Starting October 1, 2026, companies issuing digital financial assets will have to disclose much more information about their condition. The Bank of Russia has obliged issuers to publish financial statements, audit reports, tax declarations, and credit rating information.

The terms of issuance alone will no longer be sufficient. Companies will have to explain in advance what will happen in case of default or non-fulfillment of obligations, how investors will learn about it, and what actions CFA holders will be able to take.

The tightening of rules is associated with rapid market growth and an increase in the number of problematic issuances. By the end of the first quarter, the volume of active CFAs reached 1.375 trillion rubles, the number of issuances grew to 1.5 thousand, and private investors accounted for almost 98% of all transactions. At the same time, payment defaults have already been recorded for 30 issuances.

The new requirements will bring CFAs closer to bonds: investors will be able to assess not only the promised yield but also debts, business stability, and the probability of default. However, even detailed reporting will not completely eliminate credit and technological risks.

For small companies, transparency can be expensive. They will have to pay for audits, ratings, and document preparation, so some issuers may postpone entering the market. In the future, the regulator expects to weed out weak projects and increase confidence in digital assets.