Transformation of Financial Assets in the Context of Digitalization: From Classical Instruments to Digital Rights

Abstract

The dynamic development of the global economy under the influence of large-scale technological shifts leads to a fundamental transformation of classical financial instruments. In view of this, the rethinking of the nature of financial assets and the study of mechanisms for their transition into a modern digital form is of particular relevance. The aim of the research is to reveal the content and mechanisms of the evolution of financial assets in the conditions of digitalization, and to substantiate the transition from traditional forms of capital ownership to digital rights. Methods. The methodological basis of the work is a systematic approach to the analysis of economic categories. The method of logical generalization was used to systematize views on the nature of assets. Theoretical modeling allowed formulating the author's classification of modern objects of financial relations. Results. A review of the classical paradigm of financial asset identification has been carried out. It is proved that digitalization leads to the emergence of new asset characteristics: management programmability and technological autonomy. The essence of digital financial assets is substantiated as contractual obligations in distributed ledgers that ensure direct interaction of market participants without intermediaries. Conclusions. It is summarized that the formation of the digital financial assets system is a logical stage in the evolution of financial architecture in the context of global digitalization. It is proved that digital rights based on distributed ledger technology and the «right to a right» concept act as an autonomous tool for strengthening capitalization and increasing the capital mobility of enterprises. The formulated author's definition allows leveling terminological discrepancies between virtual assets and digital financial instruments, creating a theoretical basis for their integration into the national accounting system. Further research should focus on the development of applied methods for assessing the liquidity of tokenized resources and adapting financial management mechanisms to attract cross-border investments in the process of post-war recovery of Ukraine's economy.