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Минфин РФ захотел токенизировать золото. Эксперты объяснили зачем

Токенизация золота является «очень перспективным решением» для России, которое могут реализовать в ближайшее время, заявил директор департамента политики Минфина Алексей Яковлев.

По его словам, цифровизация драгоценного металла позволит реализовать решения для трансграничных платежей и международных расчетов «в новой реальности».

Параллельно зампред ЦБ Алексей Гузнов сообщил, что в законодательство о ЦФА внесут изменения, которые разрешат учитывать расходы на выпуск цифровых долговых обязательств в общей базе по налогу на прибыль.

«Речь именно о том, чтобы институционализировать, выделить в качестве отдельного инструмента долговые ЦФА», — пояснил Гузнов.

Сейчас все операции с цифровыми финансовыми активами должны учитываться в отдельной налоговой базе. Это снижает интерес к инструменту из-за сложности оформления деклараций.

Управляющий партнер «Аграновская и партнеры» Мария Аграновская в комментарии ForkLog пояснила, что токенизированным золотом точно не получится расплатиться, поскольку суррогат денежных средств нельзя использовать для расчетов за товары и услуги.

«Однако в форме ЦФА — вполне. Скорее, это внутригрупповой инструмент, либо инвестиционный, для стабилизации. Недавно происходили дефолты по цифровым активам. Полезно, если наконец реализуют обмен ЦФА на ЦФА. Вероятно использование для ВЭД, но надо учитывать санкционные риски для прозрачных российских инструментов», — добавила Аграновская.

Эксперт также предположила вариант с токеном, выпущенным из-за рубежа на базе российского золота. Но все еще остается много вопросов к механизму реализации инициативы.

Криптоинвестор и основатель Telegram-канала «24 слова» Артем Толкачев допустил, что токенизированное золото может использоваться как альтернативный расчетный инструмент в условиях ограниченного доступа к долларовой инфраструктуре.

«Это более удобная форма дистрибуции актива. Токен может стать аналогом обезличенного счета драгметалла, но с более простой передачей прав и возможностью дробных инвестиций. Шаг в общую цифровизацию финансов. Запуск таких инструментов позволяет обкатать инфраструктуру — хранение, учет, оборот. Это может стать базой для следующих продуктов (токенизация долгов, акций, сырья)», — уточнил спикер.

Но если смотреть на инициативу критично, то работать она будет только, если международные контрагенты действительно готовы принимать такой токен, продолжил Толкачев. А зачем им это делать — большой вопрос.

«Будут ли они доверять условному ЦБ или иному кастодиану, который хранит золото и обеспечивает редемпшен токенов в физическом металле, тоже сомнительно», — считает Толкачев.

Он выделил основной момент: токенизация золота создает ликвидность и удобство расчетов, но не обеспечивает «базового слоя доходности», как трежерис или фонды денежного рынка. Поэтому перспективы зависят не от технологии, а от появления реальных пользователей, готовых применять цифровое золото для расчетов или хранения.

По словам Толкачева, реализовать инициативу технически несложно: нужно положить золото в депозитарий, выпустить токен и скрепить это юридической конструкцией.

«Главный вопрос возникает дальше: что с этим делать? Перенести актив в ончейн самая легкая часть задачи. Куда сложнее понять, какие реальные кейсы этот токен решает, и выстроить инфраструктуру, чтобы он был востребован. Сама по себе токенизация ничего не дает. Нужен понятный сценарий использования», — добавил он.

Аграновская напомнила об уже существующей технологии утилитарных цифровых прав (УЦП), которая не получила значительного распространения из-за непроработанного до конца налогового аспекта.

«Есть гибридные активы — ЦФА и УЦП. Я думаю, что они будут развиваться. Но кому они нужны за рубежом, пока не до конца понятная история. Конечно, цифровизация в первую очередь направлена, как говорится, на преодоление географических барьеров. Это трансграничная технология», — подчеркнула собеседница.

C начала 2024 по июнь 2025 года мировой RWA-рынок прибавил более $100 млрд капитализации. Сегмент токенизированных казначейских облигаций достиг рекордной отметки в $5,6 млрд.

Однако в глобальном контексте ткоенизированные активы нуждаются в стандартизации нормативных требований, отметила Аграновская.

«В Дубае они регулируются одним образом, в США — другим. В Европе любая токенизация, это, конечно, MiCA. Там есть своя квалификация токенов, а это и налоговые последствия, и лицензирование вторичного обращения, и так далее. RWA — безусловный тренд. Направление прочно занимает свое место в истории, но все больше и больше оно становятся похожим просто на цифровые ценные бумаги или коносаменты», — указала она.

Толкачев объяснил, что сегодня токенизируют в первую очередь казначейские облигации США, фонды денежного рынка и другие высоколиквидные инструменты, которые дают стабильный процент и могут работать как базовый слой доходности для DeFi.

