Russian banks are preparing to enter cryptocurrency: what retail investors will gain
The Russian digital asset market is on the verge of fundamental changes. Leading experts agree that buying cryptocurrencies and digital financial assets (DFAs) through bank mobile apps is a matter of the near future. However, key discussions revolve around the format, timeline, and consequences of this integration for the shadow sector.
What exactly will users get?
The most conservative scenario was outlined by Yaroslav Kabakov, Director of Strategy at IC "Finam." According to his forecast, banking apps will primarily serve as a conduit for DFAs, rather than for classic cryptocurrencies. Direct trading of Bitcoin and altcoins will remain questionable due to strict compliance requirements and regulatory restrictions.
Roman Nosov from "BCS World of Investments" urges waiting for the final version of the cryptocurrency bill. The Bank of Russia's initiative, which proposes legalizing retail access to digital assets, is at the second reading stage in the State Duma. Key developments are expected by the end of July.
Fyodor Ivanov, Director of Analytics for AML/KYT at operator "SHARD," is also confident in the inevitability of legal access. He bases his assessment on the current version of the document published on the State Duma's website.
Two camps of investors: beginners vs. pros
The most detailed picture was presented by Alexander Nam from MTS Fintech. He divided retail clients into two categories: novice and experienced investors.
- For beginners, a banking service will be the ideal solution. Simplicity, brand trust, and security are critically important to them. They won't need to understand crypto wallets and seed phrases. In this segment, banks have a colossal advantage due to their broad audience and familiar interface.
- For experienced traders, anonymity, minimal fees, and access to global liquidity pools remain key. Banks are unlikely to compete with international exchanges and DeFi protocols for this audience.
Who will launch the service first?
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 so far remains a lack of deep expertise in blockchain technologies.
Fyodor Ivanov notes that almost all of the country's largest financial organizations have already announced plans to implement crypto services. Following the giants, regional banks will also join in, for whom this will be an excellent opportunity to generate additional income. The only restraining factor at the moment is regulatory risks.
The fate of the gray exchange market
Experts are unanimous: banks will significantly reduce the share of the shadow sector, but will not eliminate it entirely. In the mass segment, illegal players will weaken as soon as convenient and profitable banking products appear. However, the professional audience will continue to choose anonymity and access to global liquidity.
Fyodor Ivanov reminds of the legal consequences of the reform. After the law comes into effect, the activities of unlicensed exchange points will become criminally and administratively punishable. The bill 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
All speakers agree on the main point: retail access to digital assets through banks will become a reality immediately after the law is passed. However, the format will vary. Yaroslav Kabakov bets on DFAs, while Alexander Nam emphasizes the importance of user segmentation.
My expertise: In my opinion, the Russian market is moving toward a "regulated oasis" model. Banks will indeed push gray exchangers out of the mass sector, but a complete elimination of the shadow market will not occur. The key risk for banks is not so much regulatory barriers, but the lack of specialized personnel capable of building a truly competitive crypto product. Without attracting blockchain specialists, banking apps risk remaining merely a convenient but expensive and limited tool for beginners.