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Digital financial assets

a new instrument on the financial market,
which makes fundraising easier and faster as compared
to the issuance of most types of securities

Login to the DFA IS personal area

Digital Financial Assets (DFA) are digital rights, including monetary claims, the ability to exercise rights to equity securities, the right to participate in the capital of a non-public joint stock company, the right to demand the transfer of equity securities, which are provided by the decision to issue digital financial assets whose issue, accounting and circulation are possible only by making (changing) records in the distributed ledger-based information system, as well as in other information systems.

DFA for the Issuer:

  • Saves time (faster than arranging a credit line or a bond issue)
  • Reduces costs (cheaper than a bond issue)
  • No intermediaries (the Issuer, the Operator and the Investor are the only participants in the process)

DFA for the Investor:

  • More instruments for investing (new instrument, different issuers at different levels)
  • Minimum commission fees (no intermediaries and minimum commission fees for investment)
  • Diverse choice of investment risks (large issuers: low risk, lower yield; small issuers: higher risk, higher premium)

Questions and answers

Advantages for ISSUERS

New funding opportunities for large companies

Large-scale access to investors for medium and small businesses

Creates conditions for fundraising at will

Advantages for INVESTORS

Diversification of investment and the ability to choose the investment target based on your specific risk/return preferences

Opportunity to structure investments for business digitally

Where are the DFAs stored?

Digital financial assets are recorded in the information system in which they are issued. The accounting methods are set by the operator of the information system.

What operations are available with DFA?

Purchase, sale and other property transactions as permitted by the Civil Code of the Russian Federation.

How is DFA different from cryptocurrency?

DFAs are digital financial assets and/or digital rights that include both digital financial assets and other digital rights.
DFAs have an issuer, that is a legal entity whose credit rating and creditworthiness is checked by the operator of the platform on which the DFAs are issued.
Cryptocurrency is a digital currency that has no single centralized issuer.


Act means an enacted judicial act, writ of execution, including a ruling of an enforcement officer, an act of another public authority or official, issued in exercise of their functions under the legislation of the Russian Federation.

Acceptance means full and unconditional expression of the User’s will to accept the Offer, recorded and stored in the form of a record in the IS.

Acceptor means a User who has sent the Acceptance.

Consensus Algorithm means a consensus algorithm belonging to the CFT (Crash fault tolerance) class of protocols that provide fault tolerance in distributed systems. The consensus algorithm is designed for use in Distributed Ledger-based systems.

Authentication means a set of measures to verify that a person is the actual owner of an identifier (identifiers), by comparing it with the information about the person, which is available to the person conducting the authentication, and to establish the legality of possession of an identifier by using the authenticating feature (features) in the authentication procedure, as a result of which the person is considered to be identified.

Bank means Evrofinance Mosnarbank (Primary State Registration Number (OGRN) 1027700565970).

Bank Account means a User’s bank account with a special mode for settlements for IS Transactions and payment of the Fees, opened with the Bank in accordance with Paragraph 3.3 of the Regulations. A Bank Account is opened for each User.

Blocking of the User means complete or partial restriction of the User’s access to the IS functionality in accordance with Paragraph 6.17 of the Regulations.

Blocking of DFA means an entry in the DFA Registry in respect of all or separate DFA accounted on the User’s Wallet, which makes it impossible to perform any or separate operations with such DFA.

Validating Node means a Node that validates new blocks and Transactions at the current time, selected from the Nodes in accordance with the principles of the Consensus Algorithm.

Offer Window means a separate program module of the IS, which displays information about the issued DFAs, Purchase Orders, Sales Orders and Offers.

Owner means a User whose Wallet has at least one DFA unit accounted for.

Execution Date means the date of full execution of the liability certified by the DFA, determined in accordance with the Decision to Issue DFA, and in case of delay in the execution of such obligation, the date on which the Issuer intends to execute it.

DFA Purchase and Sale Agreement means a purchase and sale agreement, the subject of which are the DFAs issued in the IS, concluded between the Seller and the Buyer by comparing differently directed (cross-) Applications by the Operator.

Available Balance of the Issued DFAs means the number of issued DFAs displayed on the Offer Window, within which the Placement Transactions can be concluded.

DFA Balance Available at Order means the maximum number of DFAs specified by the User in the Order placed in the Offer Window less the number of DFAs in respect of which DFA Purchase and Sale Agreements have been concluded.

DFA Law means Federal Law No. 259-FZ “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation” dated 31.07.2020.

Applicant means a person who intends to become a User.

Order means a Purchase Order and (or) a Sales Order.

Purchase Order means the User’s expression of will to buy a DFA at a certain price, registered and stored in the form of a record in IS.

Acquisition Order means a User’s will sent through the Operator to purchase the DFA issued, recorded and stored in the form of a record in the IS.

Sales Order means a User’s expression of will to sell the DFA at a certain price, registered and stored in the form of a record in IS.

DFA Issue Identification Number means a unique identification number assigned to all DFAs issued on the basis of one Decision to Issue DFA. A DFA Issue Identification Number is referred to in the User’s PA as a “Ticker”.

Identification means a set of measures to establish information about Applicants, their representatives, beneficiaries, beneficial owners and to confirm the reliability of this information using original documents and (or) duly certified copies and (or) state and other information systems, and comparing this information with the unique designation (designations) of information about the person necessary to identify such person.

