GSB HSE continues research into the digital financial assets market
The "Financial Innovations for Business" Forum is a platform for regular discussions on the modern fintech infrastructure, tools, and products that expand business opportunities for raising funds and managing capital. The first meeting of the Forum took place on March 4, 2025, focusing on the role of DFAs in crowdfunding and other areas. At that event, it was decided to hold such meetings on a regular basis.
The latest forum, “Financial Innovations for Business: Product Hypotheses for the DFA Market,” was held on June 24. It served as a venue for discussing ideas for new financial products, the implementation of which depends not only on user interest, but also on the readiness of infrastructure and regulatory frameworks. The event was intentionally small-scale, bringing together members of the HSE GSB research project's expert group, representatives of industry companies, IT structures, and businesses—creating an open and focused discussion environment.
Dmitry Volkov, First Deputy Director of the HSE Graduate School of Business, opened the event and welcomed the participants. Igor Tsarkov, Associate Professor at the Department of Financial Management at GSB HSE, presented interim results from the study of investor behavior in the DFA market and shared the business school’s plans to develop projects in this area and beyond. Subsequent presentations demonstrated the diverse directions in which the digital assets market could develop. Representatives from the St. Petersburg Currency Exchange delivered a presentation titled “Digital Certificates for Utilitarian Digital Rights – A New Commodity Financing Instrument.” STATUS, the first digital registrar, spoke on “Prospects for the DFA Market for Shares and Shareholder Rights: Creating Digital Joint Stock Companies.”
On the one hand, there are proposals to securitize utilitarian digital rights and integrate them into the existing infrastructure; on the other, the possibility of creating digital joint-stock companies as an innovative legal structure and a way to tokenize the traditional stock market. The discussion revealed that these differing development paths are not in competition but rather complementary, providing companies with more tools for growth, investment attraction, and entering new markets.
Igor Tsarkov
Associate Professor, Department of Financial Management, GSB HSE
“Digital financial assets are developing rapidly. Just a few months ago, no one talked about integrating the digital ruble with DFAs, investing in digital company shares, or many of the other ideas presented at this forum. Maintaining this momentum is crucial—DFAs can become a powerful catalyst for financial processes across business, investment, and society. I'm grateful to all our colleagues for an engaging and candid discussion.”
Ekaterina Nagaeva
Managing Director for the Stock Market, St. Petersburg Currency Exchange
“The development of new instruments and markets is only possible through the collective efforts of the professional community. Platforms like this forum at HSE are vital for expert communication and thorough discussion of pressing issues. I appreciated the mix of practical and academic perspectives and the way collaborative ideas emerged during the sessions.”
Maria Pogulyak
Executive Director, STATUS (First Digital Registrar)
“Great format—combining academic analysis and statistics with practical business cases, including financial products soon to hit the market. The discussion was lively, with genuine interest in the topic. Such events help reframe our perspective on the DFA market and explore opportunities from both infrastructure and investor standpoints.”
Second Half of the Forum
Oleg Ushakov, Advisor at Denuo and Chair of the DFA Committee at the Chamber of Commerce and Industry of the Russian Federation, gave a talk titled “A List of Regulatory Initiatives for the DFA Market,” summarizing and categorizing new and existing legislative proposals. He highlighted the “Ecosystem of Digital Rights” category as a foundational concept for the future of digital rights in Russia. The forum concluded with a joint presentation of product hypotheses developed by the GSB team and invited experts, featuring representatives from the St. Petersburg Exchange, DAIP, and Sberbank.
Sergey Kiselev
Lecturer, HSE Graduate School of Business
“We’ve revised the concept of our Forum, starting with the consolidation and collaborative development of hypotheses formed during discussions on digital products, regulatory frameworks, and infrastructure. We are pleased to see our research project on the Russian DFA market, launched in late 2024, attracting new participants from both traditional financial institutions and new companies—often coming from the IT sector. Our goal as researchers is to identify growth points, enhance the market’s effectiveness, foster open discussion, and contribute to the popularization of this new sector.”
Oleg Ushakov
Advisor at Denuo, Chair of the Digital Financial Assets Committee of the Financial-Industrial and Investment Policy Council at the Chamber of Commerce and Industry of the Russian Federation
“Many thanks to the HSE Graduate School of Business for organizing another insightful event focused on the development of the digital asset market. The market has shown good placement volumes recently. Still, I believe businesses have even higher hopes for DFAs. The potential is enormous, yet largely untapped. For the market to move forward, significant regulatory changes are needed. I was happy to share my ideas for potential reforms. The committee I chair is ready to support their implementation.”
Denis Kazymayev
CEO, DAIP Ltd
“I’d like to thank GSB for the invitation to such a fascinating event. It’s a unique format where a research institute acts as both a think tank and a platform for open dialogue among market players—something rarely seen elsewhere. The sessions raised important questions: which products to issue, who the clients are, and how to align this with regulation. I came just to say a few words and ended up staying two days, immersing myself in new knowledge. The following week was filled with meetings inspired by the Forum.”
Daria Obukhova
Digital Financial Assets Expert
“Participating in the expert forum ‘Financial Innovations for Business: Product Hypotheses for the DFA Market,’ organized by HSE GSB, was a key moment for all industry professionals. It provided a unique opportunity to discuss challenges and prospects for digital financial assets, exchange experience, and learn from experts. The event was expertly organized, creating a productive environment for communication. I highly recommend it to specialists interested in the digital economy and financial sector.”
Denis Polikanov
Head of Legal Support for Investment Business, Sovcombank
“Thanks to HSE GSB for the invitation to the discussion forum! It was great to hear from leading experts about real achievements and projects in the DFA market. Sovcombank is an active player in the financial sector, quickly implementing new technologies. For our legal team, such forums are essential for preparing documentation, often without precedent. The exchange of experience is invaluable.”
Djamila Akhmatova
Project Manager, Alfa-Bank
“The forum’s intimate setting allowed for meaningful dialogue among business representatives, researchers, and regulators. The discussions focused on real cases and current challenges, helping identify research directions and practical solutions. We will take these hypotheses into account when developing future DFA products. Special thanks to GSB for the quality analytical materials and professional session moderation. It was a great opportunity to engage and network with other experts.”
Andrey Mordavchenkov
CEO, “Progressive Investment Ideas” Management Company
“As a member of the GSB research project’s expert group and a representative of an institutional investor, I was glad to see initiatives focused on expanding investment options. While the past year hasn’t brought a breakthrough in DFA product development, the market is moving forward. Eventually, products suitable for institutional investors will emerge and take their place in investment portfolios.”
Maksim Yeltsov
Managing Director, St. Petersburg Exchange
“The GSB Forum created a space for professional dialogue on the present and future of digital financial assets. The event allowed us to explore innovative projects and discuss the market’s prospects amid regulatory challenges. I hope GSB becomes a center of expertise where the market can critically assess and promote digital asset potential.”
Polina Guseva
Member of the Exchange Council, SPB Exchange
“HSE GSB’s forums on digital financial assets are becoming a vital part of professional dialogue on the market, new products, and ongoing development. Although this is the youngest segment of the financial market, it already has the attention of regulators and major institutions. Yet its potential remains underutilized. GSB’s work in collecting and analyzing product hypotheses, and showcasing new digital products, is highly valuable. The school is well-positioned to become a leader in educating both private and corporate investors about advanced market concepts.”
The Forum summary will soon be available to the public via a shared link.
