Assessment of the development of digital financial assets in the Russian Federation based on an empirical analysis of international data on digital assets

Abstract

The advent of distributed ledger (DLT) technology, also known as blockchain technology and smart contracts, has been a significant factor in the growth of the digital financial assets (DFA) market in the Russian Federation. Despite the market being in its infancy and constrained by Russian legislation, the DFA market is undergoing a period of rapid growth. The author’s thesis is that the development of the DFA market is a reflection of the development of the digital asset market in the world. The author classifies and compares digital assets globally and within the Russian Federation in order to provide a more comprehensive analysis of the market. In addition, the author identifies the trends of digital assets globally by empirical analysis and proposes the reuse of the most successful token classes in accordance with Russian legislation for companies based in the Russian Federation.