Legal Issues in the Regulation of Accounting for Digital Financial Assets in Russia

The relevance of this study stems from the rapid development of the digital financial assets market in the Russian Federation against the backdrop of insufficiently developed accounting principles, which generates legal risks for market participants and impedes the widespread integration of digital assets into the financial sector. The research aims to identify key legal and technical challenges in digital financial assets accounting under current Russian legislation while conducting a comparative analysis of their accounting practices against established frameworks for securities. Particular attention is paid to accounting automation processes where smart contracts serve as instruments for autonomous obligation execution, alongside associated integration issues: risks of software code errors, conflicts with civil law norms, and protection mechanisms for transaction parties. The study includes a comparative analysis of DFAs and uncertificated securities, highlighting formal differences and similarities in their accounting. The author emphasizes complexities in establishing multi-tier digital financial assets accounting systems — specifically regarding the role of nominal holders — and identifies deficiencies in current regulatory approaches. The study concludes that further legislative adaptation to technological realities is imperative, requiring careful balance between state oversight and preservation of blockchain’s decentralized nature. This work contributes to the ongoing discourse on transforming traditional legal institutions within digitalized economies.