The Bank of Russia has officially included the "Saint Petersburg International Mercantile Exchange" in the registry of information system operators (ISOs) authorized to issue digital financial assets (DFAs). The exchange can now independently issue digital instruments without resorting to intermediary services.
This decision became the sixth in the list of operator registrations since the beginning of 2026. Notably, the number of new participants in less than a full year has already exceeded the total figure for the entire previous period. It is obvious that the regulator has accelerated the pace of application approvals, and the market is responding with growing interest.
The registry is expanding at a record pace
Before the inclusion of the St. Petersburg Exchange in 2026, the registry was supplemented by VTB (previously operating through "VTB Capital Trading"), UralSib Bank, "Sputnik DFA", Ozon Bank, and "Voltari". This dynamic is a clear signal: the largest financial organizations see digital assets not as an experimental niche, but as a full-fledged tool for raising capital and optimizing operations.
In total, the current list of the Central Bank now includes 25 operators. Alfa-Bank, Sberbank, T-Bank, PSB, Gazprombank, and NSD have already deployed their own platforms. In fact, almost all systemically important banks in the country are developing DFA infrastructure, which indicates a consensus regarding the future of this segment.
Let me remind you that DFAs are digital analogues of securities. They exist in the form of records in a distributed ledger that certify the investor's rights to the underlying asset. This makes the issuance and circulation of such instruments faster and cheaper compared to classical emissions.
What is happening in the digital asset market
In parallel with the expansion of the registry, the regulator is strengthening investor protection. Since October 1 of last year, issuers are required to disclose accounting reports, credit ratings, and contract terms. For credit DFAs, the provision of data on borrowers and delinquencies is provided — this significantly increases the transparency of the entire market.
Products with reduced risk are also emerging. For example, T-Bank placed DFAs with insurance protection of payments for 157.28 million rubles at 18.5% per annum, securing the instruments with insured accounts receivable. Demand was so high that applications were collected ahead of schedule.
The instrument is also extending beyond the largest corporations. The company "Rubrik-OD" conducted its first DFA issuance of over 100 million rubles on the "DFA Hub" platform, with Sovcombank acting as the organizer. This confirms that digital assets are becoming accessible to medium-sized businesses.
The authorities are also considering DFAs for solving more complex tasks. Instead of the term "stablecoin", the Central Bank proposes introducing the concept of "nominal DFAs" with guaranteed redemption, allowing issuance by licensed banks and structures under state control. This approach could create a legal alternative to cryptocurrencies, backed by ruble liquidity.
My view: the inclusion of exchange infrastructure in the operator registry is not just a formality, but a step towards the institutionalization of the market. The emergence of nominal DFAs with guarantees could become a bridge between traditional finance and the digital economy, but the key issue will remain liquidity and the trust of retail investors.