Второе направление токенизации — акции, где цифровой слой решает задачу доступа.

«Криптоинвесторы могут входить в позиции прямо из кошелька: то есть не выходить из криптомира, а работать с традиционными финансовыми инструментами прямо внутри, не просто покупать и продавать акции, но еще и предоставлять ликвидность через АММ и совершать более сложные операции, которые в мире традиционных финансов просто недоступны», — объяснил преимущества Толкачев.

Но токенизация всегда тесно связана с регулированием: без понятного правового режима криптоактив является просто записью в блокчейне. Инвестор отметил, что токен становится полноценным финансовым инструментом, только если закон признает право собственности.

Поэтому прогресс в токенизации идет в юрисдикциях, где уже существуют спецрежимы, вроде США и Евросоюза.

«Вторая важная часть — кастодиан. Для большинства активов токенизация невозможна без доверенного лица, которое хранит актив и выпускает токен. Именно кастодиан выступает гарантом того, что монета реально обеспечена, и от его надежности и репутации напрямую зависит, примет ли рынок такой инструмент. В итоге доверие к инфраструктуре оказывается не менее важным, чем сама технология», — заключил Толкачев.

Напомним, в Tristero Research предупредили о повторении кризиса 2008 года в секторе активов реального мира.

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    Writing this review is a joy. Marie has provided excellent service ever since I started working with her in early 2018. I was worried I wouldn't be able to get my coins back after they were stolen by hackers. I had no idea where to begin, therefore it was a nightmare for me. However, things became easier for me after my friend sent me to [email protected] and +1 7127594675 on WhatsApp. I'm happy that she was able to retrieve my bitcoin so that I could resume trading.

  • 13.10.25 01:11 elizabethrush89

    God bless Capital Crypto Recover Services for the marvelous work you did in my life, I have learned the hard way that even the most sensible investors can fall victim to scams. When my USD was stolen, for anyone who has fallen victim to one of the bitcoin binary investment scams that are currently ongoing, I felt betrayal and upset. But then I was reading a post on site when I saw a testimony of Wendy Taylor online who recommended that Capital Crypto Recovery has helped her recover scammed funds within 24 hours. after reaching out to this cyber security firm that was able to help me recover my stolen digital assets and bitcoin. I’m genuinely blown away by their amazing service and professionalism. I never imagined I’d be able to get my money back until I complained to Capital Crypto Recovery Services about my difficulties and gave all of the necessary paperwork. I was astounded that it took them 12 hours to reclaim my stolen money back. Without a doubt, my USDT assets were successfully recovered from the scam platform, Thank you so much Sir, I strongly recommend Capital Crypto Recover for any of your bitcoin recovery, digital funds recovery, hacking, and cybersecurity concerns. You reach them Call/Text Number +1 (336)390-6684 His Email: [email protected] Contact Telegram: @Capitalcryptorecover Via Contact: [email protected] His website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 13.10.25 01:11 elizabethrush89

    God bless Capital Crypto Recover Services for the marvelous work you did in my life, I have learned the hard way that even the most sensible investors can fall victim to scams. When my USD was stolen, for anyone who has fallen victim to one of the bitcoin binary investment scams that are currently ongoing, I felt betrayal and upset. But then I was reading a post on site when I saw a testimony of Wendy Taylor online who recommended that Capital Crypto Recovery has helped her recover scammed funds within 24 hours. after reaching out to this cyber security firm that was able to help me recover my stolen digital assets and bitcoin. I’m genuinely blown away by their amazing service and professionalism. I never imagined I’d be able to get my money back until I complained to Capital Crypto Recovery Services about my difficulties and gave all of the necessary paperwork. I was astounded that it took them 12 hours to reclaim my stolen money back. Without a doubt, my USDT assets were successfully recovered from the scam platform, Thank you so much Sir, I strongly recommend Capital Crypto Recover for any of your bitcoin recovery, digital funds recovery, hacking, and cybersecurity concerns. You reach them Call/Text Number +1 (336)390-6684 His Email: [email protected] Contact Telegram: @Capitalcryptorecover Via Contact: [email protected] His website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 01:15 tyleradams

    Hi. Please be wise, do not make the same mistake I had made in the past, I was a victim of bitcoin scam, I saw a glamorous review showering praises and marketing an investment firm, I reached out to them on what their contracts are, and I invested $28,000, which I was promised to get my first 15% profit in weeks, when it’s time to get my profits, I got to know the company was bogus, they kept asking me to invest more and I ran out of patience then requested to have my money back, they refused to answer nor refund my funds, not until a friend of mine introduced me to the NVIDIA TECH HACKERS, so I reached out and after tabling my complaints, they were swift to action and within 36 hours I got back my funds with the due profit. I couldn’t contain the joy in me. I urge you guys to reach out to NVIDIA TECH HACKERS on their email: [email protected]

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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