Information system (IS) means a set of information contained in the database regarding the issue, accounting and circulation of DFAs and information technologies and technical means engaged in its processing, including those based on the Distributed Ledger maintained by the Operator.

Exchange Operator’s Client (EO Client) means the User who has joined the rules of exchange of the Exchange Operator’s digital financial assets.

Fee means a fee paid by the User to the Operator for the User’s use of the IS functionality or for the possibility of such use, for the User’s actions using the IS, for the Operator’s provision of transactions with DFA issued or released to the IS, as well as for other services provided by the Operator to the User.

Wallet means the User’s business account designed to account for the User’s rights to the DFA. A Wallet can only belong to one User, and a User can only have one Wallet.

Limit means the amount of funds to be transferred in payment and (or) the aggregate value of the DFAs to be transferred as a consideration, within which the User, who is not a qualified investor, may purchase DFAs, the characteristics of which are defined by the Bank of Russia.

 User’s Personal Area (User’s PA) means a personal area in the IS, access to which is provided to the User after Authentication by the Operator, and using which the User is able to perform actions in the IS at https://dfa.efbank.ru.

Operator means the information system operator, Evrofinance Mosnarbank Joint-Stock Commercial Bank (Joint-Stock Company) (OGRN 1027700565970), included by the Bank of Russia in the register of information system operators engaged in IS operation.

Exchange Operator means a legal entity included by the Bank of Russia in the register of digital financial asset exchange operators, which provides the conclusion of transactions with DFAs issued in the IS.

Offeror means a User who has submitted an Offer.

Offer means a User’s offer to enter into a transaction with DFAs issued in the IS, on the terms defined by such User, addressed to a particular User or Users, or to an unlimited number of Users.

First Purchaser means the User who submitted an Acquisition Order.

Buyer means the User who has submitted a Purchase Order.

User means a legal entity, an individual or an individual entrepreneur included in the User Registry.

Regulations means these IS Regulations of Evrofinance Mosnarbank, approved by the Bank of Russia in the manner prescribed by the legislation of the Russian Federation.

Seller means a User who submitted a Sales Order.

Private Key means an enhanced encrypted non-certified digital signature key intended for signing Transactions or Distributed Ledger blocks.

Public Key means a unique sequence of characters, unambiguously associated with a Private Key and intended to authenticate the signature of a Transaction or Distributed Ledger blocks. A Public Key is the verification key of the enhanced encrypted non-certified digital signature.

Business Day means the duration of time from 10 a.m. to 4 p.m. Moscow time, on any day of the week, except (a) days off; (b) non-working holidays in accordance with the laws of the Russian Federation; (c) days declared as non-working by the competent state authorities.

Transfer Order means an order (including an application) of the User, based on which the Bank prepares an order (orders) to transfer funds belonging to the User from the User’s Bank Account to the Bank Account of another User or the Operator’s Account.

Distributed Ledger means a set of databases containing identical information that is validated by the established algorithms (algorithm).

Verification Center Regulations means a document or documents establishing, inter alia, the procedure for creating a Private Key and a Public Key, creating and issuing a Public Key Certificate, posted on the Documents Page or linked to on the Documents Page.

User Registry means an aggregate of information, which is part of the IS and includes information about Users, including information necessary for authentication of Users in the IS, information about the status or statuses of Users authenticated in the IS.

DFA Registry means a set of data on issuance, accounting and circulation of DFA in the IS.

Decision to Issue DFA means a decision made by the User to issue DFA in the IS, which complies with the requirements of the DFA Law.

Operator’s Website means the Operator’s website in the Internet (information and telecommunications network), accessed under the evrofinance.ru domain name.

IS Transaction means a transaction made with the use of IS.

Placement Transaction means an agreement between an Issuer and a User for the acquisition of the issued DFAs.

Smart Contract means information technology (including software), which ensures that a certain entry is made in the DFA Registry upon the occurrence of the circumstances provided for by the Regulations.

Documents Page means the page of the Operator’s Website, which can be accessed at https://evrofinance.ru/finassets/docs/.

Operator’s Account means the Operator’s account for crediting Fees.

Tariff Rates means a document placed on the Documentation Page and stipulating the amount, grounds and procedure of charging the Operator’s Fee.

Transaction means a request to make a record in the Distributed Registry.

Node means a User who ensures the identity of the information contained in the IS, using procedures to confirm the validity of the records made to it (changed in it).

Participant means a User who is not an Issuer, Owner, Node, or Exchange Operator.

Digital Financial Assets (DFA) means digital rights, including monetary claims, the issue, accounting and circulation of which is carried out by making (changing) records in IS in accordance with the Law on DFA and the Regulations.

DFAs for Qualified Investors means DFAs that meet the criteria stipulated by the Bank of Russia, which can be purchased only by persons who are qualified investors.

DFA Purchased Within the Limit means DFA meeting the criteria stipulated by the Bank of Russia, which can be purchased by a person who is not a qualified investor, within the Limit.

Email means the email specified by a User in such User’s PA.

Issuer means a User, which is an individual registered as an individual entrepreneur or a legal entity, who performs or has already performed issuance of DFAs in IS in accordance with the Regulations.

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