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After access to the U.S. stock market through traditional brokerage accounts was virtually cut off for Russians in 2022, the most enterprising market participants found an alternative path. This involves tokenized stocks and crypto derivatives on foreign platforms. These instruments allow earning income from changes in the value of U.S. company securities, using cryptocurrency for settlements. However, experts still disagree on how widespread this practice is, what dangers it poses for Russian citizens, and how it aligns with upcoming legislative changes.

The highest level of popularity for the new instrument is estimated by Igor Plotnikov, Executive Director of Millpay. According to him, tokenized shares of American giants on platforms like Bybit, Binance, and Deribit are in high demand among Russians. They are most often chosen by active traders and investors who have long worked with digital assets. The current market situation adds relevance to the instrument: against the backdrop of a strong revival in the stock market, there is a downturn in the crypto market, making such derivatives particularly attractive for diversification.

Advantages and Real Scale

Although there is no precise open statistical data, indirect signs—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 U.S. The key advantages of the method are obvious: the ability to trade with high leverage, round-the-clock deposit and withdrawal of funds in USDT stablecoins, and no need to open an account with a foreign broker.

However, other experts assess the prevalence of the instrument much more cautiously. Alexander Nam, Vice President of Digital Assets at MTS Fintech, calls trading U.S. stocks via cryptocurrency the domain of a narrow circle of experienced players. He is echoed by Yaroslav Kabakov, Director of Strategy at IC "Finam," who considers such practice exclusively niche.

Legal and Sanction Risks: Full Consensus

In assessing potential threats, the experts' positions largely coincide. Yaroslav Kabakov points to heightened legal, sanction, and infrastructure risks. The investor is entirely dependent on the rules of a specific foreign platform and may face asset blocking at any moment, left without the usual protection of property rights.

Alexander Nam divides all client concerns into three categories:

• Legal dangers: related to the complete uncertainty of the legal status of operations and complex tax accounting.
• Sanction risks: expressed in the high likelihood of account blocking due to Russian citizenship.
• Infrastructure problems: a tokenized instrument never guarantees legal rights to ownership of the underlying asset.

Igor Plotnikov emphasizes the nature of the financial instrument itself. Any tokenized share is a derivative, entirely 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, Director of AML/KYT Analytics at operator "SHARD," suggests distinguishing risks based on the type of platform. On centralized exchanges, difficulties arise from 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. The main problem, according to him, arises when bringing such funds back into the Russian regulated framework: it is extremely difficult to explain to a bank the legality of income from cryptocurrency transactions.

Looking Ahead: From Gray Area to Digital Financial Assets

Yaroslav Kabakov believes that Russian lawmakers will focus on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. Alexander Nam specifies what legal products might look like. 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 push out the gray market segment.

Igor Plotnikov views regulation from a different angle. For him, it is not about pushing out players, but about 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 directly on a foreign exchange with rubles will be prohibited. But technically, this is already impossible, as foreign platforms do not accept rubles.

Analyst's Conclusion from Cryptalist: Trading tokenized U.S. stocks through crypto derivatives is an effective but high-risk instrument for experienced users. It solves the problem of market access but creates new vulnerabilities related to jurisdiction and the lack of rights to the underlying asset. As regulation develops and legal DFAs emerge, this "gray" practice will likely transform but not disappear entirely—the demand for diversification and returns from the American market is too great.