Retail investors in Russia will gain access to cryptocurrency through banking apps: what will change?
The Russian retail market is on the verge of landmark changes: purchasing cryptocurrency and digital financial assets (DFAs) may become available directly through mobile banking apps, bypassing traditional exchangers. This prospect is actively discussed by the professional community, and while experts are unanimous in their forecast, their opinions differ on the timeline, format, and impact on the shadow sector.
What exactly will users get?
The most conservative forecast was voiced by Yaroslav Kabakov from the investment company Finam. In his opinion, the integration of digital assets into banking services is inevitable, but it will primarily affect DFAs rather than classic cryptocurrencies. Direct purchases of Bitcoin or Ether remain in question due to strict regulatory requirements for compliance and client identification. The key obstacle here is the lack of a final version of the cryptocurrency bill, which, according to open sources, the Bank of Russia plans to pass in its second reading by the end of July.
Roman Nosov from BCS World of Investments recommends waiting for the final version of this document. He emphasizes that the regulator's initiative is specifically aimed at legalizing retail access to digital assets through familiar channels.
Two types of clients: beginners vs. pros
The most detailed picture was presented by Alexander Nam, representing MTS Fintech. He divides retail clients into two categories. For beginners, simplicity, security, and trust are critically important. A banking app with a familiar interface and brand will become an ideal "gateway" to the world of cryptocurrencies, eliminating the need to deal with seed phrases and private keys. In this segment, banks have a tremendous advantage due to their broad audience and reputation.
On the other hand, experienced traders will continue to work directly with exchanges and DeFi protocols. For them, key factors are anonymity, minimal fees, and access to global liquidity. Banking products are unlikely to compete with international platforms on these parameters, especially given the persistent demand for anonymity.
Who is closer to launch and what will happen to the "gray" market?
According to market participants, after the law is passed, all major financial organizations will have equal starting opportunities. However, those with already developed brokerage infrastructure will be able to scale faster. The main obstacle is a shortage of deep expertise in blockchain technologies. Almost all major banks have already announced plans, and even regional players will join the trend, for whom this will become an excellent source of additional income.
Regarding the shadow sector, opinions are nearly unanimous: banks will significantly reduce the share of illegal exchangers in the mass segment, but will not eliminate them entirely. The professional audience will continue to choose anonymity and global liquidity pools. At the same time, after the law comes into effect, the activities of unlicensed points will become criminally and administratively punishable, forcing large exchangers to legalize, although they will have to compete with banks.
My conclusion: banks will indeed become the main entry channel for millions of beginners, dramatically expanding the market. However, they will not be able to completely displace "gray" exchangers—demand for anonymity and complex trading strategies will persist. The main risk lies not so much with the regulator, but in the ability of banks to quickly build blockchain competencies to avoid missing the wave.