Systemic transformation of the digital financial assets market in Russia: financial market effects of new regulation

In April 2026, the Government of the Russian Federation submitted to the State Duma a comprehensive draft law on digital currency and digital rights, fundamentally reshaping the architecture of the Russian digital financial assets (DFA) market. This paper examines the financial market implications of the new regulation, including changes in market structure and competitive environment, shifts in liquidity and pricing parameters, the investment potential of the emerging secondary market, and the role of digital assets in cross–border settlements under sanctions pressure.

The study demonstrates that the new regulatory framework is likely to lead to an oligopolistic market structure with high barriers to entry, while simultaneously creating conditions for qualitative growth in market depth through the legalization of organized trading and the introduction of a digital depository institution. Particular attention is given to the cross–border dimension, with an analysis of the «controlled gateway» model as a financial mechanism for settlements under sanctions–related constraints affecting traditional correspondent banking infrastructure. 

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