Moscow Exchange forecasts DFA market to reach 5 trillion rubles by 2027

Based on 2023 results, the volume of the Russian DFA market is expected to total 60 billion rubles in 2023, 250 billion rubles in 2024, and 3–5 trillion rubles by 2027. The report, citing Nikolai Trunichkin, head of digital projects and products at the Moscow Exchange, was published by “Vedomosti”.

An expert also forecasts growth in the number of issuers, but expects it to stabilise as the DFA market clusters.

Moreover, Trunichkin is convinced that the number of token-exchange platforms should not exceed one or two companies to avoid fragmentation of liquidity.

According to the forecast of Kirill Kosminsky, the executive director of the Association of Operators of Investment Platforms, over a ten-year horizon there will be a full transition to financial and investment services in the form of the digital ruble and digital assets.

As of writing, licenses to issue CFA in Russia are held by 10 companies: Atomyze, “LightHouse”, Sberbank, Alfa-Bank, “Masterchain”, Eurofinance Mosnarbank, “Tokion”, “SPB Exchange”, “Blockchain Hub” and the National Settlement Depository.

The sole CFA exchange operator at present is PJSC Moscow Exchange.

Analysts note that in the third quarter of 2023 there were more than 80 new tokens issued. Most issuances represent short-term and relatively small direct payment obligations to issuers.

In December, Sberbank opened access for retail investors to the digital-financial assets platform, albeit on a limited basis.