from 01.01.1998 to 01.01.2020
Moskva, Moscow, Russian Federation
Russian Federation
This article identifies and systematizes the challenges of credit risk assessment in the Russian market for digital financial assets. Regulatory gaps, limited availability of information about issuers and issuances, the economic nature of these assets, and their technological characteristics hinder the application of traditional risk management models. The uncertainty regarding the seniority of claims on digital financial assets, as well as the complex structure of income and risk, limit the applicability of classical approaches to credit risk analysis, including the assessment of the probability of default on the issuer’s obligations. Improving the legal framework, rating methodologies for digital asset issuances, and credit risk analysis will enhance the objectivity of their assessment, thereby fostering the development of the entire Russian digital asset market.
digital financial assets, credit risk, credit spread, probability of default, DFA market
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