Russian banks are preparing a crypto revolution: retail investors will gain access to digital assets through mobile applications
Russian retail is on the verge of a tectonic shift: buying cryptocurrency and digital financial assets (DFAs) could become as routine as paying utility bills. Leading market experts agree that banking apps will soon become the primary channel for entering the world of digital currencies, displacing traditional exchangers. However, the debate revolves around a key question: in what format will this happen, and will banks be able to fully legalize the gray market?
Two camps of investors: who benefits?
An analysis of the current situation reveals two fundamentally different groups of users. For beginners who fear the complexities of crypto wallets and seed phrases, the banking interface will serve as an ideal gateway. They don't need anonymity—they need security, simplicity, and a familiar interface. This is where banks hold a tremendous advantage due to their audience and brand trust.
On the other hand, experienced traders and professional investors are unlikely to switch to banking apps. For them, low fees, high liquidity, and access to global pools are critical. Banks simply cannot compete with international exchanges and DeFi protocols on these parameters. Thus, the market will split into two segments: mass retail for beginners and professional OTC for "whales."
Who will launch the service first?
Major financial organizations have already announced plans to implement crypto services. However, the key limiting factor remains the lack of a clear regulatory framework. The cryptocurrency bill promoted by the Bank of Russia awaits its second reading by the end of July. Once passed, all market participants will have equal starting opportunities, but banks with developed brokerage infrastructure will be able to scale significantly faster.
The main obstacle for banks is the shortage of specialized personnel and expertise in blockchain technologies. This, not just regulatory risks, is slowing down implementation. Smaller regional banks, on the other hand, see this as an excellent opportunity to diversify income and attract new audiences.
Gray market of exchangers: verdict or transformation?
Experts are unanimous: the legalization of bank access to cryptocurrencies will significantly undermine the positions of illegal exchangers, but will not completely eliminate them. In the mass segment, where convenience and security matter, banks will prevail. However, the professional audience will continue to choose anonymity and access to global liquidity.
After the law is passed, the activities of unlicensed exchangers will become criminally and administratively punishable. Large exchangers will be able to legalize by obtaining special licenses, but they will have to compete with banks for retail clients.
My analysis: We are witnessing a classic scenario of "taming" a wild market. Banks will not replace crypto exchanges, but they will create a bridge for mass adoption. For the retail investor, this is an unequivocal plus—reduced risks and simplified entry. However, do not expect banks to offer competitive conditions for professional trading. The gray market will not disappear, but its share in the mass segment will significantly decrease. The key point is the speed of the law's passage: if it happens before the end of July, we will see the first banking crypto services as early as the fourth quarter.