Crypto news

After the sanctions restrictions of 2022, Russian investors' access to the U.S. stock market through traditional brokerage accounts was virtually blocked. However, the market abhors a vacuum, and classic instruments have been replaced by tokenized stocks and crypto derivatives on foreign platforms. This workaround allows earning income from changes in the value of American giants' securities, using stablecoins for settlements. But how safe and legal is this method? Let's figure it out.

Scale of the phenomenon: from a niche trend to a mass instrument

Experts' opinions on the prevalence of this practice are divided. On one hand, we see high activity in specialized communities and significant traffic on exchanges such as Bybit, Binance, and Deribit. This indicates that the instrument is in demand, especially among active traders and those who have long worked with digital assets. The current market conditions—a downturn in the crypto market against the backdrop of a strong revival in the stock market—only fuel interest in this method of diversification.

On the other hand, a number of analysts rightly note that this is still the domain of a fairly narrow circle of experienced players. There is no direct statistical data, but indirect signs indicate that this instrument has not yet fully reached the mass investor. Nevertheless, its advantages are obvious: a 24/7 market, the ability to use leverage, and no need to open an account with a foreign broker.

Legal and sanctions risks: a gray area

Here, experts are unanimous: the risks are enormous. A tokenized stock is not a security in the classical sense, but a derivative entirely dependent on the issuer—a specific crypto exchange. If the platform runs into problems, the trader risks being left with nothing, as they have no rights to the real underlying asset.

The main threats can be divided into three categories:

• Legal risks: Complete uncertainty about the legal status of transactions and complex tax accounting. When withdrawing funds to the Russian banking system, the question of the legality of their origin arises.
• Sanctions risks: High probability of account blocking due to Russian citizenship. The investor is entirely dependent on the rules of a specific foreign platform, which can freeze assets at any moment without the usual protection of property rights.
• Infrastructure risks: A tokenized instrument never guarantees legal rights to ownership of the underlying asset. You only own a record in the exchange's register, not the stock itself.

Looking to the future: regulation is inevitable

Russian legislators are likely to bet on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. In the future, we will probably see the emergence of safe domestic digital financial assets (DFAs) for foreign securities, tokenized RWAs, and various structural solutions. Their active development will eventually crowd out the gray market segment.

The adoption of the digital currency law, on the contrary, could legalize the purchase of tokenized assets for cryptocurrency. Restrictions will only affect the use of Russian payment infrastructure. That is, buying USDT for rubles on a licensed platform, transferring them abroad, and purchasing assets there will be legal. However, buying them directly on a foreign exchange for rubles will be prohibited, although technically this is already impossible now.

My analysis: Trading U.S. stocks through crypto derivatives is a high-risk but, under current conditions, inevitable compromise for a Russian investor. Until a clear and safe domestic alternative in the form of licensed DFAs emerges, this gray market will exist and grow. However, anyone considering this path should clearly understand: you are playing by the rules of a foreign platform, and your main protection is not the law, but only the exchange's reputation. Diversification and storing assets on multiple platforms is not just advice, but a necessity.