The law is harsh, but it is the law.

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"DFAs can be linked to the value of a real asset, as was done by GPI Investments LLC, a subsidiary of PJSC MMC Norilsk Nickel, by linking their value to the price of gold, palladium, platinum, copper and nickel, or by PJSC GC Samolet, by linking DFAs to the value of a real apartment. In the case of corporate bonds, the income on them would be fixed, and under the current monetary policy of the Bank of Russia, it would be unprofitable for the issuer of corporate bonds. And by linking the value of DFAs to a real asset that the company extracts, produces and sells on the domestic or foreign market, it insures itself against a drop in the value of its main product or raw material and, as a result, a decrease in revenue. And the investor gets the opportunity to receive a higher income than on bonds, since in this case it will not be fixed," said Freedom Finance Group analyst Vladimir Chernov.

Nikolay Andreyev, head of russia whatsapp resourceTaxes and Cyberlaw LLC, noted that Russian bonds are relatively easy to issue, but difficult to sell in rich regions with available funds, which are mostly unfriendly. "Issuing CFAs is relatively difficult, but sanctions against transactions with them are more difficult to apply. This makes CFAs a very interesting investment instrument," Nikolay Andreyev noted.



"Digital financial assets are in demand by the market, and that is why the Federal Law "On Digital Financial Assets" was adopted in 2020," noted Pavel Katkov, founder of Future Legal.

Lawmakers started talking about the digital financial assets market relatively recently. On July 22, 2020, the State Duma adopted Federal Law No. 259-FZ "On Digital Financial Assets, Digital Currency, and Amendments to Certain Legislative Acts of the Russian Federation". The first digital financial assets exchanges appeared in 2022, when clarifications were made to the law on digital financial assets, allowing information system operators to use nominal accounts, which simplified the mechanics of settlements on the platform, and in the fall of 2024, the State Duma will adopt laws that will introduce the use of digital financial assets for cross-border settlements into the legal field.

Pavel Sidorkin noted that the legislative basis for digital assets is the law on crowdfunding, the law on digital financial assets, the law on the national payment system, as well as regulatory legal acts of the Bank of Russia.

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