Crypto news

After the introduction of strict restrictions in 2022, direct access for Russian investors to the US stock market through classic brokerage accounts was virtually cut off. However, the most enterprising part of the market participants quickly found an alternative path. This refers to tokenized stocks and crypto derivatives on foreign platforms. These instruments allow investors to earn income from changes in the value of US company shares, using cryptocurrency for settlements. How widespread this practice is, what risks it carries, and how it relates to upcoming changes in Russian legislation — these questions require detailed analysis.

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

Experts' opinions on the popularity of this method are divided. On one hand, Igor Plotnikov, Executive Director of Millpay, points to the high demand for tokenized stocks on platforms such as Bybit, Binance, and Deribit, especially among active traders and those who have long worked with digital assets. The current market situation, where a strong revival in the stock market is observed against the backdrop of a downturn in the crypto market, only fuels interest. Indirect evidence of its prevalence includes heated discussions in specialized communities and high traffic on exchanges. On the other hand, Alexander Nam, Vice President for Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, consider this practice to be the domain of a narrow circle of experienced players and strictly niche.

Triad of risks: legal, sanctions, and infrastructure

In assessing potential threats, experts' positions converge. Yaroslav Kabakov emphasizes increased legal, sanctions, and infrastructure risks. The investor is entirely 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 systematizes client concerns into three categories:

• Legal risks: complete uncertainty of the legal status of transactions 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 derivative nature of the instrument: any tokenized stock 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 actual 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 the operator "SHARD," adds another important aspect: when returning 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 a bank working with cryptocurrency understands these explanations.

Future of regulation: legalization or displacement?

According to Yaroslav Kabakov, Russian legislators are betting on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. Alexander Nam specifies: 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 displace the gray segment of the market.

Igor Plotnikov views regulation from a different angle: for him, it is not about displacing players, but about a 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 will be legal. However, buying them directly on a foreign exchange with rubles will be prohibited, although technically this is already impossible, as foreign platforms do not accept rubles.

Expert opinion: Tokenized stocks are an elegant but risky workaround. For an experienced trader who understands all the risks and is prepared for them, this is a working tool. However, for the mass investor, accustomed to the protection of traditional markets, playing with such derivatives could result in a total loss of capital. The key takeaway: the legalization of DFAs on foreign assets in Russia is inevitable, and it is these instruments, not "gray" schemes, that will become the foundation for future investments. Until then, every Russian choosing this path must realize that they are acting at their own risk in the absence of any legal protection.