Prospects of development of the digital financial assets market in Russia for investors

Abstract

In recent years, the market of digital fi nancial assets has attracted increasing interest from various groups of investors, including institutional ones, as well as issuers, who want to participate in such an innovative tool. However, due to the lack of the necessary infrastructure and regulatory environment, such participation remains extremely diffi cult. It is necessary to identify the key missing elements in infrastructure and government regulation that hinder the full development of the digital fi nancial assets market and make it difficult for a wide range of investors to participate in this market. It is important to work out the issue regarding the implementation of placements of digital fi nancial assets to a wide range of market investors — this will allow reaching a new level of relations with issuers and investors in the information environment. To do this, it is necessary to create a favorable regulatory environment and infrastructure, which will allow digital fi nancial assets to become a full-fl edge and technologically advanced instrument of the Russian fi nancial market. The use of digital fi nancial assets will allow Russian corporate issuers to reduce the cost of fi nancial borrowing in the Russian debt market and will help increase the efficiency and competitiveness of the Russian fi nancial system as a whole. This article describes the Russian market of digital fi nancial assets and its regulatory framework and infrastructure foundation, and also refl ects the problem of participation of institutional investors in issues of digital financial assets, presents solutions and main directions for the development of this market to attract a wide range of participants to it, including both investors and issuers.