Categorical Definition of the Digital Financial Assets Market in the Context of Comparative Analysis with the Traditional Financial Market

The article introduces for the first time the definition of the "digital financial assets market" based on a functional approach. The author conducts a comparative analysis of the traditional financial market and the digital financial assets (DFA) market, which demonstrates fundamental differences in the structure, issuance process, and transaction costs. The article examines key aspects, including market structure and issuance process, investor classification, tax and accounting treatment, as well as risks. The methodological tools of the study are comparative analysis. It is shown for the first time that the use of blockchain technology in DFAs allows for a significant reduction in costs and acceleration of capital raising processes compared to traditional financial instruments. The author identifies the advantages and limitations of the DFA market.