Banking apps as a gateway to the crypto world: what awaits retail investors in Russia
The Russian digital asset market is on the verge of tectonic shifts. Everything points to retail investors soon being able to buy cryptocurrency and digital financial assets (DFAs) directly through familiar banking apps. However, discussions among market participants are not centered on the fact of this option emerging, but rather on its form, implementation timeline, and the ability of banks to displace shadow exchange points.
What will banks offer: cryptocurrency or DFAs?
The most cautious forecast comes from Yaroslav Kabakov, Strategy Director at Finam Investment Company. In his opinion, access through banking apps will definitely appear, but primarily for DFAs rather than classic cryptocurrencies. Direct purchase of Bitcoin or Ether remains questionable due to strict regulation and rigorous compliance requirements. The key reason is the uncertainty surrounding the final version of the cryptocurrency bill, an initiative put forward by the Bank of Russia, which hopes for its adoption in the second reading by the end of July.
A similar view is held by Fedor Ivanov, Director of Analytics for AML/KYT at the operator "SHARD". He is convinced that retail investors will indeed gain long-awaited access to digital assets, based on the current version of the document on the State Duma website. However, like Kabakov, he links the launch to the final approval of the legislative framework.
Two categories of clients: beginners and pros
The most detailed picture was presented by Alexander Nam from MTS Fintech, dividing retail clients into two fundamentally different groups.
Beginners. For them, simplicity, trust, and security are critically important. Banking services will become the ideal gateway to the world of digital currencies, eliminating the need to understand "crypto wallets" and seed phrases. In this segment, banks have a colossal advantage due to their broad audience, recognizable brand, and familiar interface.
Experienced traders. This group prefers 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, especially if they have access to international platforms. They value anonymity and global liquidity pools, not a "heavily regulated" banking product.
Who will launch first and what will happen to the "gray" market?
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 remains the lack of deep expertise in blockchain technologies. Fedor Ivanov adds that almost all of the country's largest financial institutions have already announced plans to implement crypto services. After clear "rules of the game" emerge, smaller regional banks will also join the trend, for whom this will be an excellent opportunity to offer a new service and generate additional income.
As for the shadow exchange sector, experts are unanimous: banks will significantly reduce its share in the mass segment, but not eliminate it entirely. Illegal players will weaken in the beginner segment, provided convenient and profitable banking products appear. However, the professional audience will continue to choose anonymity and access to global liquidity. Furthermore, after the law comes into effect, the activities of unlicensed points will become criminally and administratively punishable, forcing large exchangers to legalize, although they will have to compete with banks.
Expert opinion from Cryptalist: The integration of crypto services into banking apps is an inevitable and logical stage in the evolution of the financial system. However, it is important to understand that banks are unlikely to become "killers" of crypto exchanges. They will occupy the niche of "onboarding" for the mass user, providing a safe and legal entry into the industry. Experienced players, meanwhile, will remain on decentralized and international platforms. The key risk now is not competition with the "gray" market, but the dragging out of regulatory processes, which could slow down implementation and maintain uncertainty for all participants.