Crypto news

After the sanctions restrictions of 2022, traditional access to the U.S. stock market for Russian investors through conventional brokers was virtually cut off. However, as is well known, the market abhors a vacuum. Crypto derivatives and tokenized stocks on foreign platforms—Bybit, Binance, Deribit—have entered the scene. This instrument allows gaining exposure to the dynamics of U.S. tech giant stocks, using stablecoins for settlements. But how safe and legal is this path? Experts' opinions are divided on the scale of the phenomenon, but they agree on identifying the key risks.

Scale of the Phenomenon: Mass Trend or Niche Instrument?

Igor Plotnikov, Executive Director of Millpay, assesses the popularity of this method as very high, especially among active traders and those who have long worked with digital assets. As indirect evidence, he cites lively discussions in specialized communities and high traffic on the relevant exchanges. The appeal of the method is obvious: round-the-clock market access, high leverage, and no need to open an account with a foreign broker. Moreover, exchanges are actively expanding their offerings, providing derivatives not only on stocks but also on commodities such as oil and gold.

However, Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, hold a more restrained assessment. They call this practice the domain of a narrow circle of experienced players, rather than a mass trend. In their view, it is more of a niche instrument for professionals, not for a broad audience of investors.

Legal, Sanctions, and Infrastructure Risks: A Unified Threat Picture

Despite disagreements on the scale, experts are unanimous in identifying the risks. Yaroslav Kabakov highlights three key categories of threats:

• Legal risks: complete uncertainty about the legal status of transactions and complexity of tax accounting.
• Sanctions risks: high probability of account blocking due to Russian citizenship. The investor is entirely dependent on the rules of the foreign platform, which can freeze their assets at any moment.
• Infrastructure risks: a tokenized instrument does not grant legal rights to ownership of the underlying asset. You only hold a derivative issued by a specific exchange. If the exchange faces problems, the trader risks losing everything.

Igor Plotnikov emphasizes the nature of the instrument itself: a tokenized stock is a derivative fully dependent on the issuer. The legal status of transactions lies in a "gray zone" due to the lack of clear regulation. Fedor Ivanov, Director of AML/KYT Analytics at operator SHARD, adds that when withdrawing funds to the Russian banking system, the issue of their legal origin becomes acute. The bank needs not just an explanation of where the money came from, but also convincing proof of the legality of these operations.

Looking to the Future: Legalization through Digital Financial Assets (DFAs)

Experts agree that the future lies with legal instruments. Alexander Nam predicts that investors will be offered DFAs on foreign securities, tokenized RWAs, and structural solutions. Their active development will eventually push out the "gray" segment. Yaroslav Kabakov believes that Russian lawmakers will bet on licensed digital instruments within the national financial system, rather than on uncontrolled foreign crypto exchanges.

Igor Plotnikov views regulation from a different angle. For him, this is a long-awaited clarification of the rules of the game. After the digital currency law comes into force, citizens will be able to legally buy tokenized assets with cryptocurrency, but using Russian payment infrastructure. The scheme will be as follows: buy USDT for rubles on a licensed platform in Russia, withdraw them abroad, and purchase assets there. Direct purchase on a foreign exchange for rubles will be prohibited, although technically this is already impossible since foreign platforms do not accept rubles.

My analysis: Trading U.S. stocks through crypto derivatives is a vivid example of market adaptation to sanctions realities. However, the current "gray zone" carries unacceptable risks for the retail investor. The lack of legal protection and direct dependence on a foreign platform make this instrument a high-stakes game. Legalization through DFAs and licensed platforms is the only path to creating a safe and transparent investment environment for Russian citizens.