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After the introduction of strict restrictions in 2022, classic brokerage accounts for Russian investors in the U.S. stock market became virtually inaccessible. However, the most enterprising part of the market participants quickly found a workaround. This refers to 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.

The question of the scale of this phenomenon, its safety for Russian citizens, and its compliance with upcoming legislative changes remains open. Experts' opinions are divided, but they are united in their assessment of potential threats.

Scale of the Phenomenon: Mass Trend or Narrow Niche?

Estimates of the popularity of the new instrument vary. Igor Plotnikov, Executive Director of Millpay, believes that tokenized stocks on platforms such as Bybit, Binance, and Deribit are in high demand among Russians. They are chosen by active traders and investors who have long been working with digital assets. The current market situation adds relevance to the instrument: a downturn in the crypto market against the backdrop of a strong revival in the stock market. There is no exact statistical data, but indirect evidence—lively discussions in specialized communities and high traffic on exchanges—indicates that this is one of the most sought-after ways to invest in the U.S.

The main advantages of trading through crypto derivatives are obvious:
— The ability to execute trades with high leverage.
— Round-the-clock deposit and withdrawal of funds in USDT stablecoins.
— No need to open an account with a foreign broker.

The derivatives themselves are created based on the securities of the most popular technology giants. Amid the rapid rise in oil and gold prices, platforms have begun actively offering instruments on commodities as well.

At the same time, other speakers assess the prevalence of the instrument much more cautiously. Alexander Nam, Vice President of Digital Assets at MTS Fintech, calls trading U.S. stocks through 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 Sanction Risks: A Unified Position

In assessing potential threats, the experts' positions largely coincide. Yaroslav Kabakov points to increased legal, sanction, and infrastructure risks. The investor is entirely dependent on the rules of a specific foreign platform and may at any moment face asset freezes, left without the usual protection of property rights.

Alexander Nam divides all client concerns into three categories:
— Legal dangers: related to the complete uncertainty of the legal status of operations and complex tax accounting.
— Sanction risks: expressed in the 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 focuses on the nature of this financial instrument. Any tokenized stock is a derivative that is 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 real 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," suggests dividing risks depending on the type of platform used. On centralized exchanges, difficulties are related to compliance, which has become too demanding for users with Russian passports. On decentralized platforms, the analyst sees no particular risks beyond the standard loss of funds due to high volatility. He formulates the main problem as follows: "When bringing such funds into the Russian regulated framework, the question of the legality of their origin remains open. Moreover, the difficulty lies not so much in explaining the origin of funds to the bank, but in ensuring that a bank working with cryptocurrency understands these explanations."

Considering Regulatory Norms

Yaroslav Kabakov believes that 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 what legal products might look like. 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 crowd out the gray segment of the market.

Igor Plotnikov views regulation from a different angle. For him, it is not about crowding out players, but 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 is legal. However, buying them directly on a foreign exchange with rubles will be prohibited. In practice, this is technically impossible now anyway, as foreign platforms do not accept rubles.

Conclusions

The main divergence among experts lies in assessing the scale of trading. Igor Plotnikov considers this method a popular way of investing among active traders from Russia. Alexander Nam and Yaroslav Kabakov classify it as a narrow niche for professionals.

In describing the risks, analysts are unanimous. The speakers emphasize that a tokenized stock is merely a derivative without rights to the real asset. Because of this, the investor is vulnerable to sanctions and freezes. Fyodor Ivanov also reminds of the problem of confirming the legality of income when returning it to Russia.

As for the future, Yaroslav Kabakov and Alexander Nam expect the emergence of safe domestic DFAs.

Cryptalist Expert Opinion: Trading tokenized stocks through crypto derivatives is a classic example of a compromise between accessibility and risk. For an experienced trader who understands the mechanics of derivatives and is prepared for sanction freezes, this is a working tool. However, for a mass investor accustomed to traditional property rights protection, such a path is fraught with total capital loss. Legalization through DFAs is an inevitable and correct vector that will clear the market of gray schemes but will require time.