Interview: Clear Junction’s Dima Kats on why banks are finally embracing digital assets

The way banks approach digital assets has shifted noticeably, even over the past 12 months. What was once handled cautiously, or avoided altogether, is now being discussed more openly – including by the people responsible for actually building payments and banking services.
RBI spoke to Dima Kats, Group Executive Chair and Founder of Clear Junction, a global provider of cross-border payments and banking infrastructure, which has been working with digital asset businesses for over half a decade. RBI asked him about what’s driving that change and what it means in practice.

RBI: You’ve been working in this space for years. How would you describe how banks’ attitudes towards digital assets have changed?

Dima Kats, Group Executive Chair and Founder of Clear Junction:

For a long time, banks kept their distance. Even when they were interested, they preferred to stay in the background, since there was a real reputational concern around being associated with ‘crypto’. But that’s definitely changed now.

I could see that quite clearly at an industry event I recently attended in London. Immediately the presence and openness of tier-one banks stood out. We’re talking about major global institutions not just attending but actively participating in panel discussions about digital assets. Just a few years ago, these same institutions were either absent or keeping a very low profile.

You’d hear stories of representatives attending unofficially – no company branding, no business cards… perhaps a pair of sunglasses and a baseball cap for disguise. Even being seen at these events was seen as something to avoid.

We experienced this firsthand at Clear Junction. When we began supporting crypto businesses six or seven years ago, it wasn’t just about managing financial crime risk; we had to carefully manage reputational risk. Simply being associated with the sector could deter potential banking partners.

Fast forward to today, and those same institutions are not only present – they’re the ones leading the conversation. They’re openly discussing blockchain, tokenisation and stablecoins. And importantly, it’s not just the “innovation leads” or “digital evangelists” attending, it’s operators. These are the people responsible for building and delivering services. It’s a really meaningful change in how the banking industry sees digital assets. 

RBI: What’s driving this shift?

Dima Kats:

Regulation is playing a central role in this changing attitude. Developments like MiCA in Europe and the US GENIUS Act have created a level of clarity that simply didn’t exist before. Even though these frameworks are still evolving, they provide enough structure for banks to begin acting more confidently. 

There’s also competitive pressure. The UK, for example, is very aware that it needs to keep pace with both the EU and the US. That pressure is translating into more defined timelines for crypto regulation and licensing. 

From a strategic perspective, banks can’t ignore this space – they need to understand it, engage with it, and decide where they fit.

RBI: Are banks fully embracing cryptocurrency?

Dima Kats:

Not quite, and it’s important to be precise here. What banks are really interested in is not necessarily “crypto” in the broad sense, and certainly not speculative assets like Bitcoin. The focus is much more on tokenisation of real-world assets, blockchain infrastructure, stablecoins, and settlement efficiency. 

Tokenisation, in particular, is very high on the agenda. It offers clear, practical benefits – especially when it comes to improving speed and efficiency in financial markets. For example, there’s a strong push toward reducing settlement times – from T+2 to T+1 or even T+0 – and blockchain-based systems can help make that a reality. 

So, while “crypto” as a term is still broad and sometimes misunderstood, the underlying technologies are being taken very seriously in the banking world today.

RBI: Where does the UK stand in all of this?

Dima Kats:

The UK is actually in a strong position, particularly from a regulatory perspective. Unlike the EU, which must coordinate across multiple jurisdictions, or the US, which operates with both federal and state-level regulators, the UK benefits from having a single primary regulator in the FCA. 

That creates an opportunity for more streamlined and consistent regulation. There’s also a chance for the UK to learn from challenges seen elsewhere – particularly around regulatory fragmentation – and build a more efficient framework. The key will be in our execution.

RBI: How quickly will this transformation happen?

Dima Kats:

Very slowly, and that’s by design. Banks are inherently conservative institutions. They’ve been built to prioritise stability, resilience, and trust. That means change doesn’t happen overnight. Think of it like turning a large ship; it takes time to change direction.

What’s important is that the direction has now been set. Digital assets and tokenisation are no longer experimental side projects – they’re part of long-term strategic plans, with dedicated teams and defined responsibilities. That doesn’t mean we’ll see immediate, large-scale adoption, but it does mean the trajectory is clear.

RBI: So, what’s the bottom line?

Dima Kats:

The industry hasn’t suddenly transformed, but it has crossed an important threshold: from discussion and theory to actual implementation. It’s structured, deliberate progress led by institutions that are known for moving carefully. It won’t happen quickly. But the direction is clear now, and these institutions don’t change course lightly.

Dima Kats, Group Executive Chair and Founder of Clear Junction