Crypto derivatives as a loophole to the US stock market: analysis of risks and prospects for Russians
After the introduction of strict restrictions in 2022, Russian investors' access to classic brokerage accounts for buying US stocks was virtually cut off. However, the market abhors a vacuum: the enterprising part of participants quickly found a workaround through tokenized stocks and crypto derivatives on foreign platforms. These instruments allow earning income from fluctuations in the value of American giants' shares, using stablecoins, primarily USDT, for settlements.
How widespread is this practice? Analysts' opinions are divided. Some experts, like Igor Plotnikov, Executive Director of Millpay, assess the demand as very high, especially among active traders and those who have long worked with digital assets. Indirect data — lively discussions in specialized communities and high activity on exchanges like Bybit, Binance, and Deribit — confirm that this is one of the most sought-after ways to invest in the US. Others, for example, Alexander Nam, Vice President for Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, consider this phenomenon a narrow niche, the domain of experienced professionals, rather than a mass trend.
Key Risks: From Legal Uncertainty to Sanctions
In assessing potential threats, experts are unanimous. The main danger lies in the very nature of the instrument. A tokenized stock is a derivative that is entirely dependent on the issuer-exchange. If the platform encounters problems, the trader risks being left with nothing, as they have no rights to the actual securities. The legal status of such transactions is in a "gray zone" due to the lack of clear regulation.
Alexander Nam identifies three categories of risks: legal (uncertainty of legal status and complex tax accounting), sanctions (high probability of account blocking due to Russian citizenship), and infrastructural (a tokenized instrument never guarantees legal rights to the underlying asset). Fedor Ivanov, Director of Analytics for AML/KYT at the operator "SHARD," adds that on centralized exchanges, the main difficulties are related to compliance, which has become too demanding for users with Russian passports. On decentralized platforms, risks are reduced to standard volatility.
The key problem, according to Fedor Ivanov, is the legalization of income when returning funds to the Russian financial system. It will be extremely difficult for a bank to explain the origin of funds obtained from trading such derivatives.
Looking Ahead: Regulatory Changes
Russian legislators, as Yaroslav Kabakov believes, 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) for foreign securities, tokenized RWAs, and structural solutions. Their active development will eventually crowd out the gray market segment.
Igor Plotnikov views regulation differently: for him, it is 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 the Russian payment infrastructure. That is, buying USDT for rubles on a domestic licensed platform, withdrawing them abroad, and purchasing assets there will become legal. Direct purchase on a foreign exchange for rubles will be prohibited, but technically this is already impossible.
My analysis: Trading US stocks through crypto derivatives is a high-risk but effective tool for experienced players. The key question is not the scale of the phenomenon, but the investor's willingness to assume all the risks of the "gray zone." With the advent of clear regulation and the emergence of legal domestic analogs (DFAs), this loophole will likely lose its relevance, but for now, it remains the only real bridge to the US stock market for Russian traders.