The Future of Digital Financial Assets Discussed at HSE Graduate School of Business
The event gathered over 300 participants, including executives from Russia’s leading financial institutions and information system operators. Top managers and experts from Alfa-Bank, Sberbank, Atomyze (part of T-Bank’s ecosystem), VTB, the Moscow Exchange, Progressive Investment Ideas, CFA-Hub (MTS Fintech), INFINITUM, Sinara Bank, Tokeon, and the Chamber of Commerce and Industry of the Russian Federation shared their perspectives on the future of the digital financial assets (DFA) market.
Dmitry Volkov, First Deputy Director of the HSE Graduate School of Business, opened the forum by highlighting the relevance of ongoing developments in financial markets. He emphasized the complexity and ambiguity of current trends, calling for thorough research and open discussion.
A central event of the forum was the presentation of an analytical report by the HSE Graduate School of Business titled “Crowdfunding as a Tool for Investment Opportunities and the Democratization of SME Financing.” The report’s authors analyzed investor motivations for buying equity in small and medium-sized enterprises via crowdfunding platforms, associated risks, and how investor decisions depend on campaign and investor characteristics.
The report was presented by Igor Tsarkov, Deputy Director of the HSE Graduate School of Business. He outlined key milestones in the development of crowdfunding, the structure and dynamics of the Russian crowdfunding market, and focused in particular on the topic of crowdinvesting.
Deputy Director, Graduate School of Business
“We are witnessing the formation of a new market segment that demands attention not only from businesses and investors but also from the academic community. The HSE Graduate School of Business is actively engaged in this field. We are seeing growth rates of 30%-50% in investment-based crowdfunding in Russia. Crowdinvesting remains the only equity participation tool available to non-professional investors in startups and SMEs”
The forum continued with a series of panel discussions where leading experts addressed key issues in the development of the DFA market.
The first panel, moderated by Dmitry Volkov, focused on the advantages of digital financial assets over traditional instruments. Panelists explored the potential of DFAs as a technological platform, the future of digital certificates, and factors driving DFA market growth.
The second and third panels brought together experts from top financial institutions to discuss the opportunities DFAs offer to issuers and investors. Topics included investor and issuer needs, in-demand digital products, DFAs’ impact on collective investment markets, and regulatory considerations. Special attention was paid to comparing DFAs with traditional financial instruments and their application across various financial market segments. These panels were moderated by Igor Tsarkov and Sergey Kiselev, Lecturer in the Department of Financial Management at the HSE Graduate School of Business.
Forum participants shared their perspectives and approaches on the issues raised:
“The regulator is encouraging DFA market experimentation by removing the limited scope for arbitrage in favor of this tool. As a result, we expect new models and instruments to emerge, expanding the range of products on the Russian financial market. We anticipate major breakthroughs in aligning DFA taxation with that of traditional instruments, improving regulation for professional participants, and removing current restrictions on retail investors. Once these changes occur, we’ll see a surge in new digital products,” said Sergey Ryabov, Head of the DFA Directorate at VTB Bank. He also thanked the HSE Graduate School of Business for organizing an event that was “highly business-oriented and focused on the real issues market players are facing.”
“In decisions regarding DFA issuance, income payout conditions for investors often depend on circumstances that may or may not occur. These conditions are frequently not explicitly addressed by law, which increases the risk of investors being denied judicial protection. I believe this issue requires legislative correction,” noted Oleg Ushakov, Chairman of the Commission on Digital Financial Assets of the Chamber of Commerce and Industry of the Russian Federation and Advisor at Denuo. He also praised the high level of organization and the bold, sometimes critical views expressed by experts regarding the DFA market’s status and prospects.
Lecturer, Department of Financial Management, HSE Graduate School of Business
“The Graduate School of Business brought together a team of external experts with diverse experience, including extensive research in financial innovation. The vast majority of forum speakers were part of our expert group or their colleagues, which ensured an unprecedented level of discussion. For the first time, the full elite of Russia’s DFA market came together within university walls.”
All participants unanimously noted the high level of event organization at the HSE Graduate School of Business. The forum served as a platform for expert dialogue on the development of digital financial assets, including their role in crowdfunding. Attendees expressed a strong interest in making the event regular.
