Cryptocurrency in banking apps: when will it become a reality for Russians
The Russian retail investor stands on the brink of a tectonic shift. Buying cryptocurrencies and digital financial assets (DFAs) through familiar banking apps is no longer a hypothesis, but a question of the near future. However, experts disagree on the details: in what exact form this functionality will appear, when it will launch, and whether it can completely displace the gray market of exchangers.
What will the retail investor get?
The most conservative scenario was voiced by Yaroslav Kabakov, Director of Strategy at IC "Finam." According to his assessment, access via mobile banking will definitely appear, but primarily in the form of DFAs. The direct purchase of "classic" 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, an initiative put forward by the Bank of Russia. The second reading is expected before the end of July — this is a key date that will determine the rules of the game for the entire industry.
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 long-awaited access to digital assets, based on the current version of the document from the State Duma website.
Two types of users: beginners and pros
Alexander Nam, representing MTS Fintech, gave the most detailed forecast, dividing clients into two categories.
For beginners, simplicity, trust, and security are critically important. Banking services will become an ideal gateway for them into the world of digital currencies. They won't have to figure out crypto wallets and seed phrases on their own. In this segment, banks have a colossal advantage thanks to their broad audience, recognizable brand, and familiar interface.
For experienced traders, on the other hand, the key factors are favorable exchange rates, high liquidity, and minimal fees. They prefer to work directly with exchanges and DeFi protocols. In this niche, banks are unlikely to compete successfully if access to international platforms is available.
Who is closer to launch?
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 significantly faster. The main obstacle for them is the lack of deep expertise in blockchain technologies.
Fedor Ivanov 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 is an excellent opportunity to offer a new service and generate additional income. Currently, the sector's development is solely constrained by regulatory risks.
The gray market of exchangers: is the end near?
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 gray exchange points.
Alexander Nam shares this view. The positions of illegal players will noticeably 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 of the legal consequences of the reform. After the law comes into effect, the activities of unlicensed points will become criminally and administratively punishable. The document provides for the issuance of special licenses. Large exchangers will be able to legalize, although they will have to compete with banks.
Conclusions and my view
All experts agree: retail access to digital assets through banks will become a reality immediately after the bill is passed. Key developments are expected as early as the end of July.
At the same time, banks will easily replace exchangers for beginners but will lose the battle for professionals. The gray market will be pushed back but not completely eliminated.
My comment: The market is moving toward an inevitable convergence of traditional finance and the crypto industry. However, I believe banks underestimate the speed of adaptation among professional traders. Once regulatory barriers are lifted, major players will begin migrating en masse to DeFi and international exchanges, where conditions are significantly more favorable for them. Banks will have to not just offer "cryptocurrency," but create competitive products with zero fees and instant transfers, otherwise they risk remaining merely a platform for beginners.