Abstract: The subject of the research is the evolution of the digital financial asset (CFA) market in Russia, as well as the features of its regulatory framework formation in the context of contemporary geopolitical and economic challenges. The object of the research includes the institutional and economic mechanisms functioning in the digital financial assets market within the context of global digital transformation and sanctions pressure. The author examines in detail aspects of the topic such as the chronological dynamics of the establishment of the CFA market in Russia, including stages of emergence, institutionalization, and active growth during the period of 2022–2025, as well as key legislative acts regulating their circulation. Special attention is paid to the analysis of the economic essence of CFAs as a hybrid financial instrument, their differences from traditional securities and utility digital rights, as well as the place of the CFA market in the national financial system. The research also covers an empirical analysis of the current state of the market, identifying dominant trends, the structure of issuers, and the main challenges for its further scaling and integration. The theoretical and methodological foundation of the work includes methods of institutional analysis, formal legal approach, and statistical analysis. The empirical basis includes data from the register of information system operators of the Bank of Russia and aggregated indicators of issuance activity for the period of 2022–2025. The main conclusions of the conducted research include the statement that the Russian CFA market has transformed from a state of legal vacuum into an effectively functioning mechanism for financing the economy in a short period (2020–2025), surpassing the volume of 1 trillion rubles by the beginning of 2026. The author’s special contribution to the research of the topic is the identification of four key stages in the evolution of the CFA market in Russia, as well as a detailed analysis of the specifics of legal regulation at each of them, including tax peculiarities and the role of exchange operators. The novelty of the research lies in justifying the position that the CFA market should be considered as an innovative digital segment of the organized capital market, as well as in empirical confirmation of its bank-centric model amidst active diversification of the issuer's sectoral structure. It is predicted that CFAs will become a key element of Russia's financial architecture, occupying a niche between bank lending and the bond market, and their further development will be determined by integration with traditional exchange infrastructure and cross-border operations.