Buying cryptocurrency through banking apps in Russia: when will it become a reality and who will benefit
Russian retail investors are on the verge of a tectonic shift. In the near future, buying digital assets could become as common an option in a banking app as opening a deposit or transferring funds. However, the market is not just expecting a new button to appear — we are facing a deep transformation of the entire ecosystem.
What exactly will appear in banks?
The most conservative scenario suggests that the first to appear in financial institutions' apps will not be classic cryptocurrencies, but digital financial assets (DFAs). The reason is the regulator's strict compliance requirements and the lack of a clear legislative framework for direct transactions with bitcoin and altcoins. The key trigger for the launch will be the adoption of the cryptocurrency law, which, according to my information, could pass its second reading as early as the end of July.
Two worlds — two approaches
Market analysis clearly divides retail clients into two camps. For beginners, the banking interface is an ideal gateway into the world of crypto. They don't need to understand seed phrases and private keys; the security and familiar UX of a major brand outweigh everything else. This is where banks have a colossal advantage.
The picture is completely different for experienced traders. For them, deep liquidity, minimal spreads, and anonymity are critical. Competing with international exchanges and DeFi protocols in this segment will be extremely difficult for banks, if not impossible. This audience will remain in the "gray" zone of professional exchangers.
Who will launch first and what will happen to the "gray" market?
Starting opportunities are roughly equal for all players, but large banks with developed brokerage infrastructure will be able to scale significantly faster. The main brake today is not the lack of technology, but regulatory uncertainty and a shortage of blockchain expertise within the organizations themselves.
As for illegal exchangers, their position in the mass segment will be seriously undermined. After the law comes into force, operating without a license will become a criminal offense. However, it will not be possible to completely eradicate the "gray" market: the professional audience will continue to choose anonymity and access to global liquidity, which banks cannot provide.
My conclusion: banks will capture the mass retail investor who wants to buy bitcoin simply and safely, but they will not push professional traders out of the illegal sector. The market will split into two parallel worlds — legal and "gray" — and each will serve its own niche.