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DOI: 10.15862/32FAOR425 (https://doi.org/10.15862/32FAOR425)

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Romashkin D.M. Assessment of the impact of digital financial assets on the sustainability of business models of russian companies. Russian journal of resources, conservation and recycling. 2025; 12(s4). Available at: https://resources.today/PDF/32FAOR425.pdf (in Russian). DOI: 10.15862/32FAOR425

Assessment of the impact of digital financial assets on the sustainability of business models of russian companies

Romashkin Daniil Mikhailovich
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: dan2242458@mail.ru

Abstract. The formation of the digital financial assets (DFA) market in the Russian Federation creates new conditions for the adaptation of corporate financial strategies, bringing to the fore questions about the impact of tokenized instruments on the sustainability of business models. The cumulative volume of DFA issuances in Russia exceeded 1,65 trillion rubles by the end of 2025, and the number of issuing companies surpassed 300, which indicates the transition of the market from an experimental phase to the stage of institutional consolidation. This study aims to systematize the factors influencing the components of business models of Russian organizations through DFA integration, including working capital management, fundraising, restructuring value chains, and creating new investor engagement channels. The research generalizes conceptual approaches to analyzing the impact of distributed ledger technology on corporate finance, conducts a comparative analysis of regulatory conditions for the DFA market, and identifies key risks and barriers to the integration of digital assets into the activities of real sector enterprises. The findings demonstrate that DFA implementation contributes to reducing transaction costs, expanding the investor base, and increasing the flexibility of financial operations, while simultaneously being associated with default risks, limited secondary market liquidity, and an incomplete regulatory framework. The scientific novelty consists in developing the author’s classification of DFA impact channels on the structural elements of business models, taking into account the sectoral specifics of the Russian economy. The practical significance is determined by the applicability of the results in developing corporate strategies for the digital transformation of financial processes.

Keywords: digital financial assets; tokenization; business model; company sustainability; blockchain; distributed ledger; corporate finance; working capital; investment attractiveness; small and medium-sized businesses

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