Banking apps vs crypto exchanges: what awaits retail investors in Russia
The Russian digital asset market is on the verge of tectonic shifts. Retail investors will soon be able to buy cryptocurrency and digital financial assets (DFAs) directly through bank mobile apps, bypassing traditional exchange points. However, experts are divided on the exact format this will take and whether banks can completely displace the gray market.
The most conservative scenario is proposed by Yaroslav Kabakov, Director of Strategy at IC "Finam." In his assessment, the integration of digital assets into banking services is inevitable, but primarily in the form of DFAs rather than classic cryptocurrencies. Direct purchases of Bitcoin or Ether, in his view, remain questionable due to strict regulatory requirements and compliance challenges.
Legislative Foundation and Timeline
The key driver of this process is the cryptocurrency bill initiated by the Bank of Russia. Roman Nosov from "BCS World of Investments" recommends waiting for its final version. The second reading of the document is scheduled before the end of July. According to him, this act will define the "rules of the game" for all market participants.
Fyodor Ivanov, Director of Analytics at AML/KYT operator "SHARD," also links the launch of banking crypto services to the adoption of the law. He notes that the current version of the document from the State Duma website already provides mechanisms for legal retail access to digital assets.
Two Types of Clients: Who Needs Banks and Who Doesn't
The most detailed forecast was provided by Alexander Nam from MTS Fintech. He divided retail clients into two fundamentally different categories.
Beginners — this is the mass segment for whom simplicity, security, and trust are critically important. Banking apps with their familiar interface and recognizable brand will become an ideal gateway to the world of cryptocurrencies for them. They won't need to understand seed phrases or crypto wallets. Banks here have a colossal advantage due to their broad audience and lack of technical barriers.
Experienced traders — this is the opposite segment. For them, anonymity, minimal fees, high liquidity, and access to global pools are paramount. They prefer to work directly with exchanges and DeFi protocols. Banks are unlikely to compete for this audience unless they offer exclusive conditions.
Who Will Launch First and Will Banks Displace "Gray" Exchangers?
According to Alexander Nam, all market participants have equal starting opportunities. However, large banks with developed brokerage infrastructure will be able to scale their business much faster. The main obstacle for them remains a shortage of specialized personnel with deep expertise in blockchain technologies.
Fyodor Ivanov adds that almost all of the country's largest financial institutions have already announced plans to implement cryptocurrency services. Small regional banks will also join the trend, for whom this will be an excellent opportunity to offer a new product and generate additional income. The sector's development is held back solely by regulatory uncertainty.
As for the gray market of exchangers, experts agree: banks will significantly reduce its share in the mass segment but will not be able to eliminate it completely. The professional audience will continue to choose anonymity and access to global liquidity. At the same time, after the law comes into force, the activities of unlicensed points will become criminally and administratively punishable, forcing major players to legalize.
Expert opinion. In my view, we are witnessing a classic process of market institutionalization. Banks will gain access to millions of new users who previously feared cryptocurrencies due to complexity and risks. However, the key question is whether they can offer competitive fees and transaction speeds. If banking commissions turn out to be higher than those on P2P platforms, the "gray" sector will not disappear but will simply go into even deeper shadow. Legislation is only half the success; the other half is the economic attractiveness of the legal service.