Cryptocurrency in banking apps: when it will work and who will benefit
Russian banks are preparing for a revolution: retail clients will be able to buy cryptocurrencies and digital financial assets (DFAs) directly through mobile apps, bypassing traditional exchangers. This is an inevitable scenario, but experts disagree on the details — which format will become dominant and when it will happen.
Yaroslav Kabakov, Director of Strategy at Finam Investment Company, predicts that access through banks will emerge, but primarily in the form of DFAs. Direct purchase of classic cryptocurrencies, in his opinion, will remain questionable due to strict regulation and compliance requirements. Roman Nosov from BCS World of Investments urges waiting for the final version of the cryptocurrency bill, which was proposed by the Bank of Russia. He expects the document to be adopted in the second reading by the end of July.
Fyodor Ivanov, Director of Analytics at AML/KYT operator SHARD, is confident that retail investors will gain long-awaited access to digital assets. He bases his assessment on the current version of the document posted on the State Duma website.
Two Types of Users: Who Will Benefit from Banking Crypto Services
Alexander Nam, representing MTS Fintech, offers the most detailed forecast. He divides retail clients into two categories: beginners and experienced investors.
For novice users, 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 independently figure out crypto wallets and seed phrases. In this segment, banks have a huge advantage due to their broad audience, recognizable brand, and familiar interface.
Experienced traders, on the other hand, prefer to work directly with exchanges and DeFi protocols. For them, key factors are favorable exchange rates, high liquidity, and minimal fees. Banks are unlikely to successfully compete for such clients if access to international platforms remains available.
- Beginners need security, a user-friendly interface, and no complex cryptographic keys.
- Experienced players value anonymity, minimal costs, and access to global liquidity pools.
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 much faster. The main obstacle for them is the lack of deep expertise in blockchain technologies.
Fyodor Ivanov confirms: almost all major financial institutions in the country have already announced plans to implement crypto services. Small regional banks will also join the trend, for whom 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 Gray Market of Exchangers: Will It Survive?
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 emerge. However, the professional audience will continue to choose anonymity and access to global liquidity pools.
Fyodor 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
All experts agree: retail access to digital assets through banks will become a reality immediately after the adoption of the cryptocurrency bill. Roman Nosov expects significant progress by the end of July.
At the same time, Yaroslav Kabakov believes that it will primarily concern DFAs, not classic cryptocurrencies. Alexander Nam emphasizes the importance of segmentation: banks will easily replace exchangers for beginners but will lose the battle for professionals.
The speakers assess existing barriers differently: Kabakov and Ivanov highlight regulatory risks, while Nam points to a shortage of specialized personnel. Regarding the future of the gray market, opinions fully coincide: banks will push out illegal exchangers in the mass segment but will not eliminate them completely.
My analysis: The most significant consequence of this reform will be not so much access to cryptocurrency as the legalization and structuring of the market. Banks will have the opportunity to attract millions of new users, but for professionals, they are unlikely to become an alternative to global exchanges. The key question is whether banks can offer competitive rates and fees, or whether beginners will face the same problems as in the gray market, but in a more expensive wrapper.