Cryptocurrency in banking apps may become a familiar way for Russian retail clients to purchase digital assets: banks are preparing to provide access to cryptocurrency and digital financial assets without turning to exchangers.
Market participants hardly argue about the direction: banking services for buying digital assets will most likely appear. The main questions remain the same: when will this start working, in what format will banks launch products, and will they be able to win over the audience from gray exchangers.
- Russian banks are considering launching services for buying cryptocurrency and digital financial assets.
- Experts differ in their assessments of how quickly banks will be able to squeeze out the gray market.
- New regulation may open retail access to digital assets through banks, while exchangers may face licensing and liability for operating outside the legal framework.
What Retail Clients Will Be Able to Buy
The most cautious scenario is described by Yaroslav Kabakov, Strategy Director at Finam. He believes that access to digital assets through banking apps will indeed appear, but at the first stage, the main focus will most likely be on digital financial assets. Direct purchase of classic cryptocurrency remains a more complex issue due to strict regulatory and compliance requirements.
Roman Nosov from BCS World of Investments suggests waiting for the final version of the cryptocurrency bill. The initiative, which should open retail access to cryptocurrency and digital financial assets, comes from the Bank of Russia. The document is expected to be adopted in the second reading by the end of July. For banks, this means moving from individual plans to clear launch rules, and for clients — the emergence of a legal channel for accessing digital assets.
Fyodor Ivanov, Head of Analytics at SHARD operator, also expects that private investors will get long-awaited access to digital assets. His assessment is based on the current version of the document published on the State Duma website.
What Services May Appear in Apps
The basic scenario for retail clients is the purchase of digital financial assets and, with softer regulation, certain cryptocurrency instruments. The lineup may then expand: sales, storage, transfers, investment products, and custodial services.
Banks may gain additional value from functions familiar to clients: analytics, automation of operations, and linking digital assets to other financial products. But the speed of such expansion will depend on the final version of the bill, compliance requirements, and the readiness of banking infrastructure.
What Restrictions Are Possible
At launch, the most likely format is a cautious one: mandatory client identification, transaction limits, and a limited set of operations. For some products, access may be limited to purchase or investment without free withdrawal of the asset outside the banking perimeter.
This model reduces risks for banks and the regulator but makes the service less flexible for experienced market participants. That is why some traders may continue to use exchanges and decentralized protocols if they value a wide selection of instruments and access to global liquidity.
Technology and Security of Operations
For a full-fledged launch, banks will need more than just convenient buttons in the app. Such services may be based on API integrations with blockchain, custodial solutions for asset storage, smart contracts, and KYC/AML tools for client and transaction verification.
Security will be built around familiar banking practices and the specifics of digital assets: two-factor authentication, control over access to private keys, transaction monitoring, anti-fraud systems, and protection of client data. The clearer this part is for the user, the higher the chance that banking apps will be able to compete with exchangers in the mass segment.
For Whom Banks Will Become a Convenient Entry Point
Alexander Nam from MTS Fintech suggests looking at the future audience not as a single market, but as two different groups. The first is beginners, for whom simplicity, a clear interface, and a sense of security are important. For them, the banking app may become the most comfortable way to get acquainted with digital currencies: everything happens in a familiar environment, faster and without unnecessary technical steps.
Such a user does not need to figure out crypto wallets, private keys, and seed phrases on their own. They are already used to the banking app, trust the bank brand, and understand how basic financial operations work. This is where banks have a strong advantage over exchangers.
The second group is experienced investors and traders. They usually prefer to work directly with exchanges and decentralized protocols. For them, liquidity, fees, a favorable rate, and access to global markets are most important. In this segment, it will be more difficult for banks to compete, especially if clients retain access to international infrastructure.
How the Two Groups of Clients Differ
- Beginners: key needs — security, a clear banking interface, and minimal technical complexity; the advantage of the banking app is a familiar environment and no need to work with private keys and seed phrases.
- Experienced market participants: key needs — anonymity, low costs, and access to large international liquidity pools; the advantage of the banking app is weaker for them because exchanges and decentralized protocols are more important.
Which Banks Will Launch New Services Faster
According to Alexander Nam, the starting conditions for market players are generally comparable. However, large banks with developed brokerage infrastructure will be able to scale new products faster. Their advantage is a large client base, brand recognition, and established distribution channels.
At the same time, banks have a weak spot: they lack deep expertise in blockchain technologies. To launch a full-fledged service, it is not enough to simply add a digital asset purchase button to the app. Technical solutions, risk management, transaction control, and a clear model for working with clients are needed.
Fyodor Ivanov notes that the country’s largest financial organizations have already announced plans to launch cryptocurrency services. After clear rules appear, regional banks may also join this direction. For them, such products will be an opportunity to expand their range of services and receive additional income. For now, the main restraining factor is regulatory uncertainty.
What Will Happen to Gray Exchangers
Yaroslav Kabakov believes that banking products will be able to significantly reduce the share of the shadow market. But it will not be possible to completely remove gray exchangers from the market, in his opinion.
Alexander Nam holds a similar position. If banks offer the mass client a convenient, understandable, and profitable service, illegal exchange points will lose part of their audience. This will primarily affect beginners and those who do not want to take risks when working with unverified platforms.
However, professional market participants are unlikely to completely switch to banking apps. For them, anonymity, flexibility, a wider selection of instruments, and access to global liquidity may still be important.
Fyodor Ivanov draws attention to the legal side of the reform. After the law comes into force, the operation of unlicensed exchange points will become grounds for administrative and criminal liability. At the same time, the bill provides for the issuance of special licenses. This means that large exchangers will be able to move into the legal field, although they will have to compete not only with each other but also with banks.
The Main Outcome for the Market
Experts agree on one thing: retail access to digital assets through banking apps is becoming an increasingly likely scenario after the adoption of the cryptocurrency bill. Roman Nosov expects significant changes by the end of July.
At the same time, the launch format may turn out to be more cautious than some investors expect. Yaroslav Kabakov assumes that banks will first focus on digital financial assets rather than direct sales of classic cryptocurrency. Alexander Nam emphasizes that much will depend on the type of client: for beginners, banks will be able to replace exchangers, but it will be much more difficult to lure experienced traders.
The most likely scenario looks gradual: first, banks launch limited products for the mass client, then expand the range of operations as rules become clearer, compliance is set up, and technological expertise accumulates. For the market, this may mean a gradual flow of part of the audience from the gray segment to legal banking channels.
Experts see the main barriers differently. Yaroslav Kabakov and Fyodor Ivanov primarily mention regulatory risks. Alexander Nam highlights the lack of specialists with strong blockchain expertise. Added to this are technological, market, and operational risks: infrastructure failures, cyberattacks, asset volatility, errors in key storage, and difficulties in controlling suspicious operations. But the general conclusion remains the same: banks can seriously squeeze the gray market in the mass segment, although it is unlikely that illegal exchangers will be completely eliminated.
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