This was announced by the Ministry of Finance on February 11. The concept was developed by the Ministry of Finance, federal executive authorities, and the Bank of Russia.

The text of the concept has not yet been published.

According to the Ministry of Finance's press release, the concept aims to use digital innovations and distributed ledger technology to increase the investment attractiveness and liquidity of assets.

It is reported that tokenization should make investments in real assets more accessible to small private investors and improve the quality of financial institutions' secured loan portfolios.

The Ministry of Finance also notes that tokenization will reduce human involvement in investment operations through the use of blockchain technology, which will take over the functions of traditional financial intermediaries. This will reduce transaction costs and the likelihood of operational errors.

During the implementation of the Concept, the tokenization of the following assets will be piloted in stages:

• property rights;

• exclusive rights to the results of intellectual activity, transactions with which are not subject to state registration;

• documentary securities and shares in the authorized capital of limited liability companies.

The specific legal mechanism for tokenizing real assets adopted under the Concept is not yet known.

It should be noted that the Bank of Russia had previously reviewed international experience and key approaches to the legal regulation of real asset tokenization in its analytical report “Tokenization of Real World Assets: Economic Nature and Regulatory Experience” (November 22, 2024).

The Bank of Russia noted that for the purposes of tokenizing certain real assets, the existing regime of digital rights could be considered in Russian law. For example, Russian legislation already allows for the issuance of utilitarian digital rights certifying the right to demand the transfer of real property, as well as “digital shares” certifying the corporate rights of shareholders in non-public joint-stock companies.

At the same time, the current legislation on digital rights does not cover the tokenization of property and exclusive rights, or the corporate rights of participants in limited liability companies.

We will monitor the appearance of the text of the Concept in the public domain and prepare a detailed review after its publication.