Banking apps in Russia: when to expect cryptocurrency and digital financial assets — market analysis
The Russian retail investor stands on the brink of a tectonic shift: the ability to buy cryptocurrency and digital financial assets (DFAs) directly through mobile banking apps is becoming a question of the near future. However, as recent market discussions show, the path to this integration is fraught with both regulatory barriers and fundamental differences in user needs.
What will retail get?
The most conservative forecast was voiced by Yaroslav Kabakov, Director of Strategy at IC "Finam." In his opinion, access through banking apps will definitely appear, but primarily in the form of DFAs. Direct purchase of "classic" cryptocurrency remains in question due to strict regulation and stringent compliance requirements. This position reflects the regulator's caution, which seeks to control the circulation of digital assets without allowing anarchy.
Roman Nosov from "BCS World of Investments" recommends waiting for the final version of the cryptocurrency bill. I remind you that the initiative for retail access to these instruments was put forward by the Bank of Russia, expecting the document to be adopted in the second reading by the end of July. It is the final version of the law that will become the "Holy Grail" that defines the rules of the game for all participants.
Fyodor Ivanov, Director of Analytics for AML/KYT at operator "SHARD," is also confident in the inevitability of this process. He bases his assessment on the current version of the document from the State Duma website, indicating a high level of development of the legislative initiative.
Two types of users: who needs this?
Alexander Nam, representing MTS Fintech, offered the most detailed segmentation. He divided Russian retail clients into two categories: beginners and experienced investors.
For novice users, simplicity, trust, and security are critically important. Banking services will become an ideal guide for them into the world of digital currencies. They won't have to figure out crypto wallets and seed phrases on their own. In this segment, banks have a huge advantage due to their broad audience, well-known brand, and familiar interface.
Experienced traders, on the other hand, prefer to work directly with exchanges and DeFi protocols. For them, key factors remain favorable exchange rates, high liquidity, and minimal fees. Banks are unlikely to successfully compete for such clients if access to international platforms is available. This is where the main challenge lies: banking products must be not only convenient but also economically competitive.
Who is closer to launch and what about the "gray" market?
According to Alexander Nam, all market participants have equal starting opportunities, but large banks with developed brokerage infrastructure will be able to scale their business significantly faster. The main obstacle for them remains the lack of deep expertise in blockchain technologies.
Fyodor Ivanov notes that almost all of the country's largest financial institutions have already announced plans to implement cryptocurrency services. Small regional banks will also join the trend, for whom this will be an excellent opportunity to offer a new service and generate additional income. For now, the sector's development is held back solely by regulatory risks.
As for the "gray" market of exchangers, opinions converge here: banks will be able to significantly reduce its share in the mass segment, but they will not be able to completely eliminate illegal points. The professional audience will continue to choose anonymity and access to global liquidity pools. Additionally, after the law comes into force, the activities of unlicensed points will become criminally and administratively punishable, which will force major players to legalize, although they will have to compete with banks.
Analyst conclusions
Retail access to digital assets through banks will become a reality immediately after the bill is adopted. However, the key intrigue remains the format: will it be primarily DFAs, as Yaroslav Kabakov predicts, or classic cryptocurrency. In any case, banks will easily replace exchangers for beginners but will lose the battle for professionals.
My expert assessment: We are on the verge of the "bankization" of the crypto market in Russia. This will inevitably lead to an outflow of liquidity from P2P platforms and illegal exchangers into a regulated channel. However, for experienced players who value anonymity and global liquidity, the "gray" market will remain the only viable option. The integration of cryptocurrencies into banking apps is not the end of the DeFi era, but the beginning of a new stage of coexistence between two worlds.