Our website uses cookies. By continuing to use this site, you agree to our use of cookies in accordance with this notice and the Terms of Use.
For authors
Publication ethics Reviewing Design rules
Editor
Editor-in-Chief Editorial Board
Contacts News
Submit manuscript
Home / Journals / JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT / Issue 5 / Regulation and Evolution of the Digital Financial Assets Market in Russia: From Experimentation to Systemic Growth
Regulation and Evolution of the Digital Financial Assets Market in Russia: From Experimentation to Systemic Growth
Submit manuscript Download PDF
Text
To cite
Citations:

Regulation and Evolution of the Digital Financial Assets Market in Russia: From Experimentation to Systemic Growth
Pas'ko Viktor Aleksandrovich 1
Serebryakova Tatiana 2
Authors:
1.  Pacific National University (Institute of Economics and Management, Graduate School of Management, Student)
student from 01.01.2021 to 01.01.2025

2.  Pacific National University
employee

Type:
Article
DOI:
https://doi.org/10.26118/2782-4586.2025.85.25.002
eLocation:
Status:
Published
Received:
19.05.2025
Accepted:
23.05.2025
Published:
17.07.2025
Subject area:
UDC 336.7
UDC 004
Language:
Russian
Keywords:
Digital Financial Assets (DFA), tokenization, regulation, tax barriers, liquidity, platforms, financial innovation.
Abstract and keywords
Abstract (English):
The article presents an analysis of the legal regulation and evolution of the digital financial assets (DFA) market in Russia. The study covers key challenges of its development, including tax barriers, market concentration, fraud risks, and insufficient liquidity. It is shown that after the transition from the experimental stage (2022) to accelerated growth, the market faces systemic constraints that may lead to stagnation without timely implementation of measures on tax base harmonization, creation of a unified platform, and secondary market development. Strategies for overcoming barriers, including legislative, technological, and educational initiatives, are proposed. Particular attention is paid to comprehensive regulation and standardization of the legal framework, since they are critically important for the sustainable growth of the DFA market and its expansion due to non-financial companies.

Keywords:
Digital Financial Assets (DFA), tokenization, regulation, tax barriers, liquidity, platforms, financial innovation.
Text
Text (PDF): Read Download
References

1. Federal'nyy zakon "O cifrovyh finansovyh aktivah, cifrovoy valyute i o vnesenii izmeneniy v otdel'nye zakonodatel'nye akty Rossiyskoy Federacii" ot 31.07.2020 № 259-FZ (poslednyaya redakciya) [Elektronnyy resurs]. — URL: https://www.consultant.ru/document/cons_doc_LAW_358753/ (data obrascheniya: 05.05.2025).

2. Cbonds. Informacionnaya sreda dlya professionalov finansovogo rynka i investorov [Elektronnyy resurs]. — URL: https://cbonds.ru/indexes/166107/ (data obrascheniya: 05.05.2025).

3. Analiz rynka dolgovyh CFA [Elektronnyy resurs] / Sberbank Rossii (Sberbank SIB). — 2024. — 23 sentyabrya. — URL: https://www.sberbank.com/common/img/uploaded/analytics/jdw/24092024_cfa.pdf (data obrascheniya: 05.05.2025).

4. Andryushin S.A. Tokenizaciya real'nyh aktivov: klassifikaciya, platformy, prilozheniya, vozmozhnosti i problemy razvitiya // Russian Journal of Economics and Law. 2024. №1. URL: https://cyberleninka.ru/article/n/tokenizatsiya-realnyh-aktivov-klassifikatsiya-platformy-prilozheniya-vozmozhnosti-i-problemy-razvitiya (data obrascheniya: 05.05.2025).

5. Kubasova T.I. / Al'ternativnoe finansirovanie predprinimatel'stva v usloviyah cifrovizacii rossiyskoy ekonomiki (na primere cifrovyh prav) // Baikal Research Journal. 2024. №4. URL: https://cyberleninka.ru/article/n/alternativnoe-finansirovanie-predprinimatelstva-v-usloviyah-tsifrovizatsii-rossiyskoy-ekonomiki-na-primere-tsifrovyh-prav (data obrascheniya: 05.05.2025).

6. Novye vidy indeksnyh CFA [Elektronnyy resurs] / Sberbank Rossii (Sberbank SIB). — 2025. — 24 fevralya. — URL: https://www.sberbank.com/common/img/uploaded/analytics/jdw/24022025_cfa.pdf (data obrascheniya: 05.05.2025).

7. Obzor riskov finansovyh rynkov [Elektronnyy resurs]: Informacionno-analiticheskiy material Banka Rossii. — 2025. — Aprel'. — URL: https://cbr.ru/collection/collection/file/55867/orfr_2025-4.pdf (data obrascheniya: 05.05.2025).

8. Ob'em vypuska CFA vyros v pyat' raz v 2024 godu [Elektronnyy resurs] // TASS. — 2024. — 12 dekabrya. — URL: https://tass.ru/ekonomika/22648123 (data obrascheniya: 05.05.2025).

9. Ob'em vypuskov CFA v Rossii dostig 4,6 mlrd rubley [Elektronnyy resurs] // TASS. — 2023. — 15 iyunya. — URL: https://tass.ru/ekonomika/18017383 (data obrascheniya: 05.05.2025).

10. Plan podgotovki normativnyh aktov Banka Rossii v 2025 godu [Elektronnyy resurs]: Proekt normativnyh aktov Banka Rossii. — URL: https://www.cbr.ru/vfs/analytics/na_vr/project/plan_na_2025.docx (data obrascheniya: 05.05.2025).

11. Popytka razmescheniya finansovoy piramidy na rynke CFA [Elektronnyy resurs] // Interfaks. — 2024. — 5 sentyabrya. — URL: https://www.interfax.ru/business/979686 (data obrascheniya: 05.05.2025).

12. Press-centr Ministerstva finansov Rossiyskoy Federacii [Elektronnyy resurs]. — URL: https://minfin.gov.ru/ru/press-center/?id_4=39620 (data obrascheniya: 05.05.2025).

13. Rynok CFA v Rossii: itogi 2023 goda [Elektronnyy resurs]: Ezhekvartal'nyy analiticheskiy zhurnal Cbonds Review. — № 2 (fevral' 2024). — URL: https://review.cbonds.info/download.php?fid=6187 (data obrascheniya: 05.05.2025).

© jomeam.ru
Agreement Personal data protection and processing policy Support Powered by Editorum,  Instructions
Login or Create
* Forgot password?