Crypto news

Russian retail is on the verge of a tectonic shift: buying cryptocurrencies and digital financial assets (DFAs) could become as common as paying utility bills — right from a mobile banking app. However, behind this apparent simplicity lies a complex, multi-layered discussion about the exact form this will take, when it will become operational, and whether the legal sector can completely squeeze out the gray market.

What Retail Will Get

The most conservative scenario was outlined by Yaroslav Kabakov, Director of Strategy at IC "Finam." In his opinion, banking apps will undoubtedly become a gateway to the world of digital currencies, but primarily in the form of DFAs. Direct cryptocurrency purchases remain questionable for now due to strict compliance requirements and regulatory restrictions. Roman Nosov from "BCS World of Investments" also joined the discussion, recommending waiting for the final version of the cryptocurrency bill. Let me remind you, the Central Bank of the Russian Federation has proposed an initiative to grant retail access to digital assets, expecting the document to be adopted in its second reading by the end of July.

A similar position is held by Fedor Ivanov, Director of Analytics for AML/KYT at operator "SHARD." He is confident that retail investors will gain long-awaited access to digital assets, based on the current version of the document from the State Duma website.

Two Types of Users

The most detailed forecast was presented by Alexander Nam from MTS Fintech. He divided Russian retail clients into two categories: beginners and experienced investors. For newcomers, simplicity, trust, and security are critically important. Banking services will be an ideal gateway for them: no need to understand crypto wallets or seed phrases. Here, banks have a colossal advantage due to their broad audience, recognizable brand, and familiar interface.

On the other hand, experienced traders prefer to work directly with exchanges and DeFi protocols. For this group, key factors remain favorable exchange rates, high liquidity, and minimal fees. For this reason, banks are unlikely to successfully compete for such clients if access to international platforms is available.

• Beginners need security, a convenient bank interface, and no complex cryptographic keys.
• Experienced players value anonymity, minimal costs, and access to global liquidity pools.

Who Is Closer to Launch

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 much faster. The main obstacle for them so far remains the lack of deep expertise in blockchain technologies. Fedor Ivanov agrees with this: almost all of the country's largest financial organizations have already announced plans to implement cryptocurrency services. As soon as transparent rules of the game appear, small regional banks will also join the trend — for them, this is 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 offices. Alexander Nam shares this view: the position of illegal players will noticeably weaken in the mass segment, provided that convenient and profitable banking products emerge. At the same time, the professional audience will continue to choose anonymity and access to global liquidity pools.

Fedor Ivanov reminds us of the legal consequences of the reform. 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.

Conclusions

All experts agree: retail access to digital assets through banks will become a reality immediately after the adoption of the cryptocurrency bill. For example, Roman Nosov expects significant progress by the end of July.

At the same time, Yaroslav Kabakov believes that the focus will be primarily on DFAs, rather than classic cryptocurrencies. Alexander Nam, in turn, emphasizes the importance of segmentation: banks will easily replace exchangers for beginners but will lose the battle for professionals.

Regarding the future of the gray market, opinions fully coincide: banks will push out illegal exchangers in the mass segment but will not eliminate them completely.

My professional assessment: the emergence of banking access to cryptocurrencies is an inevitable and logical step for the Russian financial system. However, the key question is not "when," but "how comfortable" the conditions will be for the end user. If banks offer competitive rates and low fees, the gray market will indeed lose a significant share. If the focus is solely on DFAs and high costs, the shadow infrastructure will continue to thrive, serving a more demanding audience.