Crypto news

Russian retail will soon be able to buy cryptocurrencies and digital financial assets (DFAs) directly through banking apps, bypassing third-party exchangers. However, the key question is not whether this will happen, but in what format and when exactly.

Market experts are unanimous: access to digital assets through banks will become a reality immediately after the adoption of the relevant cryptocurrency bill. But there is no consensus on the timeline and format. Some are betting on DFAs, others on classic cryptocurrencies, and still others point to a shortage of personnel and regulatory risks.

What retail will get

The most conservative forecast was voiced by Yaroslav Kabakov, Director of Strategy at IC "Finam." He is convinced that banking apps will primarily offer clients DFAs, rather than direct Bitcoin purchases. The reason is strict regulation and rigorous compliance requirements.

Roman Nosov from "BCS World of Investments" joined the discussion. He recommends waiting for the final version of the bill, the initiative for which was put forward by the Bank of Russia. The Central Bank expects the document to be adopted in the second reading before the end of July.

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

Two types of users

Alexander Nam, representing MTS Fintech, offered the most detailed forecast. He divided Russian retail clients into two categories: beginners and experienced investors.

For beginners, simplicity, trust, and security are critically important. Banking services will become an ideal guide for them into the world of digital currencies. They won't have to independently figure out crypto wallets and seed phrases. In this segment, banks have a huge advantage due to their broad audience, well-known brand, and familiar interface.

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

• Beginners require security, a convenient bank interface, and the absence of 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. Nevertheless, large banking organizations with developed brokerage infrastructure will be able to scale their business significantly faster. The main obstacle for them so far remains the lack of deep expertise in blockchain technologies.

Fedor Ivanov agrees with this opinion. He noted that almost all of the country's largest financial institutions have already announced plans to implement cryptocurrency services. Without a doubt, after clear rules of the game emerge, small regional banks will also join the trend. For them, this will be 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 points.

Alexander Nam shares this point of view. The positions of illegal players will noticeably weaken in the mass segment, provided that convenient and profitable banking products appear. At the same time, the professional audience will continue to choose anonymity and access to global liquidity pools.

Fedor Ivanov reminds of the legal consequences of the reform. After the law comes into force, the activities of unlicensed points will become criminally and administratively punishable. The document provides for the issuance of special licenses. For this reason, 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 important developments as early as the end of July.

At the same time, Yaroslav Kabakov believes that the focus will be primarily on DFAs, not 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.

The speakers assess existing barriers differently. In particular, Yaroslav Kabakov and Fedor Ivanov highlight regulatory risks, while Alexander Nam points to a shortage of specialized personnel.

Opinions on the future of the gray market completely coincide. Thus, banks will push out illegal exchangers in the mass segment but will not eliminate them entirely.

Expert opinion: The integration of cryptocurrencies into banking apps is an inevitable and logical step for the Russian market, which will open doors for millions of new users. However, the key factor for success will be not so much the speed of the law's adoption, but the ability of banks to build convenient and competitive products that can stand comparison with global exchanges in terms of fees and functionality. The true battle will be for professionals, and here banks will have to make a serious effort.