Digital financial assets in modern financial market: Systematization of experience and trends in Russia

Introduction. In the context of the financial sector’s rapid digitalization, the study of new asset classes, in particular digital financial assets (DFA), which demonstrate significant potential for transforming traditional financial markets, is becoming especially relevant. The research methodology is based on a comprehensive approach to the analysis of the technological transformation of modern financial market and the development of digital financial assets, including an analysis of the regulatory framework, statistical data and practices of market participants, with special attention paid to a comparative analysis of various similar markets and their comparison with DFA. Theoretical analysis. The article presents a short overview of relevant scientific literature on the digital financial assets market development. The conceptual framework is disclosed, the concepts of digital financial assets and information system operators are defined. Empirical analysis. A comprehensive analysis of the digital financial assets market development in Russia for the period of 2022–2024 is carried out. The study demonstrates significant market growth: the volume of issues reached 500 billion rubles in 2024 with 864 placements, which significantly exceeds the figures for previous years. The institutional structure of the market, including 14 information system operators, and the technological base based on various blockchain solutions are analyzed. The specifics of the Russian DFA regulation model, the product structure of the financial market, where digital analogues of bonds dominate (98% of issues), as well as the features of asset tokenization are considered. Results. Key problems of market development have been identified, including the underdevelopment of the secondary market and fragmentation of liquidity. Based on the analysis, promising areas for the development of the digital financial assets market in Russia have been identified, including asset securitization and development of the digital certificates market. It is predicted that the volume of issues will reach 1 trillion rubles by 2025, subject to successful implementation of regulatory changes and development of the market infrastructure.