Revolution in Banking Apps: When Will Russians Be Able to Buy Cryptocurrency Without Exchanges?
The Russian retail investor stands on the brink of a tectonic shift: buying cryptocurrencies and digital financial assets (DFAs) could become as routine as paying utility bills through a mobile banking app. The question is not whether this will happen, but when and in what format. My market analysis and behind-the-scenes discussions with key players indicate that banking apps will become the primary gateway to the world of digital assets for millions of Russians.
DFAs vs. Cryptocurrency: Which Will Come First?
The most conservative scenario, which I consider the most likely in the short term, involves launching operations specifically with DFAs. Direct purchases of Bitcoin or Ether remain in question due to strict compliance requirements and regulatory restrictions. However, once the final bill is passed—which, according to my information, could be approved in the second reading as early as the end of July—banks will get the "green light."
The key driver of this initiative is the Bank of Russia itself. The regulator has made it clear that it sees the future in integrating digital assets into traditional financial infrastructure. This is not just a trend but a strategic development vector.
Two Worlds, Two Approaches
The market will inevitably split into two distinct segments. For beginners, the banking app will become an ideal conduit: a familiar interface, security, and no need to understand seed phrases or private keys. Banks here have a colossal advantage due to audience trust and brand recognition.
A completely different picture emerges for professional traders. For them, anonymity, minimal fees, and access to global liquidity are critical. In this battle, banks will likely lose to specialized exchanges and DeFi protocols.
The Fate of the "Gray" Exchange Market
The legalization of banking services will deliver a crushing blow to illegal exchange points in the mass segment. The convenience and security of official products will lure away the bulk of clients. However, it will not be possible to completely eliminate the "gray" market: professionals who value anonymity will continue to seek alternative routes.
Moreover, after the law comes into effect, the activities of unlicensed exchanges will become criminally and administratively punishable. This will force major players to legalize, creating a competitive environment where banks will have to prove their superiority not only through regulatory resources but also through service quality.
My expert assessment: We are on the verge of "crypto-banking." The first swallows will be major players with developed brokerage infrastructure, but within a year or a year and a half, regional banks will join them. However, the main barrier remains not technology, but a shortage of specialized personnel capable of competently building this new business. The market awaits not just regulatory approval, but a real battle for talent.