Russia's largest financial institutions have completed the preparation of infrastructure for conducting cross-border settlements in cryptocurrency. The market, which is just beginning to take shape, already promises to become an arena of fierce competition.
According to my data, the technical foundation for operations with digital assets is ready at all key players. This means that as soon as regulatory barriers are lifted, we will witness a fierce struggle for clients. The first to enter the market will gain a significant advantage, but they won't be able to enjoy it for long — competitors are hot on their heels.
One of the top managers at Alfa-Bank described the upcoming situation as a "red ocean" — a market where all participants are already prepared and competing for the same audience. The bank itself views such competition as an opportunity: "When the market changes, you can gain a share from that change," he noted.
The market is being built from scratch
However, technical readiness is only half the battle. The main challenge, in my observation, lies not in creating infrastructure, but in building the market itself practically from scratch. The situation resembles the launch of digital financial assets (DFAs) — first, you need to explain to clients what it is and how to use it.
The first clients will likely be companies that already have experience working with cryptocurrency: miners and importers collaborating with jurisdictions where cryptocurrency is more widespread. For an ordinary corporate client, a lengthy immersion is required — down to explaining pricing principles and comparing new instruments with familiar ones.
"A large number of clients need to be educated, visited, and explained to, with fairly low returns in the initial stages," shared one market participant.
My analysis: I believe the Russian banking sector is on the verge of a tectonic shift. Technical readiness is a powerful signal, but the real battle will be over client education and trust. The one who can effectively "translate" the complex world of cryptocurrencies into the language of familiar banking services will become the leader in this new "red ocean."