Cryptocurrency in Russian banking apps: when it will work and who will benefit
Russian retail is on the verge of radical changes: purchasing cryptocurrencies and digital financial assets (DFAs) may become available directly through mobile banking apps, bypassing third-party exchangers. This is not just rumors—market experts are unanimous that such a scenario is inevitable. However, the key question is not whether it will happen, but in what form and when it will be implemented.
DFAs vs. Classic Cryptocurrency: What Will Users See?
The most conservative forecast comes from Yaroslav Kabakov of IC "Finam." He is convinced that DFAs—instruments already adapted to Russian regulations—will be the first to enter banking apps. Direct purchases of Bitcoin or Ether remain in question due to strict compliance requirements.
Roman Nosov of "BCS World of Investments" urges waiting for the final version of the cryptocurrency bill. The Bank of Russia's initiative, which proposes granting retail access to digital assets, could be adopted in the second reading as early as the end of July. This would trigger the launch of services.
Two Worlds, Two Approaches: Newcomers and Professionals
Alexander Nam of MTS Fintech offers the most detailed picture, dividing future clients into two fundamentally different groups.
- Newcomers—for them, the bank will become an ideal gateway. They need simplicity, security, and trust in a familiar interface. Banks have a huge advantage here due to their broad audience and familiar UX, sparing users from having to understand seed phrases and crypto wallets.
- Experienced traders—for them, anonymity, minimal fees, and global liquidity come first. They will remain on exchanges and DeFi protocols. It will be extremely difficult for banks to compete with them for this audience.
Thus, banks will not "kill" the crypto market but will create a new, mass segment for it.
The Gray Market: Exodus Inevitable, but Not Complete
All experts agree: legal banking products will significantly displace illegal exchangers in the mass segment. Fedor Ivanov of operator "SHARD" reminds that once the law is passed, the activities of unlicensed points will become criminally punishable.
However, a complete elimination of the gray market should not be expected. The professional audience will continue to choose anonymity and global liquidity pools that banks cannot provide. Large exchangers, in turn, will be able to legalize by obtaining licenses but will face competition from banking giants.
My analysis: We are witnessing a classic process of institutionalization. Banks will not become new "crypto kings," but they will build a bridge for millions of users who were afraid to enter this sphere on their own. The main beneficiary will be the retail investor, who will gain legal, safe, and simple access to digital assets. Regulatory risks are the main brake, but once the law is passed, we will see explosive growth in offerings from banks.