Banks vs. Exchangers: When Will Access to Cryptocurrency via Mobile Apps Open in Russia
The Russian retail investor stands on the brink of a tectonic shift. The familiar gray exchangers, where buying cryptocurrency involves risks and inconveniences, may become a thing of the past. Leading market players and regulators are discussing a scenario where digital assets can be purchased literally in a couple of clicks—through a standard banking app.
What will the retail investor get?
The most conservative forecast comes from Yaroslav Kabakov of IC "Finam." He is convinced that banking access to digital assets will emerge, but primarily in the form of Digital Financial Assets (DFAs). Direct purchase of classic cryptocurrency, in his opinion, remains questionable due to strict compliance requirements and regulatory restrictions.
Roman Nosov of "BCS World of Investments" urges waiting for the final version of the cryptocurrency bill. The initiative of the Central Bank of Russia, which is lobbying for retail access to crypto and DFAs, is in its final stage—the second reading in the State Duma is expected before the end of July. This document will be the trigger for launching new services.
Fyodor Ivanov of the operator "SHARD" is also confident that the retail investor will gain long-awaited access. He bases his position on the current version of the bill published on the State Duma website.
Two types of users: who needs banks and who doesn't?
Alexander Nam of MTS Fintech offers the most detailed picture, dividing clients into two categories. For beginners, simplicity, trust, and security are critically important. They don't need to understand seed phrases and blockchain wallets. The bank, with its familiar interface and broad audience, becomes an ideal gateway into the world of digital currencies. This is where traditional financial institutions have a colossal advantage.
The situation is entirely different for experienced traders. For them, key factors are anonymity, minimal fees, and direct access to global liquidity pools. Banks, with their overheads and regulatory barriers, are unlikely to compete with decentralized exchanges and international platforms for this audience.
Who will be 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 scale faster. Their main obstacle is the lack of deep expertise in blockchain technologies. Fyodor Ivanov notes that almost all major financial organizations have already announced plans to implement crypto services. Regional banks will also join the trend, for whom this will be an excellent opportunity to generate new revenue. Currently, the sector's development is solely constrained by regulatory risks.
As for "gray" exchangers, experts agree: their positions will be significantly weakened in the mass segment. Convenient and secure banking products will be able to attract a substantial share of clients. However, the professional audience, valuing anonymity and global access, will remain in the shadows. Additionally, after the law comes into effect, the activities of unlicensed exchangers will become criminally and administratively punishable. Large exchangers will be able to legalize by obtaining a license, but they will have to compete with banks.
My comment as an analyst: The market will inevitably move toward a two-tier structure. Banks will occupy the niche of "cryptocurrency for everyone" with a simple interface and high trust, but with limited functionality. Professional traders and major players will remain on decentralized platforms and P2P exchangers. It won't be possible to completely eradicate the gray market, but its share in the mass segment will significantly decrease. The key point is the speed of the law's adoption. If the second reading takes place in July, we could see the first pilot projects by autumn.