Cryptocurrency in Russian banking apps: when to expect it and what will change
Russian retail stands on the brink of a historic shift: buying cryptocurrencies and digital financial assets (DFAs) through familiar banking apps is no longer a fantasy. The question is no longer whether this will be implemented, but when and in what form it will become part of our daily lives. And here, experts' opinions diverge, revealing key crossroads for the future market.
Two scenarios for retail
The most conservative forecast was voiced by Yaroslav Kabakov from IC "Finam." He is convinced that access through banks is inevitable, but initially it will be limited to DFAs. Direct purchases of "classic" cryptocurrencies, such as Bitcoin, will face strict regulatory frameworks and compliance requirements. Roman Nosov from "BCS World of Investments" calls for waiting for the final version of the cryptocurrency bill—its adoption in the second reading is expected by the end of July, and this document will serve as a "roadmap" for banks.
Alexander Nam from MTS Fintech offers the most detailed picture, dividing retail clients into two fundamentally different groups:
- Beginners: For them, simplicity, security, and trust in a familiar brand are critically important. The banking app will become an ideal "gateway" to the world of digital assets, eliminating the need to understand seed phrases and crypto wallets. Here, banks have a colossal advantage thanks to their audience.
- Experienced traders: This category values anonymity, low fees, deep liquidity, and access to global exchanges and DeFi protocols. Banks with their regulated products are unlikely to compete with international platforms for this audience.
Who will launch the service and when?
Major financial organizations have already announced plans to introduce crypto services. According to analysts, once clear rules of the game emerge, regional banks will also join the trend, for whom this will become an excellent source of new revenue. However, the main brakes remain regulatory risks and, no less importantly, a shortage of specialized personnel in blockchain technologies within the banks themselves.
The fate of the "gray" exchange market
All experts agree: banks will significantly displace illegal exchange points in the mass segment. The convenience, security, and legality of the banking product will attract the majority of beginners. However, completely eliminating the "gray" market will not be possible. The professional audience will continue to use anonymous services and global liquidity pools. Moreover, after the law is passed, the activities of unlicensed exchangers will become criminally punishable, forcing major players to legalize, creating a new competitive environment.
My view as an analyst: We are witnessing not just the introduction of a new service, but a fundamental restructuring of the market. Banks will capture the "retail" client, providing them with a simple and legal entry point. The key battle will be over fees and speed, where traditional banks are currently losing to the DeFi sector. However, it is precisely the legalization and influx of mass capital through banking apps that will become the catalyst to bring the Russian crypto market to a fundamentally new level of maturity.