Banking spreads on cryptocurrency in Russia: why high fees are a temporary phenomenon
The entry of Russian banks into the cryptocurrency operations market will inevitably lead to a restructuring of pricing. At the initial stage, spreads will be noticeably higher than on classic crypto exchanges, but maintaining a markup of 5–7% or more in a competitive market will not be possible. This is a matter of time and the number of participants.
The key factor determining the price for the client is not so much the bank's desire to earn, but the real cost of liquidity, the client's own willingness to pay for a regulated framework, and the difference compared to familiar fiat transfer channels. It is these costs that will be built into the final margin.
Why spreads will be high at first
At the start, banks will have to compensate for significant costs: building infrastructure, ensuring compliance, hedging risks, and maintaining liquidity on their balance sheets. In certain products, the markup could reach several basis points of the asset's value. However, I do not see the prerequisites for sustainable spreads at the level of 5–7% — as soon as several major players enter the market, margins will begin to compress fairly quickly.
It is important to understand: the spread is formed by the market, not the regulator. The final price will consist of the global price of the crypto asset, the cost of liquidity, hedging and infrastructure, plus the margin of a specific bank. The Bank of Russia will regulate primarily the rules of access, the composition of participants, and the infrastructure, but will in no way set specific buy and sell quotes. Therefore, markups may vary significantly across different banks.
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 the bank's own liquidity, which will need to be maintained in significant volumes. Infrastructure and the legal structure are secondary factors.
Who will win the competition for the client
Victory will go to those with a larger marketing budget and a higher willingness to take risks for a dominant position in the new economy. This is not only about qualified investors.
The more liquidity providers there are and the higher the competition among banks, the closer prices will be to market levels. The mechanism here resembles the currency market, not a product with an administratively set tariff. The mass client is currently not ready to pay for the word "bank" itself — this is linked to the high level of stress among the retail audience since 2022. The Russian user is willing to accept many scenarios to meet their need, but not an unjustifiably high cost of service.
The picture is completely different for affluent clients. Large capital continues to move between countries, and with an average transaction of 3–5 million rubles, a person is willing to pay for speed, transparency, and the absence of problems. Which such a client will prefer — their own accountant or a Russian bank — is a rhetorical question.
My conclusion: the banking segment of cryptocurrency operations in Russia faces a rapid cooling of margins. The first players will be able to earn on unmet demand, but the long-term advantage will go to those who build an efficient liquidity model and can offer the client a fair price. The market will inevitably move toward compressing spreads to a level comparable with international standards.