N.A. Kashevarova1, M.A. Pavlov2, A.I. Hodjayan3

1–3 Bauman Moscow State Technical University (Moscow, Russia)
1 n.kashevarova@bmstu.ru, 2 mikhin_62@mail.ru, 3 ariannakhodzhaian@mail.ru

The relevance of this work is due to the observed trends in the global digital transformation of the financial sector and the widespread use of distributed ledger technologies (blockchain). Currently, there is a growing business interest in asset tokenization, a procedure that converts tangible, financial and intellectual assets into digital tokens.  This interest is largely stimulated by the key advantages of tokenization, such as a significant increase in the liquidity of previously low-liquid assets by simplifying their fragmentation and transfer, as well as reducing transaction costs and settlement time. Ensuring reliable digital security for emerging digital asset ecosystems is becoming a critical task, especially given the increasing frequency of cyber threats. An additional factor of uncertainty is the lack of maturity and fragmentation of regulatory approaches to digital currencies and assets in many jurisdictions. The combination of these factors requires the development of methods for coordinating the interests of various stakeholders in the tokenized asset market (issuers, investors, regulators, IT developers, etc.), since the divergence of interests of ecosystem participants creates risks of conflicts that can slow down innovation. This article proposes a model for coordinating stakeholders' interests based on the principles of strategic alignment, IT risk management, and compliance. Special attention is paid to a detailed analysis of the specifics of the legal, economic and technological aspects of tokenization in the context of the Russian Federation. This includes a study of the current regulation of digital financial assets (CFAs) and an assessment of the functionality of smart contracts as an automation tool. The obtained research results allow us to formulate practical recommendations aimed at minimizing key risks and increasing the level of trust in digital assets in the context of the increasing hyper-connectivity of modern economic processes.

Kashevarova N.A., Pavlov M.A., Hodjayan A.I. Alignment of blockchain ecosystem participants' interests in ensuring digital security of tokenized assets. Dynamics of complex systems. 2025. V. 19. № 4. P. 52−61. DOI: 10.18127/j19997493-202504-06 (in Russian).

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