Russian banks are preparing a cryptocurrency gateway: what retail investors will get
The Russian retail investor is on the verge of a tectonic shift. Leading market experts agree: buying cryptocurrencies and digital financial assets (DFAs) through mobile banking apps is not a question of "if," but "when." However, the discussion revolves around the form, timing, and the ability of banks to displace the gray market of exchangers.
The most conservative forecast was voiced by Yaroslav Kabakov, Director of Strategy at IC "Finam." In his opinion, access through banking apps will inevitably appear, but primarily in the DFA segment. Direct purchase of cryptocurrencies remains questionable due to strict compliance requirements and regulatory restrictions.
Roman Nosov from "BCS World of Investments" joined the discussion, recommending waiting for the final version of the cryptocurrency bill. The initiative, put forward by the Bank of Russia, involves adopting the document in the second reading before the end of July. This regulatory act will serve as the trigger for launching banking crypto services.
Two Types of Clients: Who Gets Banks, and Who Gets Exchanges
The most detailed picture was presented by Alexander Nam from MTS Fintech, who divided 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, eliminating the need to understand crypto wallets and seed phrases. Banks have a colossal advantage here due to their broad audience, recognizable brand, and familiar interface.
On the other hand, experienced traders prefer to work directly with exchanges and DeFi protocols. For them, the key factors are favorable exchange rates, high liquidity, and minimal fees. It will be extremely difficult for banks to compete for this audience when access to global platforms is available.
Who Will Be Closer to Launch
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 so far remains the lack of deep expertise in blockchain technologies.
Fyodor Ivanov, Director of AML/KYT Analytics at operator "SHARD," notes that virtually all of the country's largest financial organizations 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. Currently, the sector's development is solely constrained by regulatory risks.
The Gray Market of Exchangers: Will It Survive?
Experts are unanimous: banks will significantly reduce the share of the shadow sector, but they will not be able to completely eliminate it. Illegal exchangers will weaken in the mass segment provided that convenient and profitable banking products appear. However, the professional audience will continue to choose anonymity and access to global liquidity pools.
Fyodor Ivanov reminds of the legal consequences of the reform: after the law comes into effect, the activities of unlicensed points will become criminally and administratively punishable. The document provides for the issuance of special licenses, which will allow large exchangers to legalize, although they will have to compete with banks.
Conclusions and My View
The market is awaiting the adoption of the bill, after which banking crypto services will become a reality. However, it is important to understand: banks will easily replace exchangers for beginners, but will lose the battle for professionals. Regulatory risks and a shortage of specialized personnel remain the main barriers.
My opinion: The true battle will unfold not between banks and exchangers, but between the traditional financial system and decentralized protocols. Banks will gain retail clients, but the DeFi sector will retain hardcore users. In the long term, this will lead to the formation of a hybrid model, where everyone will choose their own path into the digital economy.