Vasily Kudrin made a presentation at the International Digital Forum about perspectives on development of digital, blockchain-based capital and investment markets.

Coherent exposition of the speech

1. Professional context as the foundation of the argument. At the beginning of the speech, Vasily Kudrin briefly outlines his professional background in finance, corporate governance, auditing, and internal control. He emphasizes hands-on experience in large corporations and consulting, highlighting a deep understanding of internal business processes. According to the speaker, this background allowed him to identify structural limitations of traditional financial models early on. It was precisely this perspective that led him to blockchain and digital capital markets as a systemic alternative.

2. Transition from traditional finance to digital capital markets. The expert describes the moment when blockchain and Bitcoin became clear to him not as not only a niche phenomena, but as the foundation of a new financial infrastructure. He stresses that his interest was driven not by price speculation, but by the architecture of distributed ledgers. These technologies, in his view, make it possible to redesign financial relationships in a more transparent and efficient way. Digital assets are therefore framed as an institutional, rather than speculative, development.

3. Establishment of Lybrion as an infrastructure-focused player. Vasily Kudrin explains the creation of Lybrion together with partners from business, investment banking, and the ICO industry. He emphasizes that the team combines traditional financial expertise with hands-on experience in digital fundraising. From the outset, Lybrion was conceived as a service and infrastructure provider rather than a token issuer. This strategic positioning defined its focus on sustainable capital-raising models.

4. Toolset: from tokens to alternative DLT architectures. The speaker outlines the range of instruments used by the company, including cryptocurrencies, security tokens, proprietary blockchains, and alternative DLT protocols such as DAG. He highlights that the market is not limited to classical blockchain architectures. Technological pluralism is presented as a natural condition of an early-stage market. This flexibility allows solutions to be tailored to specific business needs.

5. Tokenization as a financial and legal process. Mr. Kudrin emphasizes that tokenization is far more than token issuance. It is a comprehensive process that includes legal structuring, financial modeling, and technological implementation. A token effectively becomes a new carrier of rights to an underlying asset. In this way, digital capital markets are embedded into the existing economy rather than replacing it.

6. Digital capital markets as a new institutional environment. The expert stresses that DLT represents only one element of a broader transformation. The key development is the emergence of digital capital markets with their own institutions, roles, and rules. Without this institutional layer, technology alone does not create sustainable value. He proposes viewing the process as an evolution of financial markets rather than a technological experiment.

7. Maturity criteria: the role of institutional investors. According to the speaker, the market will remain immature until large institutional investors enter it. These players bring standards, compliance, and trust. Without them, digital assets will continue to be perceived as a high-risk niche. Market maturity, in his view, is defined by participant structure rather than technology.

8. Market geography and dependence on mature economies. Vasily Kudrin challenges the widespread belief that Asia can be considered as significant area of digital asset development. He argues that growth occurs primarily where mature economic and legal relationships already exist. Digital capital markets build on existing financial ecosystems. This makes institutional maturity the decisive factor.

9. Tendencies in the STO segment. The expert notes that approximately 40 percent of the STO (security token offering) market is still concentrated in the United States. This demonstrates that even under strict regulation, the U.S. remains a market leader. The reasons are the depth of its capital markets and investor trust. STOs are presented as an evolutionary step from ICOs toward a regulated environment.

10. Place of the European jurisdictions. Europe ranks second in market development, with Germany and Switzerland as key hubs. Malta is highlighted separately as a “gateway jurisdiction” due to its specialized legislation. The speaker emphasizes that regulatory boldness can translate into competitive advantage. Law, in this context, becomes an instrument of economic policy.

11. Second-tier markets: the UK and the Baltic states. The United Kingdom and the Baltic countries are actively engaging with the digital asset agenda but still lag behind the leaders. They are described as being in a catch-up phase. This illustrates that market interest alone is insufficient without a clear regulatory framework. Nevertheless, their growth potential remains significant.

12. Asia and Australia: high potential, delayed realization. The Asia-Pacific region ranks third in terms of digital capital market development. At the same time, its potential is described as maximal. The speaker notes that institutional solutions in the region are still taking shape. This creates the conditions for a delayed but potentially explosive growth phase.

13. China as an institutional turning point. Special attention is given to China’s return to tokenization. Vasily Kudrin cites the example of a state-owned bank that tokenized a debt portfolio approaching one trillion dollars. This is interpreted as a powerful signal to the global market. State institutions effectively legitimize the technology.

14. The end of the “bubble” narrative. Such cases, according to the expert, undermine the narrative of digital assets as a speculative bubble. The market begins to perform systemic functions. It transitions from experimentation to infrastructure. This fundamentally changes how businesses and governments perceive the sector.

15. Transformation of financial and economic relations. The speaker argues that digital capital markets will transform not only finance but broader economic relations. The logic of capital formation, risk distribution, and access to investment is changing. New forms of international economic interaction are emerging. This is framed as a structural shift rather than an incremental improvement.

16. Internationality as a core advantage. Using Lybrion’s projects as examples, the expert highlights the absence of rigid geographic constraints. Investors can be located anywhere in the world. Capital raising is conducted through the internet and distributed platforms. This dramatically lowers entry barriers for companies.

17. Solar energy case study in Africa. The expert elaborates on a Norwegian company operating in Africa. He describes regional energy poverty and the social context. Mobile solar panels enable households to access energy and use it for business activities. Digital financing mechanisms make large-scale deployment feasible.

18. Pluralistic infrastructure versus the IPO model. Mr. Kudrin compares digital offerings with traditional IPOs. Unlike IPOs, digital markets are not tied to a single exchange or legal system. Multiple platforms, banks, and jurisdictions are involved. This increases flexibility and reduces systemic dependency.

19. Shift from ICO startups to the real sector. Responding to a moderator’s question, the speaker delivers a critical assessment of the ICO era, describing most projects as fraudulent. Today, the market focus has shifted toward companies with revenue and operating history. Medium-sized enterprises, rather than startups or large corporations, are expected to drive growth. This shift is presented as a sign of market maturation.

20. Long-term horizon and inevitability of transformation. In the final of the presentation, Vasily Kudrin estimates the transformation horizon at approximately 20 years and relates it to long Kondratiev economic waves. Banks and institutions that fail to adapt to new technologies risk disappearing. At the same time, the shift creates substantial opportunities, particularly for the younger generation of professionals. Mr. Kudrin calls for active engagement with this transition now.

About Vasily Kudrin.

HLB Vneshaudit Advisory Practice Partner; audit and risk management and business consulting. Partner and Investment Director at Lybrion, a digital asset management company. Professional in finance and business with over 20 years of experience in real sector, finance and advisory.

More than 300 professional projects and educational events in process organization, risk management, internal control, transformation of corporate systems.

Vasily Kudrin has current professional international diplomas: CIA (internal audit, since 2004), CFE (investigation and risks of fraud, since 2007), CCSA (self-assessment of internal control and risks, since 2004).

Experience in internal audit, corporate governance and internal control in accordance with international and generally recognized standards and recommended practices since 2002 (largest oil company, investment company, retail group, international consulting).

Participated in the boards and working groups of a number of professional public organizations, such as Institute of Internal Auditors (IIA), Association of Certified Fraud Examiners (ACFE). Member of organizations in the field of corporate governance and internal control (Association of Professional Directors (AND), Russian Institute of Directors (RID), IIA) and digital investments (RACIB), participates in the coordination board of “Debate Club” that deals with innovations in corporate governance, risk management and control.