In March 2025, the number of issues of digital financial assets (DFAs) more than doubled YoY, reaching 86. In the first quarter, the growth was 270% compared to 2024, with digital analogs of bonds and loans enjoying the highest level of demand, Bankovskoye Obozrenie reports.
Experts primarily explain the trend by Russia’s recent move to simplify regulation. In 2024-2025, the Central Bank and the Ministry of Finance streamlined the procedure for issuing tokenized assets for companies, which reduced bureaucracy as well as costs.
Furthermore, the ongoing technological boom is influencing the industry, making it easier for buyers to acquire DFAs, technology-wise.
Experts predict that the tokenization market will exceed RUR 1 tln ($12.2 bln) in Russia by the end of 2025. At the end of last year, the market for digital financial assets valued at RUR 346 bln ($4.2 bln).
“Today, digital financial assets are a convenient way of raising additional funding for domestic companies, including from the same credit institutions that they routinely borrow from. Most of these lenders have no restrictions on buying digital financial assets issued by their borrowers even after these companies have exhausted their credit limits,” explains Professor Artem Genkin, CEO of Consulting & Analytical Union, commenting on the DFA offering boom.