Tokenization of Real-World Assets: Prospects for Building Russia’s New Financial Infrastructure

The initiative matters not only as a technological experiment, but also as an attempt to establish a legal framework for new mechanisms to record and circulate property rights. According to expert estimates cited by the Ministry of Finance, tokenization could attract investments worth several trillion rubles. At the same time, these estimates should be viewed as a possible market-development scenario, not as a guaranteed volume of new financing: whether it materializes will depend on investor demand, the quality of the underlying assets, and the reliability of the infrastructure.

Each of the three areas requires its own solutions. For tokenized movable property, it is important to ensure that information about the asset is accurate, ownership is verified, and encumbrances are recorded. For corporate rights, it is essential to align digital circulation with the rules governing the transfer of ownership interests and the protection of company members. Tokenizing exchange-traded commodity products requires a reliable link between the digital instrument and the underlying commodity, delivery terms, and existing trading mechanisms. Experimental regimes will make it possible to test these models before they are potentially scaled up.

The Ministry of Finance’s stated possibility of issuing digital financial assets on public blockchain networks merits particular attention. This could potentially broaden access to the circulation infrastructure and expand the range of market participants. However, technological openness alone does not ensure liquidity: a sustainable secondary market requires clear investor rights, sufficient demand, mechanisms for fulfilling obligations, and proper risk controls. A digital representation of a right should be distinguished from the legal guarantees that ensure it can be exercised.

Additional potential is associated with the digital ruble. Used in conjunction with the capabilities of the banking system, it could simplify business payments and create conditions for wider use of smart contracts. In the longer term, mechanisms that synchronize the transfer of a tokenized right with payment are of interest, as they could reduce the risk of one party to a transaction failing to perform. Such integration, however, requires harmonized rules, compatible technological solutions, and testing in real-world business scenarios.

The effectiveness of the proposed regimes should be assessed not by the number of tokens issued, but by measurable outcomes: the cost of raising capital, settlement speed, instrument liquidity, the reliability of recordkeeping, and the level of investor protection. Comparing these indicators with traditional models will help determine in which segments tokenization delivers a genuine economic advantage.

Thus, the Ministry of Finance’s initiative could mark a shift from individual digital projects toward a more systematic use of tokenization in the real sector. Its long-term impact will depend on combining technological capabilities, legal certainty, and practical benefits for businesses and investors.

Author: Candidate of Technical Sciences, Associate Professor, Department of World Economy and International Finance, Financial University under the Government of the Russian Federation Mikhail Gennadyevich Bich.