Digital financial assets as an alternative tool for attracting financing under conditions of traditional capital market contraction

Aim. To identify and conduct a comprehensive analysis of the potential of digital financial assets (DFAs) as a new channel for attracting financing for economic entities in the Russian Federation under conditions of limited access to traditional capital, as well as to assess the associated risks and implications for monetary policy.

Objectives. To analyze the causes, manifestations, and consequences of capital market contraction for the real sector; to conduct a comparative analysis of traditional and DFA-based methods of raising funds; to systematize models for issuing and circulating DFAs as financing instruments; to examine the channels through which the DFA market influences the monetary system of the Russian Federation; to assess regulatory and macroeconomic risks associated with the active use of DFAs

Methods. The study utilized comparative, structural, and scenario analysis, as well as elements of analytical processing and graphical presentation of information.

Results. The narrowing of the traditional capital segment in Russia has a structural nature, creating a sustained demand for alternative financing instruments, primarily from small and medium-sized enterprises and companies in the innovation sector. The comparative analysis shows that the main competitive advantages of DFAs lie in the adaptability and speed of issuance and the ability to provide individual investment parameters through smart contracts. The functional varieties of DFAs are summarized; each model (utility token, investment token, digital financial obligation) addresses a specific resource-raising task, occupying its own niche in the financing process. We argue that the development of the DFA market opens new channels for monetary policy transmission, generating quasi-money assets and contributing to changes in the velocity of capital circulation, thereby necessitating the adaptation of approaches to monetary regulation. A dual nature of risks is observed: the technological properties of DFAs simultaneously create vulnerabilities for financial stability and provide opportunities for increasing the liquidity of real sector assets.

Conclusion. DFAs represent a new segment of the financial system that performs a complementary function relative to classical banking and exchange instruments. The potential of DFAs becomes most valuable when access to traditional financing is limited, acting as a backup mechanism to support investment activity in the real sector. The effectiveness of using DFAs is directly determined by the correct choice of token type, which must fully correspond to the economic needs of the issuer, whether for the preliminary sale of services, raising equity capital, or asset securitization. For monetary authorities, the growing significance of the DFA market necessitates expanding the analytical horizon to include indicators reflecting the volume of issuance and circulation of digital assets. An uncontrolled spread of private surrogates performing quasi-money functions poses a significant threat, which could weaken the regulator’s influence on money supply parameters and transmission mechanisms. Regulatory approaches should be based on the principles of differentiation and proportionality: stricter requirements for systemically important issuances while maintaining simplified regimes for experimental small business projects. A key condition for risk reduction is the inclusion of DFA platform operators in the national financial monitoring and supervision system. For potential issuers, the technological aspect is less critical than creating a convincing economic model for the token and ensuring investor trust. Further market development appears impossible without developing judicial and law enforcement practice that would allow for a clear determination of the nature of obligations embedded in smart contracts. Thus, DFAs are not a short-term trend but an institutional response to the challenges facing the modern financial system, which requires market participants to adopt a thoughtful and strategically oriented position.

1. Ivleva E.S., Rumyantseva A.Yu., Bobrov A.G. Digital financial assets: Implementation process in Russia and abroad. Innovatsii = Innovations. 2023;(6):61-65. (In Russ.).

2. Brekhova Yu.V., Sevostyanova S.A. Digital financial assets as a business financing tool. Nauchnyi rezul’tat. Ekonomicheskie issledovaniya = Research Result. Economic Research. 2024;10(4):119-127. (In Russ.). https://doi.org/10.18413/2409-1634-2024-10-4-1-1

3. Akhmatova D.R., Shavina E.V. Development of the digital financial assets market in Russia. Ekonomika i upravlenie innovatsiyami = Economics and Innovation Management. 2024;(4): 20-31. (In Russ.). https://doi.org/10.26730/2587-5574-2024-4-20-31

4. Kharchenko L.P. Digital financial assets as innovations in international settlements under external constraints. Izvestiya Baikal’skogo gosudarstvennogo universiteta = Bulletin of Baikal State University. 2024;34(4):582-591. (In Russ.). https://doi.org/10.17150/2500-2759.2024.34(4).582-591

5. Sokol M., Rostáš D. Sale of crypto-assets as an alternative form of financing of business companies. In: Law, legality, justice and jurisprudence – modern aspects and new challenges. Proc. Int. sci. conf. Split: Faculty of Law, University of Split; 2025:407-420. URL: https://www.pravst.unist.hr/wp-content/uploads/2025/07/BOOK-OF-PROCEDINGS-LAW-LEGALITY-FINAL.pdf (accessed on 01.04.2026).

6. Manta O.P. The role and importance of innovative financial instruments in supporting innovation regarding the capitalization of heritage in the context of the digital era and sus-tainability. In: International conference “Heritage capitalisation and development – identity, innovation, digitalisation, environment, awareness and security” (HERITAGE – IIDEAS). (Bucharest, October 30-31, 2024). Bucharest: Romanian Academy; 2024. URL: 385492731_The_role_and_importance_of_innovative_financial_instruments_in_supporting_innovation_regarding_the_capitalization_of_heritage_in_the_context_of_the_digital_era_and_sustain-ability (accessed on 01.04.2026).

7. Kanz A Mutomb O. Financing structure of Congolese non-financial companies: Analysis of the determinants and empirical modeling in the absence of securities markets. International Journal of Multidisciplinary and Current Research. 2024;12(1):59-71. https://doi.org/10.14741/ijmcr/v.12.1.8

8. Makarov M., Rumyantseva A., Sintsova E. Prospects of CBDC implementation for financial inclusion in Russia. In: Proc. 6th Int. conf. of economics, business, and entrepreneurship (Bandar Lampung, September 13-14, 2023). Bandar Lampung: University Lampung; 2023: 223-231. http://dx.doi.org/10.4108/eai.13-9-2023.2341181

9. Ivleva E.S., Rumyantseva A.Yu., Kordovich V.I. Profitability and risk analysis of invest-ments in securities. Peterburgskii ekonomicheskii zhurnal = Saint-Petersburg Economic Journal. 2024;(1):24-32. (In Russ.).

10. Golovnin M.Yu. The role of central bank policy in ensuring dynamic economic development in Russia. Nauchnye trudy Vol’nogo ekonomicheskogo obshchestva Rossii = Scientific Works of the Free Economic Society of Russia. 2025;253(3):153-164. (In Russ.). https://doi.org/10.38197/2072-2060-2025-253-3-153-164