The second meeting was held within the framework of the new phase of the GSB applied research project “Crowdfunding on CFA platforms”

On December 12, the second joint meeting of the GSB internal research team and the Expert Group of the GSB Applied Research Project “Crowdfunding on CFA Platforms” was held.

This meeting summarized the results of the initial stage of the research - interviewing the participants of the expert group and summarizing the results of the interviews to test hypotheses, as well as to identify current trends and the most relevant aspects of the development of the market and infrastructure of digital financial assets (DFA). Among the topics discussed, the most discussed were:
- Are DFA a new digital infrastructure or something more?
- Infrastructure and regulatory issues, including implementation of best practices and improving the “customer journey”?
- Product diversity of DFA instruments and their liquidity?
At the same time, the experts were rather restrained with regard to issues related to cross-border transactions with digital assets.
The GSB research team united experts of applied science, financial market practitioners and young scientists. This research was made possible, among other things, due to the support of the flagships of this area. Even before the start of the research, the expert group agreed to include top managers and experts representing: Moscow Exchange, Sberbank, Alfa-Bank, T-Bank, Bank Sinara, Tokyon, Blockchain Hub, MC “Progressive Investment Ideas” and Specialized Depository “Infinitum” as interested in the development of this area, as well as the law firm Sagrada Legal, known for projects on new financial technologies. Already at the initial stage of the research, the expert group was joined by S.L. Ryabov, Head of the CFA Directorate of VTB Bank, who announced ambitious plans related to the bank's participation in the DFA market.
- Igor Tsarkov, GSB:

"We are grateful to the experts for working as part of our project team and for the interesting discussion that took place at this meeting. In our opinion, it is important that the current challenges and the future of digital financial assets are being discussed, and we hope that our efforts will help both investors and DFA issuers to better understand this market and make effective decisions."
- Sergey Ryabov, VTB:

"The Higher School of Business research is devoted to current issues of digital financial assets development. The experts have analyzed in detail the current market limitations, as well as the prospects for its further growth. The analysis will help focus the attention of market participants on the most important areas."

- Emil Safin, Blockchain Hub:
"Initial results show that in the long run the study will turn out to be a successful and comprehensive analysis of current trends and challenges faced by participants in the DFA market.In my opinion, this work will be particularly valuable to individuals who are not immersed in the specifics of how DFA operate. The symbiosis of researchers from the Higher School of Economics and DFA market experts makes it possible to combine a deep understanding of theoretical and practical aspects of market functioning."

- Sergey Kiselev, GSB:
"The initial stage of the research has confirmed the correctness of our main hypotheses, on the one hand, and on the other hand, allowed us to see the priority applied problems of DFA market development.This will allow us, together with the Expert Group, to prioritize their study and eventually propose our own options for their solution based on the results or in the course of the research."