Crypto news

After the introduction of strict restrictions in 2022, Russian investors' access to the US stock market through traditional brokerage accounts was almost completely cut off. However, the most enterprising part of the market participants quickly adapted by turning to an alternative instrument — tokenized shares and crypto derivatives on foreign platforms. These financial products allow gaining exposure to the price dynamics of leading US companies' securities, using cryptocurrency, primarily stablecoins, for settlements.

How widespread is this practice among Russian citizens, what risks does it entail, and how does it relate to upcoming legislative changes — these issues are sparking lively debates in the professional community. Analysts' opinions are divided, especially regarding the scale of the phenomenon.

Scale of the Phenomenon: Mass Trend or Niche Instrument?

Some experts, such as Igor Plotnikov from Millpay, assess the popularity of tokenized shares on platforms like Bybit, Binance, and Deribit as very high. In their view, this is one of the most sought-after ways to invest in the US, especially among active traders and those who have long worked with digital assets. The current market situation, where a downturn in the crypto market is observed against the backdrop of a strong revival in the stock market, only adds fuel to the fire, spurring interest in this instrument.

Other analysts are much more restrained. Alexander Nam from MTS Fintech and Yaroslav Kabakov from IC "Finam" call this practice the domain of a narrow circle of experienced players, rather than a mass phenomenon. They agree that this is a niche, albeit technically advanced, way to bypass sanctions barriers.

Legal and Sanctions Risks: Three Pillars of Uncertainty

In assessing potential threats, experts are surprisingly unanimous. They identify three key categories of risks:

• Legal risks: Complete uncertainty about the legal status of transactions, complex tax accounting. Essentially, the transaction is in a "gray area" due to the lack of clear regulation.
• Sanctions risks: High probability of account blocking on a foreign platform solely due to Russian citizenship. The investor is entirely dependent on the rules of a particular exchange.
• Infrastructure risks: A tokenized instrument is a derivative that does not grant legal rights to own the underlying asset. If the platform runs into problems, the trader risks being left with nothing, as they have no rights to the actual securities.

Fyodor Ivanov from the operator "SHARD" adds to this list the problem of confirming the legality of the source of funds when returning them to the Russian regulated financial system. It will be extremely difficult for a bank to explain the nature of income from operations with crypto derivatives.

Looking Ahead: Legalization or Displacement?

Opinions on how the new digital currency law will affect this practice also vary. Yaroslav Kabakov and Alexander Nam expect the state to bet on licensed digital instruments within the country, such as digital financial assets (DFAs) on foreign securities and tokenized RWAs. They believe that the development of safe domestic products will eventually displace the "gray" segment.

Igor Plotnikov, on the contrary, sees the upcoming regulation as a long-awaited clarification of the rules of the game. He explains that after the law comes into force, citizens will be able to legally buy tokenized assets for cryptocurrency. The ban will only affect the direct use of Russian payment infrastructure (rubles) for purchases on foreign exchanges, which is technically impossible even today.

My conclusion as an analyst: Trading US stocks through crypto derivatives is a high-risk, but currently one of the few available paths for a Russian investor. However, it cannot be considered a long-term strategy. Until clear legislative frameworks and licensed domestic analogues appear, this instrument will remain a game for professionals who are aware of all the risks, including the complete loss of capital.