Cryptocurrency in banking apps: when will it become a reality for Russians?
Russian retail investors will soon be able to buy cryptocurrencies and digital financial assets (DFAs) directly through bank mobile apps, bypassing traditional exchangers. This is a question not of "if," but "when"—and, more importantly, in what form and with what consequences for the market.
The key driving force behind this process is the cryptocurrency bill initiated by the Bank of Russia. Its final version is expected to be adopted in the second reading before the end of July. This document will serve as the "green light" that opens the door for banks to implement crypto services.
Two Worlds — Two Approaches
The retail client market is clearly divided into two segments, and banks will dominate only one of them. For beginners who do not want to deal with seed phrases and private keys, a banking app will become the ideal "guide" into the world of digital assets. They value simplicity, security, and a familiar interface. Here, banks have a colossal advantage over any exchangers.
The situation is entirely different for experienced traders. For them, anonymity, minimal fees, and access to global liquidity pools are critical. Banks, with their strict KYC/AML requirements and limited set of tools, are unlikely to compete with international exchanges and DeFi protocols for this audience.
Banks vs. Gray Market: Who Wins?
The legalization of bank access to cryptocurrencies will deal a serious blow to the gray sector of exchangers, especially in the mass segment. Convenient and secure banking products will inevitably attract a significant portion of the client base.
However, a complete disappearance of illegal exchangers should not be expected. Professional participants who value anonymity and global access will remain in the shadows. Moreover, after the law comes into effect, the activities of unlicensed exchangers will become criminally and administratively punishable, which, on one hand, will push major players toward legalization, and on the other, create incentives for maintaining underground channels.
Conclusions and Forecast
Banks will become the main beneficiaries of the new regulatory environment, but their success will be limited to the "beginner" segment and likely focused on DFAs rather than classic cryptocurrencies. Key barriers for them remain regulatory risks and an acute shortage of skilled personnel with expertise in blockchain technologies.
Expert opinion: We are on the verge of a tectonic shift in the Russian crypto market. Banks will gain a powerful legal tool that will push "gray" exchangers out of the mass segment. However, complete monopolization will not occur: for sophisticated players, anonymity and global liquidity will remain more important than the convenience of a banking interface. The true battle will unfold not between banks and exchangers, but between banks and international platforms for the professional trader's wallet.