Banking applications in Russia: when will cryptocurrency appear and who will benefit from it
Russian retail is on the verge of a historic shift: buying cryptocurrencies and digital financial assets (DFAs) could become as routine as paying utility bills. This involves the direct integration of digital currencies into mobile banking applications, which should replace traditional exchange offices. However, as recent discussions among market participants show, the path to this reality is full of nuances.
What awaits the retail investor?
The most conservative scenario suggests that DFAs, rather than classic cryptocurrencies, will be the first to appear in banking apps. The reason lies in strict regulatory requirements and compliance challenges. Direct purchases of Bitcoin or Ether remain questionable for now. The key driver here is the cryptocurrency bill, which, according to estimates, could be passed in its second reading as early as the end of July. Its final version will be the trigger for launch.
Two types of clients: who needs banks and who doesn't
The market is clearly divided into two camps. For beginners, a banking app is an ideal gateway. They don't need to understand seed phrases or private keys; security, brand trust, and a familiar interface are what matter. Banks have a huge advantage here due to their audience.
On the other hand, experienced traders will stick with exchanges and DeFi protocols. For them, anonymity, minimal fees, and access to global liquidity pools are critical. Banking services with their KYC and limited asset selection are unlikely to compete for this audience.
Who will launch first?
Starting opportunities are equal for everyone, but large banks with developed brokerage infrastructure will be able to scale faster. The main obstacle at the moment is not technology, but a lack of deep blockchain expertise. Almost all major financial institutions have already announced plans, and once clear rules emerge, regional players will join them. For them, this is a chance to gain a new source of revenue.
The fate of the gray market
Legalization through banks will deal a serious blow to illegal exchange offices, but it won't eliminate them entirely. In the mass segment, the position of "gray" players will weaken, as banks offer convenience and security. However, the professional audience will continue to choose anonymity and access to global markets. Additionally, the new law introduces criminal and administrative liability for unlicensed activities, which will force large exchange offices to legalize, but they will still compete with banks.
Conclusions and my view
Retail access to digital assets through banks is a matter of time, and that time is almost here. However, I would highlight a key uncertainty: will it be full-fledged cryptocurrency or only DFAs? If the regulator takes a path of maximum caution, banking apps may become merely a "showcase" for a limited set of tools, which won't solve the liquidity shortage issue or meet the demands of experienced players. In that case, the gray market won't disappear; it will simply adapt to new conditions, remaining in the shadows for those seeking true freedom.