08:16, 24 December 2025

Experts Point to Russia’s Flexible Policy on Digital Financial Assets

Fast issuance timelines are making the new financial instruments increasingly attractive to the market.

Russia’s central bank has outlined issuance timelines for digital financial assets, a new tool for investment and capital raising. According to the Bank of Russia, such assets can be issued for periods ranging from as little as one day to as long as eight years, with an average maturity of 120–130 days. Experts say this flexibility makes the instrument highly adaptable and opens up broad opportunities for businesses.

As Mikhail Nikitin, head of international business and finance practice and partner at 5D Consulting, notes, Russia is not merely creating a new market, but a new logic of interaction between companies, investors, and financial intermediaries.

“The first major effect that is already beginning to emerge is linked to the transformation of traditional banking instruments,” Nikitin said. “Bank guarantees, factoring, and similar business solutions are gradually shifting onto new rails. For companies, this means lower operational risks, cheaper procedures, and faster, higher-quality service. In banks, the process is already under way, but it will unfold over the next two to three years and at different speeds for different players. The end result is lower costs for financial operations and a more resilient financial model for businesses, especially in sectors where working capital and settlement speed are critical.”

Accessible Investment, Simpler Rules

The second major trend is expanded access to investment. Alongside traditional issuance formats, the market is seeing the development of over-the-counter forwards under simplified rules. These instruments are no longer limited to commodity companies and are becoming available to a much wider range of market participants. For businesses, this offers a way to raise funds without strict banking requirements or excessive reporting. For investors, it provides clearer and more direct investment options.

“At the same time, it’s important to maintain balance,” said Mikhail Borisov. “The market needs to grow, but under oversight, to avoid crises and protect individual investors. In this context, tax amendments are not just a technical change. They form the foundation for liquidity and the circulation of instruments between investors, fundamentally changing the scale and maturity of the market.”

According to Borisov, the most important outcome is a reduction in the number of intermediaries between investors and businesses.

“This creates the possibility of almost direct investment in clear, tangible projects,” he said.

Digital economy