"The maximum volume of the digital financial assets market
Posted: Wed Jan 22, 2025 5:04 am
In an optimistic scenario, the digital financial assets market could grow tenfold in three years and reach ₽500 billion, ACRA estimates. But it will not be easy for them to become a mass replacement for traditional instruments, other experts say
The digital financial assets (DFA) market may reach a volume of up to 500 billion rubles over a three-year horizon in a moderately optimistic scenario for the development of this instrument. This assessment is contained in an analytical commentary by the ACRA rating agency, which RBC has.
over a three-year horizon in cameroon whatsapp number database a moderately optimistic scenario could reach RUB 500 billion, but this figure is subject to the influence of general economic factors, including the level of rates and indicators of macroeconomic stability. It is also currently difficult to judge how much the circle of investors in digital financial assets will differ from the composition of investors in the debt market and whether certain types of digital financial assets will be able to become an alternative for those who prefer to keep their free funds in bank deposits," the review says.
Digital financial assets are digital analogues of promissory notes, bonds and equity rights, executed via blockchain. Cryptocurrencies, including Bitcoin, are not considered digital financial assets. The Law "On Digital Financial Assets" came into force on January 1, 2021, it regulates their issue, accounting and circulation. Digital financial assets are issued by information system operators (ISO), which can be banks and legal entities included in the special register of the Bank of Russia. Currently, ten players are included in it, including the Atomize platform, Sberbank, Alfa-Bank, St. Petersburg Exchange, the National Settlement Depository and others.
According to ACRA estimates, approximately 350 digital financial assets issues have already been carried out, and the market volume for issues in circulation at the end of 2023 amounted to about 60 billion rubles. The authors of the review draw attention to the fact that access to this data is limited, so actual market indicators may differ. According to Expert RA data obtained through a survey of digital financial assets operators, the volume of digital financial assets issued in the first nine months of 2023 exceeded 32 billion rubles as a result of 133 issues. A significant contribution to market growth was made by the Russian Railways issue for 15 billion rubles in June 2023.
The total volume of issued digital financial assets is dominated by the simplest tokenized instruments that certify direct monetary claims to issuers and are similar in their parameters to bonds. Single digital financial assets had a more complex structure, for example, some were secured by third-party obligations - accounts receivable, etc.
The majority of digital financial assets (61.5%) are issued for a term of more than one year. The maturity of 25% of instruments is up to three months. "This indicates that issuers of digital financial assets are either still searching for their most rational use, or are testing the processes of issuing and servicing this class of financial assets and studying the investor base," explain ACRA analysts.
How the new tool can develop
Currently, simple digital financial assets are considered by many market participants as a tool for attracting short-term liquidity, because their issue is simpler than the issue of bonds. For example, due to simplified requirements for issue documentation and disclosure of information. Digital financial assets can also be an alternative to bank lending, since in the case of issuing digital financial assets, there is no need to contact banks and undergo checks to make a credit decision. Therefore, the issue of such instruments may be of interest to small and medium-sized businesses, as well as to larger non-financial companies, write ACRA analysts.
The digital financial assets (DFA) market may reach a volume of up to 500 billion rubles over a three-year horizon in a moderately optimistic scenario for the development of this instrument. This assessment is contained in an analytical commentary by the ACRA rating agency, which RBC has.
over a three-year horizon in cameroon whatsapp number database a moderately optimistic scenario could reach RUB 500 billion, but this figure is subject to the influence of general economic factors, including the level of rates and indicators of macroeconomic stability. It is also currently difficult to judge how much the circle of investors in digital financial assets will differ from the composition of investors in the debt market and whether certain types of digital financial assets will be able to become an alternative for those who prefer to keep their free funds in bank deposits," the review says.
Digital financial assets are digital analogues of promissory notes, bonds and equity rights, executed via blockchain. Cryptocurrencies, including Bitcoin, are not considered digital financial assets. The Law "On Digital Financial Assets" came into force on January 1, 2021, it regulates their issue, accounting and circulation. Digital financial assets are issued by information system operators (ISO), which can be banks and legal entities included in the special register of the Bank of Russia. Currently, ten players are included in it, including the Atomize platform, Sberbank, Alfa-Bank, St. Petersburg Exchange, the National Settlement Depository and others.
According to ACRA estimates, approximately 350 digital financial assets issues have already been carried out, and the market volume for issues in circulation at the end of 2023 amounted to about 60 billion rubles. The authors of the review draw attention to the fact that access to this data is limited, so actual market indicators may differ. According to Expert RA data obtained through a survey of digital financial assets operators, the volume of digital financial assets issued in the first nine months of 2023 exceeded 32 billion rubles as a result of 133 issues. A significant contribution to market growth was made by the Russian Railways issue for 15 billion rubles in June 2023.
The total volume of issued digital financial assets is dominated by the simplest tokenized instruments that certify direct monetary claims to issuers and are similar in their parameters to bonds. Single digital financial assets had a more complex structure, for example, some were secured by third-party obligations - accounts receivable, etc.
The majority of digital financial assets (61.5%) are issued for a term of more than one year. The maturity of 25% of instruments is up to three months. "This indicates that issuers of digital financial assets are either still searching for their most rational use, or are testing the processes of issuing and servicing this class of financial assets and studying the investor base," explain ACRA analysts.
How the new tool can develop
Currently, simple digital financial assets are considered by many market participants as a tool for attracting short-term liquidity, because their issue is simpler than the issue of bonds. For example, due to simplified requirements for issue documentation and disclosure of information. Digital financial assets can also be an alternative to bank lending, since in the case of issuing digital financial assets, there is no need to contact banks and undergo checks to make a credit decision. Therefore, the issue of such instruments may be of interest to small and medium-sized businesses, as well as to larger non-financial companies, write ACRA analysts.