In this chapter of the monograph, as the subject of research, the current regulatory model for the exercise of rights under bonds is analyzed, which can formally be implemented through a special type of digital rights—digital financial assets. The purpose of this scientific development is to reveal the algorithm for exercising rights on bonds of various types, implemented using the investment technology of digital financial assets. The legal and economic doctrinal developments of domestic scientists are involved; the empirical basis of the current state of turnover of bonds and digital financial assets in modern Russia is studied. In the process of achieving the goal, scientific tasks are solved: firstly, the types of bonds are studied and the rights of their owners are highlighted. Secondly, digital financial assets are interpreted as a new legal fiction; their economic and legal nature as digital equivalents of bonds is justified. Thirdly, proposals are made to improve the regulatory regulation of digital financial assets. Practically, within the framework of current legislation, in order to expand the range, increase convenience and reduce the costs of investors, the recipient of in-vestments-the issuer who issued non-documentary bonds (“property rights of the 1st order”), can additionally create their digital equivalents derived from bonds by issuing digital financial assets (“property rights of the 2nd order”). It has been revealed that a promising regulatory model is not viable due to the lack of regulation of the legal status of the person for whom a deposit account is opened in the depository and through which the rights of bondholders, de-rived from which digital financial assets are issued, should be exercised. The necessity of adjusting the legislation on digital financial assets is justified. First, in terms of regulating the procedure for exercising rights on equity securities (bonds) through digital financial assets based on legal fiction—digital equivalents of bonds.