Banking spreads on cryptocurrency in Russia: why high fees are a temporary phenomenon
The Russian market for bank cryptocurrency operations is only beginning to take shape, and its first steps will be accompanied by inflated spreads. However, as my analysis of market mechanisms shows, no player will be able to maintain a markup of 5–7% or higher on a competitive field. It is a matter of time and the emergence of a sufficient number of participants.
At the start, banks are forced to factor significant costs into the price for the client: the cost of liquidity, compliance procedures, risk hedging, and the creation of new infrastructure. In certain products, the markup may reach several basis points, which will deter retail consumers but will be justified for those seeking a regulated framework instead of gray schemes.
The fair price formula
The key factor that will determine the final spread is not bank greed, but the cost structure. I see that the price will be composed of the global value of the crypto asset, liquidity costs, hedging, and the specific bank's infrastructure. At the same time, the regulator, represented by the Bank of Russia, will focus on access rules and the composition of participants, rather than on directive quotations. This means we will see a wide price range between different banks, especially at the initial stage.
Within a single bank, the spread will depend on the number of active product users, the volume of real client liquidity, and the cost of funding on the balance sheet. The legal structure and IT infrastructure take a back seat—they merely support the core economics.
The outcome of the competitive struggle
The one who wins the race for the client will be the one with the larger marketing budget and a greater willingness to take risks for the sake of dominance in the new economy. I predict that the pricing mechanism will resemble the currency market, rather than a product with an administratively set tariff. The more liquidity providers and banks enter the market, the faster prices will approach market levels.
The mass client today is not ready to overpay just for the word "bank." The stress level of the retail audience since 2022 has taught users to seek value, and they are willing to accept many scenarios except one—an unjustifiably high cost of service. The picture is different for wealthy clients: with an average ticket of 3–5 million rubles, they are willing to pay for speed, transparency, and the absence of problems. The only question is who they will entrust their funds to—their own accountant or a Russian bank. The answer, in my view, is obvious.
My conclusion: the market will quickly arrive at adequate spreads once competition becomes real. Banks that bet on long-term relationships with large capital, rather than on short-term margins, will gain a strategic advantage.