This article examines the economic essence and technological characteristics of digital financial assets (DFAs), as well as their importance for the development of modern financial markets and the digitalization of Russia's financial system. The authors analyse the specific features of issuing and circulating digital financial assets, and the roles of the Bank of Russia and information system operators in market functioning.  Particular attention is paid to distinguishing between DFAs, cryptocurrencies, stablecoins, central bank digital currencies, and hybrid digital rights that combine the properties of digital financial and utilitarian digital instruments. The study analyzes the current state and key development trends of the Russian DFA market. It examines the interactions between its key participants, including issuers, investors, exchange operators, nominee holders, and regulatory authorities. New types of tokenized instruments are also explored, including DFAs linked to cryptocurrencies, commodities, and selected macroeconomic indicators. The authors observe that digital financial assets present a variety of benefits for both issuers and investors. These include streamlining issuance procedures, cutting transaction costs, boosting operational transparency, broadening access to alternative investment instruments and reducing entry barriers for market participants. However, they also highlight existing challenges to the development of this market segment, including low secondary market liquidity, insufficient integration of information systems, regulatory complexities regarding hybrid digital instruments and limited disclosure of issuer information. The authors conclude that the digital financial asset market has significant potential for further development and could become an important tool for investment activities, asset tokenisation and international settlements. Further market expansion will depend largely on improvements to the regulatory framework, infrastructure development, tax regulation, and the introduction of more complex digital financial products.