Digital rights encompass various forms of digital financial assets, which the government believes could prove more appealing than cryptocurrencies. The Ministry of Finance and the Central Bank have been engaged in a long-standing debate over whether to regulate or ban cryptocurrencies in Russia. However, they have reached a consensus regarding the use of DFAs.
Anatoly Aksakov, the Chairman of the State Duma Committee on Financial Markets, has pre-emptively announced the introduction of a bill concerning the integration of DFAs into the international arena. He predicts that starting next year, digital financial assets issued in Russia can be employed for transactions with foreign counterparts. Aksakov ensured that the corresponding law could be passed by the State Duma in December.
Despite these positive developments, participants in the DFA market are not as optimistic. Companies are facing difficulties in attracting investors, particularly retail investors. One major obstacle preventing individuals from entering the digital financial services market is the complex registration procedure. Retail investors are currently unable to access most DFAs due to restrictions imposed by the Central Bank.