VTB Bank, the second-largest lender in Russia by assets, is set to launch spot crypto trading for qualified investors next year. This will make it the first bank in the country to enable clients to engage in direct, deliverable trades for key cryptocurrencies like bitcoin and ether as reported by Russian media outlet RBU.
The service will be available to investors with portfolios exceeding $1.3 million or an annual income of over $650,000, according to Andrey Yatskov, head of brokerage services at VTB, who spoke in an interview with RBU.
“We are already preparing for testing by ‘superqualified’ investors, but it’s clear this status won’t be widespread.” he stated.
In 2023 and 2024, Russia, similar to Iran and Venezuela, has increasingly adopted crypto to evade Western sanctions on its $192 billion annual oil trade with China and India. Oil and gas constitute 30% of Russia’s federal market. Once opposed to digital assets, including a nationwide ban on crypto, the country has shifted its stance as the U.S. and European Union enforced new sanctions in 2022.
Despite this, Yatskov downplayed any expectations of growing crypto interest among the general population.
“No, we don’t anticipate that,” he replied.
A recent report from news service Tass indicated that Deputy Finance Minister Ivan Chebeskov noted around 20 million Russians use crypto “for various purposes,” acknowledging it as a reality the government must confront rather than resist. With a total population of about 146 million, this figure is significant.
In response to the rising use of crypto, Vladimir Chistyukhin, first deputy governor of the Bank of Russia, stated in October that the regulator has permitted banks to engage in the crypto sector for the first time.
VTB, boasting a market value nearing $250 billion and total assets over $410 billion, reported a high client interest in crypto assets, mirroring a global trend.
“Therefore, considering this position, we will also partake in this process,” Yatskov commented.
The bank joins a select group of financial institutions worldwide that offer crypto trading. Standard Chartered was the first global bank to provide spot bitcoin and ether trading for institutional clients in July. Additionally, Spanish banks BBVA and Santander have begun offering spot crypto trading this year. Bank Frick in Liechtenstein has been facilitating access to various cryptocurrencies since 2018, and DBS Bank in Singapore reportedly provides the same service.
