Banks vs Exchangers: When Will Access to Cryptocurrency Open in Mobile Apps in Russia
Russian retail investors will soon be able to buy cryptocurrency and digital financial assets (DFAs) directly through familiar banking apps, bypassing third-party exchanges. This is not a forecast, but an inevitable market development scenario discussed by leading industry experts. However, the key question is not whether this access will exist, but in what form and when it will become a reality.
DFAs as the first step, not cryptocurrency
The most conservative scenario was voiced by Yaroslav Kabakov, Director of Strategy at IC "Finam." He believes that banks will start with integrating DFAs—instruments that already have a clear legal framework in Russia. Direct purchases of Bitcoin or Ethereum, however, will remain questionable due to strict compliance and regulatory requirements. Roman Nosov from "BCS World of Investments" advises waiting for the final version of the cryptocurrency bill, which, according to his data, could be adopted in the second reading as early as the end of July. This bill will define the "rules of the game" for all market participants.
Two types of investors: who needs banks and who doesn't
Alexander Nam from MTS Fintech offered the most detailed analysis, dividing all retail clients into two clear categories. For beginners, the banking interface will be an ideal guide. They value simplicity, security, and trust in a familiar brand. The bank will save them from having to understand seed phrases and crypto wallets. In this segment, banks have a massive advantage due to their huge audience and familiar UX/UI.
For experienced traders, on the other hand, key factors remain anonymity, minimal fees, and access to global liquidity pools. Banking products are unlikely to compete with international exchanges and DeFi protocols on these parameters. Thus, banks will not completely replace exchanges, but they will radically change the market structure by attracting the mass client.
Displacement of the "gray" market: a matter of time
Experts agree that after the law is passed, the position of illegal exchanges in the mass segment will significantly weaken. Major players like "Sber" or "Tinkoff" (T-Bank) will be able to quickly scale services using their brokerage infrastructure. The main obstacle for them so far is the shortage of specialized personnel in blockchain technologies. However, once transparent rules emerge, regional banks will also join the trend, as this will become an excellent source of additional income for them.
My conclusion as an analyst: The market is on the verge of a tectonic shift. Banks will capture retail, but "gray" exchanges will not disappear—they will retreat into the niche of professional traders, where anonymity and speed matter more than regulation. The key intrigue is whether banks will have time to hire or cultivate enough blockchain experts to seize the moment when the law finally comes into effect. July 2024 will be a decisive month for the entire Russian crypto infrastructure.