The subject of the research is the socio-economic relations arising from investment financing for small and medium enterprises (SMEs) and large businesses using digital financial assets (DFAs). The object of the research is the economy of Russia under conditions of limited investment and credit resources. The aim of the research is to create and utilize new innovative investment tools to support and develop the Russian economy. The digitalization of the Russian economy includes the active implementation of DFAs, which represent a new form of digital rights. DFAs play a crucial role in financing projects, attracting liquidity, optimizing payments, and structuring claims. This significantly changes traditional mechanisms of corporate and investment finance, making them more efficient and flexible. The methodological framework of the research is based on empirical and statistical analysis methods, synthesis, and systematization of information to identify new trends and best domestic practices in the formation and use of digital financial assets in the Russian Federation. The novelty of the research lies in the fact that digital financial assets act as one of the innovative tools of digital technologies, combining the properties of an investment solution and an intermediary in conducting settlements between economic entities. The issuance and circulation of digital assets is a new trend in the financial market. Digital assets are based on distributed ledger technology. They reduce the role of intermediaries and automate transactions through smart contracts. The main findings of the research indicate that the introduction of DFAs in small and medium businesses, as well as in large companies, improves access to capital and enhances the efficiency of financial processes. Under conditions of stringent restrictions and external pressure, DFAs become an alternative to traditional financing channels and a flexible tool for structuring transactions. However, the spread of DFAs faces significant obstacles, including incomplete and changing regulations, vulnerabilities in the cyber environment, a lack of secondary markets, and differences in infrastructure solutions. To overcome these limitations, it is necessary to develop measures for the standardization of the issuance and circulation of DFAs, ensure regulatory alignment, and provide technological support from the government, industry associations, and information system operators. This will reduce regulatory and operational uncertainty, increase investor confidence, and accelerate the development of the Russian DFA market.
Владимир Гаврилович Старовойтов (Sun,) studied this question.