Banking apps in Russia are preparing for cryptocurrency: when to expect and what will change
Russian retail is on the verge of a historic shift: buying cryptocurrencies and digital financial assets (DFAs) through familiar banking apps could become a reality within the next few months. This is not just a hypothesis—it is the consolidated opinion of leading market experts, who, however, differ on the details: in what exact form this will happen, when it will launch, and whether the legal sector can completely displace the gray market of exchangers.
What the retail investor will get
The most conservative scenario was voiced by Yaroslav Kabakov, Director of Strategy at Finam Investment Company. According to his assessment, access through mobile banking apps will inevitably appear, but primarily in the form of DFAs. Direct purchase of cryptocurrencies, such as Bitcoin, remains in question due to strict regulation and rigorous compliance requirements.
Roman Nosov from BCS World of Investments urges waiting for the final version of the cryptocurrency bill. It is worth recalling that the initiative for retail access to digital assets was proposed by the Bank of Russia itself, expecting the document to be adopted in the second reading by the end of July. This is a key trigger for the entire industry.
A similar position is held by Fedor Ivanov, Director of Analytics at AML/KYT operator SHARD. He is confident that retail investors will definitely gain the long-awaited access, basing his assessment on the current version of the document from the State Duma website.
Two categories of users: beginners vs. pros
The most detailed forecast was presented by Alexander Nam from MTS Fintech. He divided Russian retail clients into two categories: beginners and experienced investors.
For beginners, simplicity, trust, and security are critically important. Banking services will become their ideal gateway into the world of digital currencies—they will not have to independently figure out crypto wallets and seed phrases. In this segment, banks have a colossal advantage due to their broad audience, well-known brand, and familiar interface.
On the other hand, experienced traders will prefer to work directly with exchanges and DeFi protocols. For them, key factors are 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 about the gray market
According to 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 is the lack of deep expertise in blockchain technologies.
Fedor Ivanov agrees with this, noting 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 whom 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.
Regarding the future of the gray market of exchangers, experts' opinions fully coincide: banks will significantly reduce its share but will not eliminate it entirely. Illegal players will weaken in the mass segment, but the professional audience will continue to choose anonymity and access to global liquidity pools. Additionally, after the law comes into effect, the activities of unlicensed points will become criminally and administratively punishable, pushing large exchangers toward legalization.
Comment from Cryptalist analyst: We are on the verge of a structural restructuring of the Russian crypto market. The integration of digital assets into the banking system is not just about convenience, but the legitimization of an entire asset class for millions of users. However, the key intrigue will remain the balance: will banks be able to offer conditions comparable to DeFi and international exchanges, or will they forever remain just the "entry gate" for beginners, yielding to pros in the battle for efficiency and anonymity.