Abstract
<jats:p>The article examines the nature and multidimensional classification of digital financial assets (DFAs) as an emerging element of the modern financial system. It demonstrates that the rapid expansion of tokenisation has created a new class of instruments that combine the legal features of conventional financial rights with the technological advantages of distributed ledgers. Internationally, DFAs represent tokenised claims on cash flows, equity, debt, or other assets recorded in distributed or hybrid registers. In Russia, DFAs operate within permissioned information systems (OIS) and are mainly used for short-term debt issuance serving corporate and banking funding needs. The purpose of the research is to provide a holistic understanding of DFAs and to propose a multi-axis classification based on their economic function, underlying asset, holder’s rights, and circulation regime. The study employs analytical and comparative-legal methods, referencing international standards (MiCA, FATF) and industry datasets (DeFiLlama, RWA.xyz) together with official statistics of the Bank of Russia (ORFR). The findings refine the economic and legal definition of DFAs and highlight global and national market trends. It is concluded that the proposed classification enhances data comparability and provides a methodological framework for risk and performance analysis of DFAs. The results may serve as a foundation for the development of regulatory calibration and for aligning Russian market practices with international approaches.</jats:p>