Crypto news

After the strict restrictions of 2022, Russian investors' access to the US stock market through classic brokerage accounts was virtually blocked. However, the most enterprising part of market participants quickly found an alternative path — tokenized stocks and crypto derivatives on foreign platforms. 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? Let's examine the details.

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

Estimates of the new instrument's popularity vary. Igor Plotnikov, Executive Director of Millpay, believes that tokenized stocks on platforms like Bybit, Binance, and Deribit are quite in demand among Russians. They are chosen by active traders and investors already working with digital assets. The current market situation adds relevance: a downturn in the crypto market against the backdrop of a strong revival in the stock market. Although there is no precise open 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 US.

However, Alexander Nam, Vice President for Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, hold a more restrained assessment. They call such a practice exclusively niche, accessible only to a narrow circle of experienced players. In their opinion, this is the domain of professionals, not a mass trend.

Legal and sanctions risks: a gray zone without protection

In assessing potential threats, experts are unanimous. Yaroslav Kabakov points to increased legal, sanctions, and infrastructure risks. The investor is completely dependent on the rules of a specific foreign platform and may at any moment face asset blocking, left without the usual protection of property rights.

Alexander Nam divides concerns into three categories:

• Legal dangers: complete uncertainty about the legal status of operations and complex tax accounting.
• Sanctions risks: high probability 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 instrument: any tokenized stock is a derivative, completely 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 zone due to the lack of clear regulation.

Fyodor Ivanov, Director of AML/KYT Analytics at operator SHARD, adds: when withdrawing funds to the Russian regulated circuit, the question of the legality of their origin remains open. The difficulty is not so much in explaining the origin of funds to the bank, but in ensuring that the bank working with cryptocurrency understands these explanations.

Outlook for the future: legalization or displacement?

Experts' opinions on the prospects diverge. Yaroslav Kabakov believes that Russian legislators will bet on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. Alexander Nam specifies: investors will likely be offered digital financial assets (DFAs) on foreign securities, tokenized RWAs, and structural solutions. Their active development will eventually displace the gray segment of the market.

Igor Plotnikov views regulation from a different angle. For him, this is not about displacing players, but about 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 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. Though technically, this is already impossible, as foreign platforms do not accept rubles.

Analyst's conclusions

The market for tokenized stocks through crypto derivatives is a temporary and risky workaround, not a long-term strategy. Despite its apparent attractiveness, the investor remains completely unprotected against sanctions and platform risks. From my point of view, the most sensible thing for Russian investors is to wait for the emergence of legal and regulated domestic DFAs that will provide real protection of property rights and transparent tax accounting. For now, playing in the "gray zone" could result in a total loss of capital.