Alfa-Bank launches digital financial assets (DFAs) linked to Bitcoin and Ethereum, marking a major step in crypto-integrated finance in Russia. The new DFA products, available via the bank’s A-Token platform, offer exposure to top cryptocurrencies for qualified investors — without direct crypto custody.
What Are Russian DFAs and How Are They Different?
Unlike tokenized assets on public blockchains, Russian digital financial assets are issued on private blockchain networks, under frameworks approved by the Bank of Russia. This places them under national legal oversight — differentiating them from international real-world asset (RWA) tokens.
The new DFAs by Alfa-Bank are pegged to the performance of spot ETFs:
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iShares Bitcoin Trust ETF (IBIT)
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iShares Ethereum Trust ETF
These ETFs serve as the underlying assets — not the cryptocurrencies themselves.
Each DFA is a 1-month instrument with a face value of 1,000 rubles, and investor returns are linked to changes in the value of the respective ETF.
“These DFA products represent the next step in regulated crypto finance,” said Alfa-Bank in the launch materials.
Regulatory Green Light and Institutional Structure
On May 28, the Bank of Russia officially permitted financial institutions to offer derivative crypto-linked products to qualified investors — provided there is no actual delivery of the cryptocurrency itself. This cleared the way for regulated offerings tied to digital asset price movements.
Alfa-Bank is one of the few state-approved DFA operators, alongside Sber, Atomyze, and Masterchain. The assets are compliant with Russian law and integrate into domestic financial infrastructure.
ETF Backing: iShares Funds as the Core
The iShares Bitcoin Trust (IBIT) by BlackRock is currently the largest spot Bitcoin ETF, holding more than $70 billion out of $128 billion across all spot BTC funds. Unlike futures ETFs, it physically holds BTC, creating market demand as assets grow.
The iShares Ethereum Trust ETF follows a similar model but with Ethereum as the underlying asset. These ETFs have become key drivers of institutional crypto demand in 2024–2025.
By using them as the benchmark, Alfa-Bank’s DFA products offer a price-reflective, regulated exposure to crypto markets — without the legal gray zones of direct holdings.
