Tokenization of the financial market

Russia’s experience

In October 2025, a bill on a new type of digital asset—debt DFA—was submitted to the State Duma. These are the digital equivalent of bonds: investors provide money to the issuer and receive the right to have it returned with interest. Currently, it is not possible to issue bonds using DFAs: DFAs can be issued on monetary claims or on already issued traditional bonds. The legislator proposes to allow the issuance of financial instruments – bonds – directly in tokenized form (native tokens). This approach establishes the use of DFAs as a debt financing instrument: fixed terms and payment schedules allow them to be regulated according to the principles applied to traditional debt instruments.

The proposal will also affect the assessment of banks' risks when forming reserves: The Basel Committee believes that DFAs issued as bonds pose a greater risk to banks than DFAs issued as bonds. Debt CFAs currently account for 88% of the Russian digital financial assets market. It is to be expected that, once the amendments are adopted, the new¹ asset will become dominant in the DFA market.

Also in October 2025, a bill was² submitted to the State Duma that allows investment funds to purchase CFAs on the same terms as shares or bonds. Previously, funds were effectively unable to include CFAs in their assets because there was no established depositary accounting mechanism. The amendments introduce such a mechanism (including a nominee holder regime), which opens up CFAs to institutional investors and makes transactions with them comparable to the circulation of traditional securities. Brokers and management companies are subject to the same requirements for protecting client interests as in the securities market. This makes the purchase of CFAs by private investors transparent and controllable, just like the purchase of traditional financial instruments. However, the regulator maintains restrictions and investor tests so that retail investors can purchase CFAs based on their experience and acceptable level of risk.

It should be noted that the development of Russian legislation is taking place against the backdrop of new sanctions by the EU, which have also affected the crypto asset market. The³ new package of sanctions prohibits European and foreign crypto platforms from serving Russian users and companies. The restrictions also apply to transactions involving a number of digital assets, including the ruble-pegged⁴ stablecoin A7A5.

The experience of Hong Kong,

Germany, India, and the USA

It should be noted that the measures implemented in Russia in October are not unique—a similar approach is already being used in a number of countries. For example, in Hong Kong, the Securities and Futures Commission has equated tokenized securities with conventional securities and established the same requirements for investor protection, disclosure, and secure storage. A similar approach has been implemented in Germany, where the Electronic Securities Act has allowed the issuance of debt instruments in digital form and equated them with traditional bonds while maintaining investor protection and disclosure requirements.

In India, in October 2025, the Reserve⁵ Bank launched a pilot project on the⁶ tokenization of certificates of deposit, which are short-term debt instruments on the interbank market. This speeds up settlements and reduces operational risks, which echoes Russia's focus on digital bonds and the creation of an infrastructure for their circulation.

Major global investment funds are beginning to participate in the development of the tokenization market. In October 2025, BlackRock adapted one of its funds to the⁷ requirements of the GENIUS Act, enabling stablecoin issuers to purchase shares in this fund to launch their projects.

Thus, a trend toward the tokenization of traditional financial assets is forming around the world. This trend is expected to intensify as infrastructure develops and the use of such instruments expands. It is estimated that by 2030, the volume of such assets could reach between $4–5 trillion and $16 trillion, with the largest growth expected in the segment of instruments for attracting and placing funds, including digital equivalents of bonds.

From the monitoring issue No. 10 (22), October 2025. Download the full issue (PDF) · issue page at the Gaidar Institute