Banks vs. Exchangers: When Will Cryptocurrencies Appear in Mobile Apps in Russia
The Russian retail investor stands on the brink of a tectonic shift. Leading market experts agree that buying cryptocurrencies and digital financial assets (DFAs) directly through banking apps is not a matter of "if," but "when." However, consensus ends where details begin: in what form this will happen, when it will become operational, and whether banks can ultimately push out the gray market of exchangers.
DFAs as the First Step
The most conservative scenario suggests that DFAs will be the first to appear in banking interfaces. Direct trading of classic cryptocurrencies like Bitcoin or Ethereum will face strict compliance requirements and regulatory restrictions. In this vein, the initiative of the Bank of Russia, which is lobbying for the adoption of the bill in its second reading by the end of July, looks like an attempt to create a legal bridge for retail clients, but focused on more controlled instruments.
Two Worlds — Two Approaches
The key observation I make as an analyst is a clear segmentation of the audience. The market will split into two camps.
Newcomers are the very "retail" that fears seed phrases and complex wallets. For them, a banking app will become an ideal gateway: a familiar interface, security, and trust in the brand. Banks here have a colossal advantage thanks to their audience and infrastructure. They will literally "take by the hand" millions of users who would never go to a P2P exchanger.
Experienced traders are a completely different story. They need anonymity, deep liquidity, minimal spreads, and access to global exchanges and DeFi protocols. Banks with their high fees and KYC procedures are unlikely to compete with international platforms for this audience. For pros, banks will remain merely a gateway for fiat entry/exit, nothing more.
The Gray Market: Death or Transformation?
The main intrigue is the fate of illegal exchangers. Expert opinions here are unanimous: in the mass segment, their positions will be seriously undermined. A legal and convenient banking service will attract the lion's share of the flow from newcomers. However, completely eliminating the shadow sector will not be possible.
Professional players and those who value anonymity will continue to use P2P platforms and unlicensed exchangers. Moreover, after the law comes into effect, the activities of the latter will become criminally and administratively punishable, forcing major players to legalize and obtain licenses. The market will not die; it will simply change form, becoming less accessible to "casual passersby."
Analyst's Conclusion
We are on the threshold of the era of "banking crypto." This is inevitable. However, I am convinced that banks will not become a single window into the world of digital assets. They will occupy their niche — the niche of a safe and simple entry for the masses. The gray market will persist but will retreat into the shadows for professionals. The key barrier now is not technology, but regulation and the lack of blockchain expertise within the banks themselves. Once these issues are resolved, the real battle for the retail investor's wallet will begin.