Trading US stocks through crypto derivatives: a risky workaround for Russians or a new norm?
After the harsh sanctions restrictions of 2022, access for Russian retail investors to the US stock market through traditional brokerage accounts has been virtually cut off. However, the most enterprising part of the market participants has found an alternative path — tokenized stocks and crypto derivatives on foreign platforms. These instruments allow earning income from changes in the value of US tech giants' securities, using stablecoins for settlements. A logical question arises: how safe, legal, and compliant with upcoming changes in Russian legislation is this method?
Estimates of the scale of this phenomenon among experts vary. On one hand, Igor Plotnikov, Executive Director of Millpay, notes the high demand for instruments on platforms like Bybit, Binance, and Deribit among Russian traders, especially against the backdrop of a downturn in the crypto market and a simultaneous revival in the stock market. Indirect data — lively discussions in specialized communities and high traffic on exchanges — confirm the popularity of this method. On the other hand, Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, consider such practice exclusively niche, accessible only to a narrow circle of experienced players.
Risks: Expert Consensus
In assessing potential threats, analysts are unanimous. The main problem is the investor's complete dependence on the rules of the foreign platform. You do not own real shares, but only a derivative issued by the exchange. If the platform encounters problems (account blocking, sanctions, bankruptcy), the trader risks being left with nothing, having no rights to the underlying asset.
Experts highlight three key categories of risks:
- Legal: complete uncertainty about the legal status of transactions and complex tax accounting.
- Sanctions: high probability of account blocking due to Russian citizenship.
- Infrastructure: a tokenized instrument never guarantees legal rights to ownership of the underlying asset.
Additionally, when attempting to withdraw funds into the Russian regulated financial system, a problem arises in confirming the legality of the income source. As Fedor Ivanov, Director of Analytics at AML/KYT operator SHARD, notes, the difficulty is not so much in explaining the source of funds to the bank, but in ensuring that a bank working with cryptocurrency understands those explanations.
Looking Ahead: Legalization or Displacement?
Opinions on how the new regulation will affect this gray segment are divided. Yaroslav Kabakov and Alexander Nam expect the emergence of safe domestic instruments — digital financial assets (DFAs) for foreign securities, tokenized RWAs, and structural solutions that will eventually displace illegal operations.
Igor Plotnikov, on the contrary, sees in the regulation not displacement, but a long-awaited clarification of the rules of the game. After the law on digital currency comes into effect, citizens will be able to legally purchase tokenized assets with cryptocurrency. Restrictions will only apply to the use of Russian payment infrastructure. That is, buying USDT for rubles on a licensed platform, transferring them abroad, and purchasing assets there — will be legal. Direct purchase on a foreign exchange for rubles will be prohibited, but technically this is already impossible now.
Analyst's Opinion: Trading US stocks through crypto derivatives is not a mass phenomenon, but a tool for professionals willing to take on high sanctions and counterparty risks. Until the market receives clear regulation, this remains a "gray zone" with unpredictable consequences. The emergence of legal DFAs on Russian platforms is a matter of time, and they will become a safe alternative for most investors.