Crypto news

After the sanctions restrictions of 2022, classic brokerage accounts became practically inaccessible for Russian investors. However, the market abhors a vacuum—tokenized stocks and crypto derivatives on foreign platforms have emerged as a replacement. This instrument allows gaining exposure to the growth of American giants using stablecoins for settlements. But how safe and legal is this path? Let's examine the details.

Scale of the Phenomenon: Niche or Mainstream?

Expert opinions are divided. On one hand, Igor Plotnikov, Executive Director of Millpay, notes high demand for such instruments among active traders from Russia. Indirect data—lively discussions in specialized communities and high traffic on exchanges like Bybit, Binance, and Deribit—confirms the method's popularity. Its relevance is heightened by the current situation: a downturn in the crypto market against the backdrop of a powerful rally in the US stock market.

On the other hand, Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC "Finam," consider this practice a narrow niche, accessible only to experienced players. They agree that there is no mass adoption yet.

Risks: Three Fronts of Threat

Analysts are unanimous in assessing potential dangers. Yaroslav Kabakov highlights three key categories:

• Legal risks: complete uncertainty regarding the legal status of transactions and complex tax accounting.
• Sanction risks: high probability of account blocking due to Russian citizenship.
• Infrastructure risks: a tokenized instrument does not grant rights to the real underlying asset.

Igor Plotnikov emphasizes the nature of the derivative: it is entirely dependent on the exchange that issued it. If the platform faces problems, the trader risks losing everything, having 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 to the Russian banking system, the main problem becomes proving the legality of the income's origin. The bank may simply not understand the nature of the transactions.

Looking to the Future: Legalization or Replacement?

Analysts agree that the Russian regulator will bet on licensed digital instruments within the national system. Yaroslav Kabakov and Alexander Nam predict the emergence of digital financial assets (DFAs) for foreign securities, tokenized RWAs, and structured products. In their view, the active development of these instruments will eventually displace the "gray" segment.

Igor Plotnikov sees the situation differently: for him, it is not displacement but a long-awaited clarification of the rules of the game. After the digital currency law comes into effect, citizens will be able to legally buy tokenized assets with cryptocurrency. Restrictions will only apply to the use of Russian payment infrastructure. Buying USDT for rubles on a licensed platform, transferring them abroad, and purchasing assets—will be legal. However, directly buying on a foreign exchange with rubles is prohibited, which is technically already impossible.

Cryptalist's Conclusion: Crypto derivatives are a powerful but extremely risky instrument requiring high qualifications. For an average Russian investor, it involves sanction, legal, and infrastructure threats. Relying on "gray" schemes means playing Russian roulette. My forecast: in the next 1-2 years, we will see the emergence of legal and protected domestic analogs, which will become the main channel for accessing foreign markets. Until then—caution and a full understanding of the risks.