Banking apps in Russia are preparing for cryptocurrency: what will change for retail investors
The Russian digital asset market is on the verge of a tectonic shift. Experts agree that buying cryptocurrencies and digital financial assets (DFAs) through mobile banking apps will become a reality in the near future. However, the key question is not whether this will happen, but in what form it will be implemented and whether banks will be able to fully legalize and push out the gray market of exchangers.
What will the retail investor get?
In my analysis, the most conservative scenario suggests that banks will first offer clients access to DFAs — digital financial assets. Direct purchases of classic cryptocurrencies like Bitcoin remain in question due to strict regulatory requirements and compliance norms. The adoption of the cryptocurrency law in the second reading, expected before the end of July, should clarify the situation.
It is important to understand that the market will split into two clear segments. For beginners, the banking interface will become an ideal gateway: familiar UX, security, and no need to deal with seed phrases. For experienced traders, on the other hand, priorities will remain anonymity, minimal fees, and access to global liquidity. Banks are unlikely to compete with international exchanges for this audience.
Who will be at the forefront?
The country's largest financial organizations have already announced plans to introduce crypto services. However, the key barrier remains a shortage of blockchain expertise. Scaling will be fast for those with an already developed brokerage infrastructure. Once clear rules of the game emerge, regional banks will also join the trend — for them, this is an excellent opportunity to gain a new source of income.
Currently, the sector's development is constrained solely by regulatory risks, not by technological or market factors.
The fate of the gray market of exchangers
The legalization of banking crypto services will significantly weaken the position of illegal exchangers in the mass segment. However, it will not be possible to completely eliminate them. The professional audience will continue to choose anonymity and access to global pools. Additionally, the new law provides for criminal and administrative liability for unlicensed activities, which will force major players in the shadow market to either legalize or go deep underground.
Conclusions and my perspective
Banking apps will become the new standard for novice retail investors but will not replace specialized exchanges for professionals. The most likely scenario is the coexistence of two markets: a legal, convenient, and safe one for the masses, and a decentralized, anonymous one for sophisticated players. Regulatory risks and a talent shortage in the blockchain field remain the main challenges. Nevertheless, the adoption of the law before the end of July will be a point of no return for the Russian crypto industry.
My expert opinion: The market is not just expecting the emergence of a new function in an app, but a fundamental restructuring of the entire infrastructure. Banks that manage to hire strong blockchain developers and build partnerships with licensed liquidity providers will gain a tremendous competitive advantage in the new reality.