Central Bank of Russia sets minimum credit rating thresholds for DFAs and caps variable-linked DFA purchases at RUB 600,000 a year for non-qualified investors

The Central Bank of Russia has set minimum credit quality requirements for digital financial assets (DFAs) that may be purchased by non-qualified investors, distinguishing between products with non-variable returns and DFAs whose yields depend on market or macro indicators. Non-qualified investors may buy DFAs where returns do not depend on variable indicators without restrictions if the issuer has a credit rating not lower than ‘?+’ on the national scale or ‘BB’ on the international scale. Where DFAs certify claims in respect of bonds or a possibility to exercise rights thereunder, the bonds or their issuer must meet the same rating threshold. DFAs with yields tied to inflation, the key rate, or prices for precious metals and shares are subject to an annual investment cap of RUB 600,000 per investor, and their issuers must have a credit rating not lower than ‘??-’ on the national scale or ‘BB+’ on the international scale.