Their active development will eventually displace the gray market segment. After the law on digital currency comes into force, citizens will be able to legally buy tokenized assets for cryptocurrency. Restrictions will only affect the use of Russian payment infrastructure: buying USDT for rubles on a licensed platform, transferring them abroad, and purchasing assets there is legal. But buying them on a foreign exchange directly for rubles will be prohibited.

Conclusions and My Expert Opinion

The main divergence among experts is in assessing the scale of trading. However, they are all united in describing the risks: a tokenized stock is only a derivative, granting no rights to the real asset. The investor is vulnerable to sanctions and freezes and also faces the problem of confirming the legality of income when returning it to Russia. Personally, I believe that this instrument is a temporary and risky solution for those willing to play by the rules of the "gray zone." With the emergence of clear regulation and safe domestic DFAs in Russia, this workaround will likely lose its relevance, giving way to more transparent and protected mechanisms. Investors not ready for high regulatory risks should wait for official products.