At the end of 2023, there were about 350 DFAs, and their total volume was approximately 60 billion rubles. At the same time, the development of infrastructure for DFA trading in Russia is still not completed. The Bank of Russia register includes 10 information system operators who issue and work with digital assets. The Moscow Exchange allows transactions with DFAs, and the development of over-the-counter platforms continues.
“According to ACRA estimates, the maximum volume of the DFA market over a three-year horizon in a moderately optimistic scenario could reach 500 billion rubles, however, this figure is influenced by general economic factors, including the level of rates and indicators of macroeconomic stability. It is also currently difficult to judge how different the range of investors in DFAs will be from the composition of investors in the debt market and whether certain types of DFAs will be able to become an alternative for those who prefer to keep available funds on bank deposits,” note ACRA experts.
The agency’s materials also note that at the moment, Russian legislation is not ready for the large-scale implementation of DFA – major changes to regulatory standards should be made in 2025-2026.
At the beginning of the month, the St. Petersburg Exchange released DFA in the format of hybrid digital rights.