Crypto news

After the introduction of strict sanctions restrictions in 2022, Russian investors' access to the U.S. stock market through traditional brokerage accounts was virtually cut off. However, the most enterprising market participants quickly found an alternative path. This involves tokenized stocks and crypto derivatives on foreign platforms, which allow earning income from changes in the value of U.S. company shares using cryptocurrency for settlements. But how safe and legal is this instrument?

Scale of the Phenomenon: Mass Trend or Niche Story?

Expert opinions on the prevalence of this practice are divided. Igor Plotnikov, Executive Director of Millpay, notes high demand for tokenized shares of American giants on platforms such as Bybit, Binance, and Deribit. According to him, this instrument is especially popular among active traders and those who have long worked with digital assets. Indirect data—lively discussions in specialized communities and high traffic on exchanges—confirms that this is one of the most popular ways to invest in the U.S. Key advantages include the ability to trade with high leverage, round-the-clock deposit/withdrawal in USDT stablecoins, and no need to open an account with a foreign broker.

However, Alexander Nam, Vice President of Digital Assets at MTS Fintech, offers a more restrained assessment, calling trading U.S. stocks via cryptocurrency the domain of a narrow circle of experienced players. He is joined by Yaroslav Kabakov, Director of Strategy at IC Finam, who considers this practice exclusively niche.

Legal and Sanctions Risks: A Gray Zone

In assessing potential threats, experts are unanimous. Yaroslav Kabakov highlights three key risk categories: legal (uncertainty of the legal status of operations and complex tax accounting), sanctions (high probability of account blocking due to Russian citizenship), and infrastructural (a tokenized instrument does not grant legal rights to ownership of the underlying asset). 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.

Igor Plotnikov emphasizes the derivative nature of the instrument. A tokenized stock is a derivative fully 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 zone due to the lack of clear regulation.

Fyodor Ivanov, Director of AML/KYT Analytics at operator SHARD, adds that when withdrawing funds into the Russian regulated framework, the issue of the legality of their origin arises. The difficulty lies not only in explaining the source of funds to the bank but also in ensuring that a bank working with cryptocurrency understands these explanations.

Future: Legal Digital Financial Assets Instead of Gray Schemes

Experts agree that Russian lawmakers are betting on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. Alexander Nam predicts the emergence of legal products—digital financial assets (DFAs) on foreign securities, tokenized RWAs, and various structural solutions. In his view, their active development will eventually push out the gray market segment.

Igor Plotnikov views regulation from a different angle: for him, it is not about pushing out players but about long-awaited clarification of the rules. 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.

Conclusion: The main divergence among experts lies in assessing the scale of trading. However, they are united in describing the risks. A tokenized stock is merely a derivative without rights to the real asset, making the investor vulnerable to sanctions and freezes. Additional complexity arises from the problem of confirming the legality of income when returning it to Russia. As an analyst, I recommend viewing this instrument exclusively as a high-risk speculative asset for professional participants, not as a long-term investment strategy. Legal DFAs, which will emerge in the future, will become a safer alternative, but for now, the market remains in a gray zone.