Crypto news

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 market abhors a vacuum—and a workaround quickly emerged. This involves tokenized stocks and crypto derivatives on foreign platforms such as Bybit, Binance, and Deribit. These instruments allow investors to profit from fluctuations in the value of American giants' shares, using stablecoins for settlements.

But how safe is this practice for Russian citizens? The issue is complex and ambiguous. Expert opinions are divided: some consider this method already mainstream among active traders, while others see it as a narrow niche for professionals. Let's break down which risks here are real and which are exaggerated.

Scale of the Phenomenon: Mass Trend or Elite Club?

Igor Plotnikov, Executive Director of Millpay, rates the popularity of tokenized stocks quite highly. According to him, lively discussions in specialized communities and high traffic on exchanges are indirect but significant evidence that this is one of the most sought-after ways to invest in the U.S. among Russians. The method's appeal is obvious: the ability to trade with high leverage, round-the-clock deposit/withdrawal in USDT, and no need to open an account with a foreign broker. Moreover, amid rising oil and gold prices, platforms have already begun actively offering derivatives on commodities as well.

However, Alexander Nam, Vice President of Digital Assets at MTS Fintech, and Yaroslav Kabakov, Director of Strategy at IC Finam, hold a more restrained view. They describe such trading as the domain of a narrow circle of experienced players, not a mass phenomenon. In their opinion, it is a niche practice accessible only to those already deeply immersed in the world of digital assets.

Legal and Sanction Risks: A Gray Zone

In assessing potential threats, experts are unanimous. Yaroslav Kabakov highlights three key categories of risks:

• Legal: complete uncertainty regarding the legal status of transactions and complex tax accounting.
• Sanction-related: high probability of account blocking due to Russian citizenship.
• Infrastructural: a tokenized instrument never guarantees legal rights to ownership of the underlying asset.

Igor Plotnikov emphasizes the nature of the instrument itself. Any 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 remains in a gray zone due to the lack of clear regulation.

Fyodor Ivanov, Director of AML/KYT Analytics at operator SHARD, adds an important nuance: when returning funds to the Russian regulated framework, the question of their legal origin remains open. The difficulty lies not so much in explaining the source of income to the bank, but in ensuring that a bank dealing with cryptocurrency understands those explanations at all.

Looking Ahead: Regulatory Changes

Yaroslav Kabakov believes that Russian legislators will bet on licensed digital instruments within the national financial system. Operations through uncontrolled foreign crypto exchanges will not be supported. Alexander Nam specifies: investors will likely be offered 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 players out, but about long-awaited clarification of the rules of the game. He explains: after the digital currency law 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 on a foreign exchange directly with rubles will be prohibited—though technically, this is already impossible, as foreign platforms do not accept rubles.

Conclusions and Expert Opinion from Cryptalist

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 with no rights to the real asset. The investor is vulnerable to sanctions and freezes. Additionally, the issue of confirming the legality of income when returning it to Russia is acute.

My position as an analyst: This instrument is a forced but extremely risky measure. It is only suitable for experienced traders who fully understand that they are holding not an Apple share, but merely a promise from the exchange. For the mass investor, accustomed to the protection of traditional markets, this is a minefield. Expecting the emergence of safe domestic DFAs is a more reasonable strategy, though it requires patience. For now, if you decide to play this game, remember: you are not the owner of the asset—you are a hostage of the platform.