Abstract
<jats:p>This article provides a critical analysis of international business models for financing the agro-industrial complex (referred to as the AIC) using digital financial assets and identifies opportunities for applying this experience in Russia while addressing the need to simultaneously eliminate existing tax barriers and risks. The author proposes a typology of digital financial in-struments relevant to agricultural financing: (1) digital (tokenized) bonds issued by agricultural producers; (2) loans secured by crop-backed tokens; (3) crowdfunding platforms for the AIC based on smart contracts; and (4) digital shares in agricultural cooperatives. The study identifies barriers hindering their development in Russia and proposes approaches for overcoming these obstacles. The research establishes that despite a sufficient technological foundation, digital in-struments for AIC financing remain virtually unused in Russia, although they demonstrate signif-icant promise. Realizing their potential requires integrating digital financing models into the broader institutional framework established by the state. Market development faces impediments including low liquidity, an inadequate regulatory framework, information asymmetry, and substantial tax risks. The planned introduction of an experimental legal regime for tokenized real-world assets represents a necessary but insufficient condition for their widespread adoption. Additional measures are required, including tools for mitigating investment and default risks as-sociated with tokenized assets, as well as the development of robust secondary markets to en-hance liquidity and investor confidence. This article substantiates the critical need to harmonize the taxation regimes for "traditional" and "digital" debt obligations to enhance their investment attractiveness and reduce tax uncertainties. To stimulate investor interest in digital debt obliga-tions issued by agricultural companies, policymakers should consider implementing preferential taxation treatment for interest income from these instruments, potentially establishing a reduced tax rate that reflects their role in supporting agricultural development and financial innovation.</jats:p>