New Standards for Disclosure of Information on Digital Financial Assets: What Will Change from October 1, 2026
Starting October 1, 2026, fundamentally new requirements for issuers will come into effect on the digital financial assets (DFA) market. The regulator is introducing a mandatory expanded set of data that companies must provide to investors before purchasing the instrument. This is a significant step towards increasing transparency and reducing information asymmetry in the young but rapidly growing market.
Universal requirements for data disclosure
The main innovation is that documentation for each issuance must now mandatorily include the financial indicators of the issuing company, based on its accounting statements. An alternative option: the issuer may provide a direct link to a resource where this data is publicly available. If the issuer has been assigned a credit rating, the investor must be informed about the website of the rating agency that conducted the assessment. This measure will allow market participants to assess the reliability of instruments much more objectively, without relying solely on marketing claims.
Enhanced standards for credit DFAs
The regulator paid special attention to instruments whose yield is tied to payments on bank loans. By purchasing such DFAs, the investor essentially assumes the credit risks that previously lay with the bank. To make these risks obvious, the issuing bank is obliged to describe the loan agreement in detail and disclose information about the borrower. If the basis is a set of loans, it will be necessary to provide its qualitative characteristics, list all significant borrowers, and indicate the share of overdue debt.
It is important to note that due to the complex nature of such instruments, they can only be acquired by qualified market participants. This is a logical restriction, given that a retail investor is not always able to adequately assess the risks associated with the securitization of a loan portfolio.
My analysis: The introduction of these rules is a timely and necessary measure. The DFA market in Russia is taking its first steps, and without clear information disclosure standards, it risks turning into a "gray area" for unscrupulous issuers. However, the key challenge will remain practical implementation: how conscientiously issuers will follow the new norms and whether the regulator can effectively monitor their compliance. In any case, this is unequivocally positive for investors — more data means fewer surprises.