VTB Bank, Russia's second-largest financial institution, has announced plans to introduce spot cryptocurrency trading for qualified, high-net-worth investors starting in 2026. This initiative marks a significant step in Russia's gradual move toward regulated digital asset access, positioning VTB among a select group of global banks offering direct crypto exposure.
The pilot program will be strictly limited to "superqualified" clients meeting stringent eligibility criteria. According to Andrey Yatskov, VTB's head of brokerage services, investors must hold portfolios valued above $1.3 million or demonstrate an annual income exceeding $650,000. Yatskov confirmed that testing is already underway with a small group of customers and that retail availability is not anticipated under Russia's current regulatory direction.
The move is unfolding as Russian regulators develop a formal framework to authorize cryptocurrency brokers, custodians, and intermediaries. "Such regulation will definitely increase the transparency of this market," Yatskov commented at the "Russia Calling!" forum, adding that VTB expects to participate if final rules align with its infrastructure, with brokerage-based access likely forming the foundation for compliant trading.
This development is partly driven by Western sanctions, which have limited Russia's access to the international financial system. Reports indicate cryptocurrency has been used in segments of Russia's oil trade with China and India. Deputy Finance Minister Ivan Chebeskov estimated in October that roughly 20 million Russians use crypto in some capacity, prompting the Bank of Russia to permit banks to operate in the sector.
VTB, with a market value nearing $250 billion and assets over $410 billion, cites growing client demand mirroring global trends. The bank joins international peers like Standard Chartered, BBVA, Santander, and DBS Bank, which have launched similar institutional crypto services in recent years.
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