Banks vs. exchangers: when will cryptocurrency appear in Russian banking apps
Russian retail investors will soon be able to buy digital assets without leaving the familiar interface of a banking app. This prospect no longer seems like science fiction, but serious discussions are heating up among market participants regarding the timing and format of the new service's launch.
The most conservative scenario suggests that the first to enter banking apps will not be classic cryptocurrencies, but digital financial assets (DFAs). Direct purchase of Bitcoin or Ether remains in question due to strict compliance requirements and regulatory uncertainty. The key driver of change is the Central Bank, which is lobbying for the adoption of a relevant bill. The document is expected to be passed in its second reading by the end of July, which will serve as the starting point for mass adoption.
Newcomers and Pros: Two Poles of One Market
The retail client market is clearly divided into two segments. For novice investors, simplicity, security, and trust in the brand are critically important. Banks have an undeniable advantage here — a familiar interface and no need to understand seed phrases. It is this segment that banks can easily win back from gray market exchangers.
A completely different picture emerges with experienced traders. For them, anonymity, minimal fees, and access to global liquidity are priorities. In this niche, banks are unlikely to compete with specialized exchanges and DeFi protocols. Thus, banking apps will become an ideal gateway for beginners, but will not replace professional platforms.
Gray Market: Exodus Inevitable, but Not Complete
The legalization of crypto services through banks will deal a serious blow to illegal exchangers. After the law comes into force, operating without a license will risk criminal and administrative liability. Large exchangers will likely be able to legalize by obtaining special licenses, but small players will leave the market.
However, a complete elimination of the shadow sector should not be expected. The professional audience will continue to choose anonymity and global liquidity pools that banks cannot provide. The gray market will shrink but not disappear, retreating into the niche of professional operations.
My expert opinion: The Central Bank's initiative is timely and long overdue. Banks will gain a powerful tool for attracting a new audience, but their main challenge will not be competition with exchangers, but a shortage of specialized blockchain personnel. Without deep expertise in the technology, scaling the service will be difficult, meaning that in the first months after launch, we will only see basic features for the mass user.