The Central Bank tightens rules for digital financial assets (DFAs): transparency and risks take center stage
Starting October 1, 2026, fundamentally new regulatory requirements will come into force in the digital financial assets (DFA) market. This is not just about cosmetic changes, but a fundamental shift towards increasing information transparency for all participants. Issuers will be required to provide investors with an expanded set of data on the terms of issuance, which, in my opinion, will be an important step towards the civilized development of this segment.
Universal requirements for data disclosure
Now, the documentation for each issuance will need to include the financial indicators of the issuing company based on its accounting statements. An alternative option is to provide a direct link to a resource where this information 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 creates a uniform standard that will allow market participants to objectively assess the reliability of instruments before purchasing them.
Enhanced standards for credit DFAs
The regulator paid special attention to instruments whose income is tied to payments on bank loans. By purchasing such DFAs, the investor essentially assumes the default risks that originally lay with the lender. To make these risks obvious, the issuing bank is required to describe the loan agreement in detail and disclose information about the borrower. In situations where the base 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.
Possessing such information allows the investor to approach the purchase of such complex products in a balanced manner. It is important to emphasize: due to the nature of the instrument, it can only be purchased by qualified market participants. This is a logical restriction, because not every retail investor is capable of adequately assessing the credit risks embedded in the DFA structure.
My comment: The introduction of these rules is a timely and necessary step. The DFA market in Russia is at the stage of active formation, and without clear information disclosure standards, it risks turning into a zone of increased uncertainty. Transparency is not just a bureaucratic formality, but a key factor of trust. I expect that after October 1, 2026, we will see market consolidation: issuers not ready for this level of disclosure will leave, while quality projects will receive an additional incentive for development. As for investors, they should already carefully study the new requirements and prepare for a deeper analysis.