Banking apps as a new gateway for cryptocurrencies: when and in what form will this work in Russia
Russian retail may soon be able to purchase digital assets directly through familiar banking apps, bypassing third-party exchangers. This is not just a hypothesis, but a practically resolved issue — at least, that is what the majority of industry experts I surveyed believe. The debates are only about the timeline, format, and whether banks will be able to finally push "gray" players out of the market.
Digital Financial Assets as a First Step
The most conservative scenario was voiced by Yaroslav Kabakov, Director of Strategy at Finam Investment Company. According to his assessment, integration will begin with digital financial assets (DFAs), rather than classic cryptocurrencies. Direct purchase of Bitcoin or Ether through a mobile bank remains in question due to strict compliance requirements and regulatory restrictions.
He is supported by Roman Nosov from BCS World of Investments, who recommends waiting for the final version of the cryptocurrency bill. Let me remind you that the initiative to provide retail access to digital assets was put forward by the Bank of Russia, which expects the document to be adopted in the second reading by the end of July.
Two Types of Clients: Who Needs Banks and Who Doesn't
The most detailed picture was presented by Alexander Nam, representing MTS Fintech. He divided retail clients into two clear categories: beginners and experienced investors.
For beginners, simplicity, trust, and security are critically important. They don't need to understand seed phrases and crypto wallets — the banking interface will be an ideal guide. This is where banks have a tremendous advantage due to their broad audience, recognizable brand, and familiar UX.
Experienced traders, on the other hand, prefer to work directly with exchanges and DeFi protocols. For them, key factors are anonymity, minimal fees, and access to global liquidity. In this niche, banks are unlikely to compete with international platforms.
Who Will Launch First
According to Alexander Nam, all market participants have equal starting opportunities. However, large banks with developed brokerage infrastructure will be able to scale their business much faster. Their main bottleneck remains a lack of deep expertise in blockchain technologies.
Fyodor Ivanov, Director of AML/KYT Analytics at the operator "SHARD," notes that almost all of the country's largest financial organizations have already announced plans to implement crypto services. Once transparent rules of the game emerge, regional banks will also join the trend. For them, this is an excellent opportunity to offer a new product and generate additional income. Currently, the sector's development is solely constrained by regulatory risks.
The Fate of the "Gray" Exchanger Market
Experts are unanimous: banks will significantly reduce the share of the shadow sector, but will not eliminate it entirely. Illegal exchangers will weaken in the mass segment if banking products prove to be convenient and profitable. However, the professional audience will continue to choose anonymity and access to global liquidity pools.
Furthermore, after the law comes into effect, the activities of unlicensed points will become criminally and administratively punishable. The document provides for the issuance of special licenses, so large exchangers will be able to legalize, although they will have to compete with banks.
My View on the Situation
The Russian market is on the verge of a tectonic shift. Integrating crypto services into banking apps is not just a convenience, but a powerful catalyst for an influx of new retail investors. However, banks will have to seriously invest in blockchain expertise and cybersecurity. If they succeed, the "gray" exchanger market will lose the lion's share of its clients, but professionals will still have the option to choose global platforms. The key question is whether banks will manage to offer competitive terms before the regulator fully legalizes the sector.