accountingУчет. Анализ. АудитAccounting. Analysis. Auditing2408-93032619-130XFinancial University under The Government of Russian Federation10.26794/2408-9303-2025-12-3-48-61accounting-703Research ArticleОТЧЕТНОСТЬ ОРГАНИЗАЦИЙ. Дискуссия. Корпоративная отчетность: проблемы и пути их решенияREPORTING ORGANIZATIONS. Discussion. Corporate Reporting: Problems and SolutionsFinTech и DeFi: направления цифровой адаптации банковFinTech and DeFi: Directions for Digital Adaptation of Bankshttps://orcid.org/0000-0002-6540-6154ЗверьковаТ. Н.ZverkovaT. N.

Татьяна Николаевна Зверькова — кандидат экономических наук, доцент кафедры банковского дела и страхования

Оренбург

Tatyana N. Zverkova — PhD in Economics, Assoc. Prof., Department of Banking and Insurance 

Orenburg 

tnzverkova@mail.ruОренбургский государственный университетРоссияOrenburg State UniversityRussian Federation2025210720251234861Copyright © Зверькова Т.Н., 20252025Зверькова Т.Н.Zverkova T.N.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://accounting.fa.ru/jour/article/view/703

Статья посвящена исследованию децентрализованных финансов (DeFi) как нового этапа цифровизации финансового сектора, который характеризуется отказом от централизованного посредничества в пользу протокольно управляемых механизмов. В отличие от предыдущих FinTech-трендов, таких как P2P-кредитование, краудфандинг и необанки, DeFi предполагает устранение организационных структур как носителей доверия и замену их самоисполняемыми смарт-контрактами. Цель исследования — рассмотреть DeFi не как очередное технологическое решение, а как институциональную форму, меняющую представления о структуре финансового посредничества, принципах доверия и возможностях взаимодействия с банковской системой. Методологическая база статьи опирается на институциональный анализ, основанный на изучении характеристик субъектности, распределения ответственности, источников устойчивости и механизмов регулирования в FinTech-моделях и DeFi-протоколах. На основе сопоставительного анализа этапов цифровой трансформации выявляются различия DeFi-протоколов по параметрам центра ответственности, системной совместимости, принципов идентификации, устойчивости к рискам и потенциальной согласованности с надзорными механизмами. В статье показано, что DeFi нельзя рассматривать как линейное продолжение FinTech. Исключение традиционных участников из цепочки финансового обслуживания требует переосмысления правовых, организационных и экономических категорий, на которых основано функционирование современной банковской системы. Научная новизна исследования заключается в выявлении институциональных различий между FinTech и DeFi не только по технологическим признакам, но и по структуре субъектности, распределению рисков, формализуемости обязательств и возможностям взаимодействия с банками. Сделан вывод о том, что распространение DeFi требует не адаптации существующих надзорных инструментов, а разработки новых институциональных стратегий регулирования и форм взаимодействия с централизованными финансовыми институтами.

The article is devoted to the study of decentralised finance (DeFi) as a new stage of digitalisation of the financial sector, characterized by the rejection of centralised intermediation in favor of protocol-controlled mechanisms. Unlike previous FinTech trends, such as P2P lending, crowdfunding and neobanks, DeFi involves the elimination of organisational structures as bearers of trust and their replacement with self-executing smart contracts. The purpose of the study is to consider DeFi not as another technological solution, but as an institutional form that changes ideas about the structure of financial intermediation, principles of trust and the possibilities of compatibility with the banking system. The methodological base of the article is based on institutional analysis based on the study of the characteristics of subjectivity, distribution of responsibility, sources of sustainability and regulatory mechanisms in FinTech models and DeFi protocols. Based on a comparative analysis of the stages of digital transformation, the differences between DeFi protocols are revealed in the parameters of the center of responsibility, system compatibility, identification principles, risk resistance and potential consistency with supervisory mechanisms. The article shows that DeFi cannot be viewed as a linear continuation of FinTech. The exclusion of traditional participants from the financial service chain poses the task of rethinking the legal, organisational and economic categories on which the functioning of the modern banking system is based. The scientific novelty of the study lies in identifying institutional differences between FinTech and DeFi not only in terms of technological features, but also in the structure of subjectivity, risk distribution, formalisability of obligations and the possibility of interaction with banks. It is concluded that the spread of DeFi does not require the adaptation of existing supervisory instruments, but the development of new institutional regulatory strategies and forms of interaction with centralised financial institutions.

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The authors declare that there are no conflicts of interest present.