Banks vs. exchangers: when will cryptocurrency appear in the mobile apps of Russian banks
Russian retail is on the verge of a tectonic shift: buying cryptocurrency and digital financial assets (DFAs) may become available directly through banking apps, bypassing illegal exchangers. This is not a question of "if," but a question of "when" and in what format. The industry is holding its breath, awaiting the final version of the cryptocurrency law.
What exactly will the retail investor get?
Expert forecasts converge on one point: access will appear, but with caveats. The most conservative assessment is given by Yaroslav Kabakov, Strategy Director at Finam Investment Company. He believes that DFAs will be the first to enter banking apps, while direct cryptocurrency purchases will remain questionable due to strict compliance requirements and regulatory restrictions. Roman Nosov from BCS World of Investments advises waiting for the final version of the bill, initiated by the Bank of Russia, which expects its adoption in the second reading by the end of July. Fedor Ivanov, an AML/KYT analyst at the operator SHARD, based on the current version of the document, is confident that retail investors will definitely gain the long-awaited access to digital assets.
Two types of users: who will benefit from the banking crypto service?
Alexander Nam, representing MTS Fintech, offers the most detailed picture. He divides retail clients into two categories: beginners and experienced investors.
For novice users, simplicity, trust, and security are critically important. The banking service will become an ideal guide for them into the world of digital currencies, eliminating the need to understand crypto wallets and seed phrases. Banks have a colossal advantage here due to their broad audience, recognizable brand, and familiar interface.
Experienced traders, on the contrary, will prefer to work directly with exchanges and DeFi protocols. For them, the key factors are favorable exchange rates, high liquidity, and minimal fees. In this niche, banks are unlikely to successfully compete with global platforms.
Who will launch first and what will happen to 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 significantly faster. Their main obstacle is currently a lack of deep expertise in blockchain technologies. Fedor Ivanov confirms: almost all major financial organizations have already announced plans to implement crypto services, and after the emergence of transparent rules, regional banks will join the trend, for whom this is an excellent opportunity to generate new revenue.
Expert unanimity ends on the question of the impact on the "gray" market of exchangers. Yaroslav Kabakov and Alexander Nam agree that banks will significantly reduce the shadow sector's share in the mass segment, but will not completely eliminate it. The professional audience will continue to choose anonymity and access to global liquidity pools. Fedor Ivanov adds that after the law comes into force, the activities of unlicensed exchangers will become criminally and administratively punishable, and large players will be able to legalize by obtaining special licenses.
Cryptalist Analysis: The market is moving towards inevitable legalization and institutionalization. Banks will certainly reclaim a significant share of the mass retail client from "gray" exchangers, creating a convenient and secure "onboarding." However, complete dominance of the banking sector in the crypto sphere is unlikely. The key battle will be for the professional audience, where anonymity, speed, and global liquidity—which traditional banks are not yet able to provide—will remain decisive factors. Real competition will only begin after clear rules of the game are established.