Cryptocurrency in Russian banking apps: when will it become a reality and who will benefit
The Russian digital asset market is on the verge of tectonic shifts. Immediately after the adoption of the long-awaited cryptocurrency bill, retail investors will be able to buy digital assets and digital financial assets (DFAs) directly through banking apps, bypassing third-party exchangers. This is not just a hypothesis, but a consolidated opinion of leading financial sector experts. However, the devil, as always, is in the details — namely, the specific form this scenario will take and whether banks can fully displace the gray market.
What will the retail investor get?
The most conservative forecast comes from Yaroslav Kabakov of Finam Investment Company. According to his assessment, access through banking apps will appear, but primarily in the form of DFAs (digital financial assets). Direct purchase of classic cryptocurrencies, such as Bitcoin, remains in question due to strict regulatory requirements and stringent compliance norms.
Roman Nosov from BCS World of Investments recommends waiting for the final version of the bill. The initiative to provide retail clients with access to cryptocurrencies and DFAs was put forward by the Bank of Russia, which expects the document to be adopted in the second reading by the end of July. This date will be pivotal for the entire industry.
A similar position is held by Fedor Ivanov, Director of AML/KYT Analytics at the operator SHARD. He is convinced that retail investors will guaranteed receive long-awaited access to digital assets, based on the current version of the document on the State Duma website. In his opinion, it is precisely regulatory risks that are holding back the sector's development.
Two types of users: beginners and pros
The most detailed forecast was presented by Alexander Nam from MTS Fintech, who divided all retail clients into two categories. For beginners, simplicity, trust, and security are critically important. The banking app will become an ideal gateway for them into the world of cryptocurrencies, eliminating the need to understand complex crypto wallets and seed phrases. In this segment, banks have a colossal advantage due to their broad audience, recognizable brand, and familiar interface.
On the other hand, experienced traders will continue to work directly with exchanges and DeFi protocols. For them, key factors remain favorable exchange rates, high liquidity, and minimal fees. For this reason, banks are unlikely to successfully compete for such clients if access to international platforms is available.
Who is closer to launch and what will happen to the gray market?
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 significantly faster. The main obstacle for them is the lack of deep expertise in blockchain technologies.
Fedor Ivanov notes that virtually all of the country's largest financial institutions have already announced plans to implement cryptocurrency services. After clear rules emerge, small regional banks will also join the trend, for whom this will be an excellent opportunity to offer a new service and generate additional income.
Regarding the future of the gray market of exchangers, experts are unanimous: banks will significantly reduce its share in the mass segment, but they will not be able to completely eliminate illegal points. The positions of illegal players will weaken provided that convenient and profitable banking products appear. However, the professional audience will continue to choose anonymity and access to global liquidity pools.
Cryptalist Analysis: The scenario of introducing cryptocurrency through banks is an evolutionary step that is inevitable. However, it is important to understand that banks will become only the "entry gate" for the mass user, not a replacement for crypto exchanges. Regulatory risks and a shortage of specialized personnel remain the main brakes. In my estimation, we will see the first real cases no earlier than the end of 2024, and they will primarily concern DFAs, not decentralized cryptocurrencies. The gray market will not disappear, but its margins will significantly decrease, which ultimately benefits the end consumer.