Digital Debt Assets Gain Legal Status in Russia
President Vladimir Putin has signed a law that formally defines the legal status of debt-based digital financial assets and sets clear rules for their issuance. The move provides long-awaited regulatory clarity, but it is not expected to be the final step in shaping Russia’s fast-growing digital finance market.
Establishing a Legal Foundation
The law signed by Vladimir Putin on December 15 was adopted by the State Duma on December 9 and approved by the Federation Council the following day. It formalizes the entire life cycle of a digital asset – from creation to circulation. Under the legal definition, debt digital financial assets (DFAs) represent a strictly monetary claim: the amount of the initial purchase plus accrued interest. The interest rate may be either fixed or floating.
Two core requirements – full prepayment before issuance and uniform issuance rules – serve a dual purpose. On one hand, they create a predictable environment for issuers; on the other, they significantly reduce investor risk. Once a DFA is issued, neither the volume of obligations, nor maturity dates, nor interest calculation rules can be altered.
A Market Expanding at Speed
Estimates of Russia’s DFA market vary, but the growth trajectory is clear. According to SberCIB data as of September 2025, total issuance reached 718 billion rubles (approximately $8.6 billion), up from 550 billion rubles (about $6.6 billion) in 2024 and just 44 billion rubles (around $530 million) in 2023. By the end of the year, projections pointed to 1.1 trillion rubles (roughly $13.2 billion). Analysts at PSB expect even higher figures, forecasting up to 1.5 trillion rubles (around $18 billion). Regardless of the estimate, more than 90% of the market today consists of debt-based instruments.
That concentration explains why formalizing their legal status was critical. “This is a logical step in the evolution of digital products,” Kommersant quoted Dmitry Tselishchev, managing director at Rikom-Trust, as saying.
In the coming years, experts expect rapid growth in debt DFAs, broader participation by institutional investors, and deeper integration of digital financial instruments into everyday economic activity. Further regulation is also likely – and, according to market participants, necessary.
A Chain Reaction for Growth
For a digital economy to scale, technology alone is not enough – it needs a solid legal framework. The new law removes legal uncertainty around debt DFAs. Companies can now raise capital through digital debt instruments with confidence that their rights are protected, while investors gain clarity that these assets have a well-defined legal status.
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he law also strengthens the role of information system operators – the platforms that issue DFAs. This, in turn, stimulates the development of fintech infrastructure. Demand is expected to rise for IT solutions that ensure security, transparency, and interoperability across digital financial systems. Integration with future digital ruble platforms is also a plausible next step.
Domestic Momentum and Global Potential
Issuance of DFAs and similar instruments is growing rapidly worldwide. Analysts at consulting firm Yakov & Partners, together with Central University, estimate that the combined use of such instruments across domestic and cross-border markets in BRICS countries could generate up to $50 billion in economic impact by 2030. Achieving that scale, however, will require a clearly structured and coordinated regulatory framework.
“Countries that are first to build a sustainable DFA ecosystem will gain access to new sources of liquidity and strengthen their positions in global capital markets,” said Dmitry Angarov, partner at Yakov & Partners.
Russia is moving steadily in that direction, developing its own digital finance architecture rather than copying Western or Asian models. The focus is on a regulated, transparent system oriented toward the real economy. The law on debt DFAs marks another step toward building a sovereign digital economy.
