Banks vs. Exchangers: When will Russian retail get cryptocurrency in apps?
The Russian market is on the verge of a tectonic shift. Retail investors will soon be able to buy digital assets — cryptocurrencies and digital financial assets (DFAs) — directly through familiar banking apps, bypassing third-party exchangers. This scenario is being actively discussed in the professional community, and while a consensus on the "when?" has already formed, debates about the format and consequences of this integration are only gaining momentum.
DFAs as the first step, cryptocurrency remains uncertain
The most conservative yet realistic forecast suggests that digital financial assets (DFAs) will be the first to enter banking interfaces. The direct purchase of "classic" cryptocurrencies, such as Bitcoin, currently runs into strict compliance and regulatory framework requirements. The key moment is the adoption of the relevant bill in its second reading, which, according to estimates, could take place before the end of July. This legislative act, initiated by the Bank of Russia, will define the rules of the game for all market participants.
Two poles of one retail market: beginners and pros
An analysis of the current situation reveals a clear segmentation of users. For novice investors, a banking app will become an ideal gateway into the world of digital currencies. They won't need to understand seed phrases or private keys — a familiar interface, trust in the brand, and security provided by the bank are critically important factors. In this segment, banks have a colossal advantage over gray exchangers.
A completely different picture emerges with experienced traders. For them, priorities include anonymity, minimal fees, high liquidity, and direct access to global pools. Banking products are unlikely to compete with specialized exchanges and DeFi protocols in the battle for this audience. Banks will win the battle for the mass user but lose the war for professionals.
The future of the gray market: not destruction, but contraction
The introduction of banking services for purchasing digital assets will inevitably lead to a significant reduction in the share of the shadow exchanger sector. Legal and convenient products will take away the mass client from them. However, a complete elimination of the gray market is unlikely. Professional players who value anonymity and global access will continue to use unlicensed services. Moreover, after the law comes into force, the activities of the latter will become criminally and administratively punishable, pushing major players toward legalization through obtaining licenses, creating a new but already regulated competitive market.
Expert opinion: The main barrier for banks right now is not so much a lack of desire, but a shortage of specialized blockchain expertise and regulatory uncertainty. Once the rules of the game are clearly defined, we will see an avalanche-like launch of crypto services. However, it is naive to assume that banks will completely replace crypto exchanges. The market will change its structure but will not lose its decentralized essence. The key question is whether banks can offer competitive conditions for experienced traders or remain just a "gateway for beginners."