Banking apps in Russia will become crypto hubs: when and in what form
Russian retail will soon be able to buy cryptocurrencies and digital financial assets (DFAs) directly through mobile banking apps, bypassing third-party exchangers. This is not a hypothesis, but a consolidated opinion of key market players. However, the discussion revolves around something else: in what exact form this will happen, when it will start working, and whether banks will be able to completely push out the gray sector.
Two Paths: DFA or Crypto?
The most conservative scenario was voiced by Yaroslav Kabakov, Director of Strategy at Finam Investment Company. According to his assessment, access through banking apps will definitely appear, but primarily in the DFA format. Direct purchase of Bitcoin and Ether remains in question due to strict regulation and rigorous compliance requirements.
Roman Nosov from BCS World of Investments recommends waiting for the final version of the cryptocurrency bill. Let me remind you that the initiative proposed by the Bank of Russia is planned to be adopted in the second reading before the end of July. This document will become the foundation for the entire future infrastructure.
Two Audiences: Beginners and Pros
Alexander Nam, representing MTS Fintech, gave the most detailed forecast, dividing retail clients into two categories. For novice users, simplicity, trust, and security are critically important. Banking services will become an ideal guide for them into the world of digital currencies—they won't have to deal with crypto wallets and seed phrases. Here, banks have a colossal advantage thanks to a broad audience, a well-known brand, and a familiar interface.
On the other hand, experienced traders prefer to work directly with exchanges and DeFi protocols. For this group, favorable exchange rates, high liquidity, and minimal fees remain key. For this reason, banks are unlikely to successfully compete for such clients if access to international platforms is available.
Who Will Be First?
According to Alexander Nam, all market participants have equal starting opportunities. However, large banking organizations with developed brokerage infrastructure will be able to scale their business much 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 the operator SHARD, notes that almost all of the country's largest financial organizations have already announced plans to implement cryptocurrency services. After clear rules of the game emerge, small regional banks will also join the trend. For them, this will be an excellent opportunity to offer a new service and generate additional income. Currently, the sector's development is held back solely by regulatory risks.
The Fate of the Gray Market
Experts are unanimous: banks will significantly reduce the share of the shadow sector, but they will not be able to completely eliminate gray exchange points. The positions of illegal players will noticeably weaken in the mass segment, provided that convenient and profitable banking products appear. At the same time, the professional audience will continue to choose anonymity and access to global liquidity pools.
Cryptalist Comment: The Russian market is on the verge of a structural shift. Legalizing crypto services through banks is not just a convenience for clients, but a powerful tool for deanonymization and control by the regulator. However, a complete victory over gray exchangers is unlikely: the demand for anonymity and global liquidity will not disappear, and professional players will find ways to bypass new barriers. The key question is how flexible the rules of the game will be.