The digital financial assets market is growing rapidly, but this growth is primarily focused on primary placements and short-term instruments. Issues such as secondary market circulation, attracting retail investors, and tax limitations remain unresolved. These topics are still under discussion, and some decisions made by information system operators appear to be temporary and localized.
The digital financial asset (DFA) market in Russia is experiencing significant growth. According to the Central Bank, the volume of digital assets placed through information system operators (ISO) in 2024 surpassed 604 billion rubles, more than nine times higher than the previous year. By the start of 2025, the total volume of active DFA issues exceeded 274 billion rubles, nearly five times greater than a year earlier. As of the end of last year, nearly 279,000 individuals and 638 legal entities were registered as users of information systems. Additionally, more than 108,000 individuals and 139 legal entities held digital assets.
Currently, 15 ISOs are active in the market, with four financial institutions joining the register in the past four months.
However, the development of the secondary market for digital financial assets remains slow. According to the Moscow Exchange, this is largely due to the dominance of short-term instruments. The Central Bank reports that in the fourth quarter of 2024, the volume of transactions in this market reached 46.5 billion rubles, 1.6 times higher than the previous quarter. In contrast, earlier quarters saw volumes not exceeding 0.6 million rubles.
Igor Rastorguyev, leading analyst at AMarkets, explains that the distinction between the primary and secondary digital financial asset markets lies in the level of protection and opportunities available to investors. On the primary market, new digital financial assets are issued, and buyers engage directly with the issuer. This creates certain guarantees—such as the issuer offering collateral or other commitments—allowing investors to clearly understand the terms of ownership upfront.
“In the secondary market for digital financial assets, investors trade assets with each other. There is no direct interaction with the issuer, meaning there are no protection mechanisms in place,” the expert emphasizes. “There is no centralized regulation, no obligations from the issuer, and no standard risk hedging tools. This limits the development of the secondary market, as investors lack confidence in the asset’s liquidity and legal security.”
Additionally, the secondary market for digital financial assets remains unattractive due to low liquidity and a limited number of participants. At this stage, it is still in its early stages, as investors tend to hold onto assets until maturity rather than resell them, fearing potential legal issues and the lack of guarantees, the analyst concludes.