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Starting October 1, 2026, new Bank of Russia regulations will significantly expand the information that issuers of digital financial assets (DFAs) must disclose to investors. Issuance decisions will now need to include more details — from three years of financial statements to specific investor protection measures.
These changes affect not only companies issuing DFAs but also the operators of information systems through which these assets are placed. To avoid problems and ensure smooth operations under the new rules, preparation should begin now.
These changes affect not only companies issuing DFAs but also the operators of information systems through which these assets are placed. To avoid problems and ensure smooth operations under the new rules, preparation should begin now.
What Exactly Will Change
More Financial Data Required. Legal entities and individual entrepreneurs will now be required to include in their issuance decisions data from annual accounting statements and audit reports for the three most recent completed years. If a company has been operating for less than three years, it must provide data for each full reporting year it has completed. In addition, information from interim reports — for three, six, or nine months — will also need to be disclosed.
For banks and other credit institutions, the procedure is simpler: they only need to provide a link to the official website page where this information is already published in accordance with regulatory requirements.
For banks and other credit institutions, the procedure is simpler: they only need to provide a link to the official website page where this information is already published in accordance with regulatory requirements.
Credit Rating Disclosure Required
Issuance decisions must now include a link to the official website of the credit rating agency that assigned the rating to the issuer. If no rating exists, this must be explicitly stated in the decision.
Investor Protection Provisions Become More Detailed
The new rules place particular emphasis on how issuers will act if they fail to meet their obligations to DFA holders. Issuance decisions must now clearly specify:
- how and within what timeframe the issuer will notify holders of any default or improper performance;
- the monetary valuation of such violations;
- what measures holders can take to protect their interests.
Special Rules for Credit DFAs
The most significant changes apply to credit DFAs — instruments whose payouts depend on how borrowers fulfill their loan obligations. By purchasing such an asset, an investor effectively assumes the risk that the borrower may not repay the debt.
Additional requirements for credit DFAs include:
Additional requirements for credit DFAs include:
- disclosure of information about the loan agreement and the borrower;
- the maximum period within which the issuer must fulfill its obligations after receiving loan repayments;
- monthly data on the number and total volume of payments under agreements;
- information on the share of overdue payments and the quality of the loan portfolio;
- data on the share of loans issued in foreign currency.
Who Is Exempt from the Changes
The new requirements do not apply in cases where DFAs may be acquired only by those legal entities and entrepreneurs specifically listed in the issuance decision, or by companies that are part of the same group as the issuer.
What Businesses Need to Do
The new rules take effect on October 1, 2026, so preparation should not be delayed. Here is a minimum checklist:
- Review your financial statements. Ensure that all documents for the last three years are in order and ready for disclosure.
- Set up internal processes for data collection. You will need to promptly gather and provide information on credit ratings, portfolio quality, and other indicators now required for issuance decisions.
- Update issuance decision templates. All standard forms used for DFA issuance must be adapted to the new requirements.
- Verify public sources. For credit institutions, it is important to ensure that the links to official websites where reports are disclosed are working and contain up-to-date information.
How We Can Help
Acsour provides advisory support and legal assistance for issuers preparing to work under the new rules. Our experts can help you:
- conduct an audit of existing documents and internal processes;
- adapt issuance decisions to meet regulatory requirements;
- prepare the necessary reports and verify their readiness for disclosure;
- ensure that the activities of information system operators comply with the new standards.
The new Bank of Russia requirements make the DFA market more transparent and better protected for investors, while requiring greater discipline and preparation from issuers. For businesses, this means it's better not to wait until the last moment — preparation should begin now.
Review your documents and processes today — so you don't have to rush at the last minute.
Review your documents and processes today — so you don't have to rush at the last minute.
