Anatoly Denisov. the operational director of the analytical project “Runet Rating”. did not risk making a detailed forecast: “It is difficult to predict the market growth in 2025 –
It is simultaneously influenced by two powerful opposing forces.
On the one hand. media inflation caused by the new advertising fee and the expansion of the circle of VAT payers among advertising platforms. On the other overseas data hand. the contraction of the consumer economy: high interest rates on deposits redistribute the population’s money to banks instead of purchases. and expensive loans due to the high key rate limit business opportunities.”
of the Corporate Governance and Investment Committee at the panel discussion “Digital Assets and Blockchain in Corporate Governance and Investments” organized by the Managers Association on April 17 in Moscow. They agreed that by the end of 2025. the digital financial assets (DFA) market will grow to 0.6-1 trillion rubles.
“The market will exceed 1 trillion rubles by the indicators we use to measure the market. However. a negative tax arbitrage on corporate income tax will be a negative factor.
The market should be measured
digital financial assets in circulation amount to 130 billion rubles. This is much less than the volume of the short-term borrowing market. and by working together digital platforms the corporate debt market should be compared with the volume of digital financial assets currently on the market. Until we see several percent. we will not be able to say that digital financial assets are a significant investment.” said Sergey Kharinov. Managing Director for Digital Assets at Moscow Exchange PJSC (MOEX).
Another participant in the discussion. General Director of the joint-stock company “Registrar Society “Status” Lyudmila Mironova. agreed with him. However. she noted that. having reached 1 trillion rubles. the market may slow down in growth.
Lispenard Capital partner Dmitry Kopylov noted the growing popularity of digital financial assets as an investment instrument. and in the future. perhaps. there will be those willing to try them among retail investors. Among other factors for possible development. he named the use of digital financial assets in international settlements.
“Perhaps some other area will emerge that will play a role in the growth of the market. but I would find it difficult to say which one.” said Dmitry Kopylov.