Marketplaces, crowdfunding and DFAs: results of platform services development
The platform services market which consists of financial marketplaces, crowdfunding platforms, and information systems, where digital financial assets (DFAs) are issued, will continue its growth in the coming years, according to the Bank of Russia’s review. The regulator has examined this surveyed market for the first time.
Last year, the sector of financial platforms turned out to be the fastest growing one. The total volume of its transactions reached ₽36 billion and increased sevenfold over the year, while their number increased eightfold.
In 2022, the volume of the crowdfunding market increased almost 1.5 times and reached ₽20.4 billion. By early 2023, 64 organisations were included in the register of investment platform operators, with 54,600 investors registered on investment platforms. It is noteworthy that non-qualified investors accounted for 90% of the total.
The digital rights management market has just begun to take shape. By the start of 2023, information about three organisations was included in the register of operators of information systems, in which DFAs are issued. At least four issues of DFAs were placed on the platform of each operator; the issuers of these assets were 11 companies involved in different businesses.
The Bank of Russia continues to improve the regulation of the platform services market, and calls for the establishment of transparent rules and operators’ compliance with the requirements for the security and reliability of services.