TRANSFORMATION OF THE CROWDINVESTING MARKET IN RUSSIA: FROM FINTECH PLATFORMS TO DIGITAL FINANCIAL ASSET INFRASTRUCTURE
Abstract
This article provides a comprehensive analysis of the current state and development prospects of the crowdinvesting market in the Russian Federation. It is shown that the need to rethink the role of crowdinvesting in the new digital ecosystem, take into account the specifics of equity models, and assess real risks makes the research topic highly relevant for economic science and regulatory practice. The purpose of the study is to identify systemic problems in the functioning of the Russian crowdinvesting market in the context of integration with the digital financial asset market and to develop scientifically based recommendations for minimizing risks for all ecosystem participants. Research Methodology. The study uses methods of systemic analysis, statistical observation (based on Bank of Russia data), comparative legal analysis, and an institutional approach. The empirical basis consists of official statistics from the Bank of Russia's Department of Financial Market Infrastructure ("Overview of Platform Services in Russia for 2025"), regulatory legal acts of the Russian Federation (Federal Law No. 259-FZ, Federal Law "On Digital Financial Assets"), and reports of analytical agencies. Using Bank of Russia data for 2025, this study examines the dynamics of capital raising volumes, the structure of investment platform operators, and the level of market concentration. Particular attention is paid to the institutional transformation of the sector: a shift in focus from independent fintech companies to banking structures and exchange infrastructure for the issuance of digital financial assets. A comparative analysis of the risks of equity crowdfunding and crowdlending was conducted using a risk matrix, and the effectiveness of counterparty interactions was assessed. Key issues are identified, and recommendations for developing the secondary market and increasing issuer transparency are formulated.