Crypto news

After the introduction of strict financial restrictions in 2022, classic brokerage accounts for Russian investors in the US market became virtually inaccessible. However, the market abhors a vacuum — tokenized stocks and crypto derivatives on foreign platforms have replaced traditional instruments. This workaround allows for profiting from fluctuations in the value of American giants' securities, using cryptocurrency for settlements. But how safe and legal is this method for Russian citizens? Let's examine the details.

Scale of the Phenomenon: From Mass Trend to Niche

Estimates of the prevalence of this instrument among analysts vary. Igor Plotnikov, Executive Director of Millpay, believes that tokenized stocks on platforms such as Bybit, Binance, and Deribit are quite popular among active Russian traders and those who have long worked with digital assets. The current market situation adds particular relevance to the instrument: a downturn in the crypto market against the backdrop of a strong revival in the stock market.

There is no direct statistical data, but indirect signs — lively discussions in specialized communities and high traffic on exchanges — indicate that this is one of the most popular ways to invest in the US. The appeal of the method is obvious: the ability to execute trades with high leverage, round-the-clock deposit and withdrawal of funds in USDT, and no need to open an account with a foreign broker.

At the same time, Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, call this practice exclusively niche, accessible only to a narrow circle of experienced players. In their opinion, it is more the domain of professionals than a mass trend.

Legal and Sanction Risks: What to Watch Out For

Experts are unanimous in their assessment of potential threats. The main risks fall into three categories:

• Legal: complete uncertainty regarding the legal status of transactions and complex tax accounting. A tokenized stock is a derivative that does not confer rights to the real underlying asset. If the platform encounters problems, the trader risks losing everything.
• Sanction: high probability of account blocking due to Russian citizenship. The investor is entirely dependent on the rules of the specific foreign platform and may at any moment face asset blocking without the usual protection of property rights.
• Infrastructure: a tokenized instrument never guarantees legal rights to ownership of the underlying asset.

Fedor Ivanov, Director of AML/KYT Analytics at operator SHARD, adds that when withdrawing funds to the Russian regulated system, the issue of the legality of their origin becomes acute. The bank needs not only to explain where the money came from but also to convince it of the legality of the cryptocurrency transactions.

Looking Ahead: Regulation and New Opportunities

Russian legislators, according to analysts, are betting on licensed digital instruments within the national financial system. It is expected that instead of gray schemes, investors will be offered digital financial assets (DFAs) on foreign securities, tokenized RWAs, and structural solutions. Igor Plotnikov, in turn, sees in the upcoming regulation not the displacement of players, but a long-awaited clarification of the rules of the game. After the law on digital currency comes into force, citizens will be able to legally purchase tokenized assets with cryptocurrency. The ban will only affect the use of Russian payment infrastructure for direct purchases on foreign exchanges.

Expert Opinion: Trading US stocks through crypto derivatives is undoubtedly an inventive way to bypass sanction barriers. However, I believe that the current "gray" zone carries too many risks for the inexperienced investor. Complete dependence on the token issuer and the lack of rights to the real asset make this instrument extremely vulnerable. In my view, the only truly safe path will be the emergence and development of legal Russian DFAs on foreign securities — only they can provide the necessary legal protection and transparency.