Russia’s central bank is proposing a major shift in the country’s digital asset framework by allowing companies to issue digital financial assets (DFAs) on public blockchain networks such as Ethereum. The proposal is designed to connect domestic businesses with international investors and improve the mechanics of cross-border settlements, according to local reports cited in the source material.
Bank of Russia Governor Elvira Nabiullina said the new rules would be important both for attracting international investment and for facilitating international payments. If implemented, the proposal would mark a notable evolution in how Russia treats tokenized financial instruments, moving them beyond closed domestic infrastructure and closer to open blockchain-based capital markets.
A Shift From Domestic Platforms to Open Networks
At present, Russian digital financial assets—described as instruments representing financial rights in digital form—are mainly issued on domestic platforms and are generally available to qualified investors. The central bank’s new proposal would expand that model by permitting issuance on open networks, which could broaden access and potentially allow these instruments to be listed on international exchanges and decentralized finance (DeFi) platforms.
This would represent more than a technical change. For Russian businesses, access to public blockchain infrastructure could open the door to international liquidity pools that were previously difficult to reach. The source material also notes that such a structure may help companies connect with interested investors outside traditional channels while streamlining issuance and settlement through blockchain technology and smart contracts.
Officials and market observers see efficiency gains as part of the appeal. By relying on programmable financial infrastructure, issuers and clients may be able to reduce operational friction and lower costs compared with more traditional financing mechanisms.
A Small Market With Large Ambitions
Although Russia adopted its law on digital financial assets in 2020, the market remains relatively small. According to Valery Tumin, a member of the State Duma’s expert council on digital economy development, DFA issuance currently accounts for only about 2% of corporate volumes when compared with the broader traditional market.
That gap helps explain why banks are actively exploring tokenized instruments as an alternative financing route. Tumin said these offerings can be launched in just a few days and do not require registration, while traditional bond issuance may take weeks or even months to prepare. In practical terms, the shorter issuance cycle could make DFAs an attractive option for companies seeking faster access to capital.
The central bank’s proposal appears aimed at scaling that market by making it more flexible, more visible to international participants, and more compatible with the infrastructure already used in global crypto and tokenized finance ecosystems.
Cross-Border Settlements in Focus
One of the most important aspects of the plan is its relevance to cross-border settlement. Nabiullina indicated that the regulatory changes would help support international transactions, a priority that has become increasingly significant for Russian businesses seeking alternatives for moving capital and settling deals across borders.
Within the source material, the reform is framed as a way to open the national economy to international markets through digital assets. If Russian companies can issue financial instruments on public chains, those assets could become easier to transfer, settle, and integrate into broader market infrastructure. That would potentially make them more useful not only as investment products but also as tools within international financial operations.
The report further suggests that broader blockchain adoption could simplify financial workflows. Smart contracts may automate parts of the issuance and settlement process, while transparent on-chain infrastructure may help reduce administrative burdens. However, the article also notes that technical challenges remain and will need to be resolved before the sector can fully scale.
Growth Forecast Points to Major Expansion
Despite those technical hurdles, some analysts see substantial upside. Natalia Milchakova of Freedom Finance Global told Izvestia that the sector could grow to 13 trillion rubles—approximately $160 billion—by 2030. According to the source, that would represent a 20-fold increase from the level of investment achieved in 2025.
That forecast highlights the gap between the market’s current size and its longer-term potential. If issuance on public blockchains becomes legally viable and operationally practical, Russia’s DFA market could shift from a niche domestic segment into a more prominent channel for fundraising and financial distribution.
Even so, the trajectory will depend on execution. Regulatory clarity, technical readiness, investor access, and compatibility with global trading venues will all shape how quickly the market develops. The proposal itself signals intent, but its impact will ultimately rest on implementation and market adoption.
Why the Proposal Matters
The Bank of Russia’s initiative suggests that digital financial assets are being viewed less as a limited domestic experiment and more as a strategic financial instrument. By allowing issuance on open networks like Ethereum, policymakers appear to be exploring how tokenized finance can serve broader national goals, including capital formation and cross-border settlement efficiency.
For businesses, the appeal lies in speed, flexibility, and potential access to new sources of liquidity. For investors, the change could mean broader participation in Russian-origin digital instruments if those assets become available beyond closed domestic systems. For the market as a whole, it would mark a step toward integrating regulated tokenized products with public blockchain infrastructure.
In short, Russia is considering a model in which blockchain-based financial assets can play a larger role in linking domestic issuers with international markets. The proposal remains just that—a proposal—but it reflects a growing recognition that open blockchain networks may become an increasingly important part of modern capital formation and cross-border finance.