Asset tokenization as a new stage in the development of the Russian financial market

One of the key signals was the approval by the government of the concept of tokenizing assets in the real sector. This can be viewed as the first systemic recognition that the subject here is not cryptocurrencies per se, but the transfer of rights to real assets into the digital environment (Source: Ministry of Finance of Russia, “Concept of Asset Tokenization for the Real Sector of the Russian Economy,” 11.02.2026).

Alongside the formation of this conceptual base, the market’s economic scale is also beginning to take shape. Deputy Finance Minister Ivan Chebeskov previously noted that the volume of the market for digital financial instruments may grow to 10 trillion rubles by 2030 (Source: Interfax, “The Ministry of Finance of the Russian Federation expects that the market for DPFAs could approach 2 trillion rubles by year‑end,” 18.06.2025).

At the same time, the Ministry of Finance is preparing a draft law on the regulation of the crypto market which, according to the director of the Department of Financial Policy Alexey Yakovlev, should be submitted to the State Duma (Source: Interfax, “The Central Bank proposes to allow banks and brokers to obtain crypto exchange licenses on a notification basis,” 05.03.2026). This is important because it forms a legal framework for the circulation of digital assets in the broader sense and reduces barriers to the introduction of more complex instruments, including the tokenization of real assets.

It is important that demand for tokenization comes not only from the state. Representatives of the banking sector explicitly express practical interest. For example, the director of Alfa‑Bank’s Innovation Center, Denis Dodon, pointed to stable demand for the tokenization of real‑sector assets, ranging from raw commodities to real estate (Source: Vedomosti, “What are the prospects for the tokenization of real assets in Russia,” 27.02.2026). Thus, in Russia a combination of factors is forming: regulatory recognition, an emerging legal framework, and business interest. This indicates a shift from experimental cases to practical use of the technology.

At the same time, the processes taking place in Russia largely correspond to a global trend. According to data from the analytical platform RWA.xyz, presented in Figure 1, the volume of tokenized assets demonstrates steady growth during 2025–2026, especially in the segment of securities and monetary instruments (Source: rwa.xyz).

As can be seen from the dynamics, growth accelerated precisely in 2025–2026, which indicates a transition of the market from an experimental stage into a scaling phase. In addition, according to data from Dune Analytics (xStocks), the cumulative trading volume of tokenized stocks has already exceeded 25 billion US dollars (Source: Dune).

Moreover, leading market participants openly speak about long‑term potential. Coinbase CEO Brian Armstrong describes tokenization as the future of financial markets, while BlackRock CEO Larry Fink notes that it is applicable to all asset classes. In turn, Grayscale analysts point out that the current market volume amounts to only about 0.01% of global markets but could grow by hundreds of times by 2030.

From a practical standpoint, tokenization can change the very logic of how assets circulate. It simplifies fractionalization and the sale of shares, reduces entry barriers for investors, and creates new capital‑raising channels. For the Russian economy this could mean expanded access to investing in real assets and the emergence of more flexible financial instruments.

However, the key question today is not about the technology per se but about the institutional conditions for its application. Beyond liquidity and infrastructure, the market needs a clear legal model for rights to assets, standards of circulation, and the participation of banks and funds. In my view, it is precisely the speed of establishing these conditions that will determine whether tokenization in Russia becomes a new segment of the financial market or remains a set of isolated pilot projects.

Author: assistant at the Department of World Economy and World Finance, Financial University under the Government of the Russian Federation, Nikita Dmitrievich Klevanets