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Taxation, Risks and Limitations of DFAs

When investing in digital financial assets (DFAs), it is important to consider not only returns and structure, but also taxation, liquidity, and infrastructure limitations.

As explained in Section 4.1, DFAs are regulated digital rights, and their circulation takes place within the infrastructure described in Section 4.2. This makes the market more formalized compared to crypto assets, but does not eliminate investment risks.

Taxation of DFAs in Russia​

Transactions involving DFAs in Russia are regulated by tax legislation and are generally closer to traditional financial instruments than to crypto assets.

Taxable income may include:

  • interest payments
  • redemption income
  • profit from the sale of DFAs

A special tax base calculation applies to DFA transactions.

Taxation of individuals​

Income from DFAs is taxed within a separate tax base.

In most cases, the following rates apply:

  • 13% — for annual income up to RUB 2.4 million
  • 15% — on the excess above this threshold

Since 2025, Russia has introduced a progressive tax scale up to 22%, but for investment income (including DFAs), a two-tier model is typically applied.

Example of DFA taxation for an investor​

Simplified example

An investor purchases DFAs for RUB 1,000,000 and receives income:

  • RUB 120,000 — interest payments
  • RUB 80,000 — profit from sale

Total income: RUB 200,000

In this case:

  • tax base = RUB 200,000
  • tax rate = 13%

Tax:

  • 200,000 × 13% = RUB 26,000

If transactions are conducted through a platform acting as a tax agent, the tax may be withheld automatically.

Second example

An investor earns RUB 3,000,000 from DFAs in a year.

Then:

  • RUB 2.4 million is taxed at 13%
  • RUB 600,000 is taxed at 15%

Tax:

  • 2,400,000 × 13% = RUB 312,000
  • 600,000 × 15% = RUB 90,000

Total tax = RUB 402,000

Tax agent​

In certain cases, tax agent functions are performed by:

  • information system operators
  • exchange operators
  • other legally defined participants

This means that tax may be:

  • calculated automatically
  • withheld at the moment of income payment

However, the exact mechanism depends on the transaction structure.

Risks of the DFA market​

Despite its development, the DFA market remains a relatively new segment of the financial system.

Limited liquidity​

  • the secondary market is underdeveloped
  • transactions often occur within a single platform
  • early exit may be difficult

Counterparty risk​

DFAs depend on the issuer:

  • default may lead to losses
  • investor protection is limited

Infrastructure risk​

The market depends on a limited number of participants:

  • information system operators
  • exchange operators
  • banks

This creates:

  • platform dependency
  • risk of technical failures

Regulatory risk​

The market is still evolving, and changes may occur:

  • admission rules
  • instrument structures
  • tax regime

Limitations of the DFA market​

As the DFA market in Russia is still developing, several structural limitations remain:

  • weak secondary market
  • lack of interoperability between platforms
  • closed architecture of individual systems
  • dependence on banking infrastructure

Comparison with crypto assets​

CriterionDFAsCrypto assets
RegulationHighLimited
TaxationFormalizedLess defined
Tax agentPossibleUsually absent
TransparencyHighDepends on the user

Balance between risks and regulation​

DFAs occupy an intermediate position:

  • higher transparency and protection
  • lower flexibility and liquidity

Regulation reduces uncertainty but does not eliminate:

  • credit risk
  • market risk
  • infrastructure limitations

Conclusion​

Taxation of DFAs in Russia is formalized and, in many cases, partially automated.

At the same time, the market retains risks related to:

  • liquidity
  • infrastructure
  • issuers
  • regulation

Understanding taxation and risk structure is essential for using DFAs as an investment instrument.