Banks vs Exchangers: When Will Cryptocurrency Appear in Mobile Apps in Russia
Russian retail will soon be able to buy cryptocurrency and Digital Financial Assets (DFAs) directly through banking apps, rather than through third-party exchangers. This scenario is no longer a hypothesis, but a matter of time. However, experts are divided on which format of access will become dominant and whether banks can completely displace the gray market.
DFAs as the First Step
The most conservative forecast was voiced by Yaroslav Kabakov, Director of Strategy at IC "Finam." According to his assessment, access through banking apps will appear, but primarily in the form of Digital Financial Assets (DFAs). Direct purchase of cryptocurrency remains in question due to strict regulation and rigorous compliance requirements. The initiative put forward by the Bank of Russia assumes the adoption of the law in the second reading before the end of July.
Roman Nosov from "BCS World of Investments" joined the discussion. He recommends waiting for the final version of the cryptocurrency bill. A similar position is held by Fedor Ivanov, Director of Analytics for AML/KYT at operator "SHARD." He is confident that retail investors will definitely gain long-awaited access to digital assets, based on the current version of the document from the State Duma website.
Two Types of Users: Beginners and Pros
Alexander Nam, representing MTS Fintech, offered the most detailed forecast. He divided Russian retail clients into two categories: beginners and experienced investors.
For novice users, simplicity, trust, and security are critically important. Banking services will become an ideal guide for them into the world of digital currencies. They will not have to independently figure out crypto wallets and seed phrases. In this segment, banks have a huge advantage due to their broad audience, well-known brand, and familiar interface.
On the other hand, experienced traders prefer to work directly with exchanges and DeFi protocols. For this group, favorable exchange rates, high liquidity, and minimal fees remain key factors. For this reason, banks are unlikely to successfully compete for such clients if access to international platforms is available.
Who Will Launch the Service Faster
According to Alexander Nam, all market participants have equal starting opportunities. However, large banking organizations with developed brokerage infrastructure will be able to scale their business significantly faster. The main obstacle for them so far remains the lack of deep expertise in blockchain technologies.
Fedor Ivanov notes that almost all of the country's largest financial organizations have already announced plans to implement cryptocurrency services. After clear rules of the game emerge, small regional banks will also join the trend. For them, this will be an excellent opportunity to offer a new service and generate additional income. Currently, the sector's development is held back solely by regulatory risks.
The Gray Market of Exchangers
Banks will be able to significantly reduce the share of the shadow sector, believes Yaroslav Kabakov. However, they will not be able to completely eliminate gray exchange points. Alexander Nam shares this view. The positions of illegal players will noticeably weaken in the mass segment, provided that convenient and profitable banking products appear. At the same time, the professional audience will continue to choose anonymity and access to global liquidity pools.
Fedor Ivanov reminds of the legal consequences of the reform. After the law comes into force, the activities of unlicensed points will become criminally and administratively punishable. The document provides for the issuance of special licenses. For this reason, large exchangers will be able to legalize, although they will have to compete with banks.
Conclusions and Prospects
All experts agree that retail access to digital assets through banks will become a reality immediately after the adoption of the cryptocurrency bill. Roman Nosov expects significant progress before the end of July.
At the same time, Yaroslav Kabakov believes that it will primarily concern DFAs, rather than classic cryptocurrency. Alexander Nam emphasizes the importance of segmentation: banks will easily replace exchangers for beginners but will lose the battle for professionals.
The speakers assess existing barriers differently. In particular, Yaroslav Kabakov and Fedor Ivanov highlight regulatory risks, while Alexander Nam points to a shortage of specialized personnel.
Opinions on the future of the gray market completely coincide. Thus, banks will push out illegal exchangers in the mass segment but will not eliminate them entirely.
Expert Opinion (Cryptalist): The Bank of Russia's initiative is not just liberalization, but a strategic step towards legalizing and controlling the market. However, the key challenge will remain balancing convenience for the mass user with maintaining attractiveness for professional traders. If banks offer competitive conditions, the gray market will indeed shrink, but not disappear—anonymity and decentralization will remain its main trump cards.