Cryptocurrency in Russian banking apps: when to expect and what will change
Russian retail will soon be able to buy digital assets directly through mobile banking apps, bypassing third-party exchangers. This is no longer a hypothesis but a practically resolved issue. The discussion among experts has shifted to a different plane: in what exact format this functionality will appear, when it will launch, and whether banks can push out the gray exchange market.
What exactly will banks offer
The most conservative scenario was voiced by Yaroslav Kabakov from the investment company Finam. According to his assessment, access through apps will inevitably appear, but primarily in the form of digital financial assets (DFAs). Direct purchase of cryptocurrency is still in question due to strict compliance requirements and regulatory restrictions.
Roman Nosov from BCS World of Investments recommends waiting for the final version of the cryptocurrency bill. Let me remind you that the initiative for retail access to digital assets came from the Bank of Russia, which expects the document to be adopted in the second reading by the end of July.
A similar position is held by Fedor Ivanov, Director of Analytics for AML/KYT at the operator SHARD. He is confident that retail investors will gain the long-awaited access, based on the current version of the document from the State Duma website.
Two types of users: who needs this
Alexander Nam from MTS Fintech presented the most detailed forecast, dividing clients into two categories.
Beginners — for them, simplicity, trust, and security are critically important. Banking services will become an ideal gateway into the world of digital currencies. They won't have to deal with crypto wallets and seed phrases. Here, banks have a colossal advantage due to their wide audience, recognizable brand, and familiar interface.
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. Banks are unlikely to be able to compete for such clients if they have access to international platforms.
- Beginners need security, a user-friendly interface, and the absence of complex cryptographic keys.
- Professionals value anonymity, minimal costs, and global liquidity pools.
Who is 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 much faster. The main obstacle for them is currently the lack of deep expertise in blockchain technologies.
Fedor Ivanov adds that almost 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 them, this is 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 gray exchange market: what will happen
Yaroslav Kabakov believes that banks will be able to significantly reduce the share of the shadow sector, but they will not be able to completely eliminate illegal exchange points.
Alexander Nam agrees: the positions of illegal players 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.
Fedor Ivanov reminds us of the legal consequences of the reform. After the law comes into force, the activities of unlicensed points will become criminally and administratively punishable. The document provides for the issuance of special licenses, so large exchangers will be able to legalize, although they will have to compete with banks.
My analysis of the situation
The market is on the verge of a tectonic shift. Banks will gain access to millions of new users who are either afraid of cryptocurrencies or don't know how to approach them. However, it is important to understand: classic exchangers and P2P platforms will not disappear. They will move into the niche of professional traders and retain an audience that values anonymity. The key question is how quickly banks can build up their blockchain competencies. Without this, even with an ideal regulatory framework, the launch could be delayed for years.