Russia’s state-owned lender VTB is preparing to offer direct trading of Bitcoin and other cryptocurrencies.
This development signals a significant shift in the country’s financial landscape as regulators move toward a more flexible approach to digital assets.
Bank Plans Direct Access to Digital Tokens
VTB aims to become the first major Russian bank to enable clients to buy actual cryptocurrencies through their brokerage accounts.
Speaking to the local media outlet RBC, Andrey Yatskov, head of the bank’s brokerage services, stated that customers increasingly prefer direct access to crypto rather than derivatives.
“Demand for Bitcoin and other digital assets has grown steadily,” he noted. Consequently, the bank is speeding up the development of its trading infrastructure.
The new service will allow clients to trade cryptocurrencies through VTB’s existing mobile and online platforms. This would expand the bank’s current offerings, which include only crypto derivatives approved by the central bank.
Pilot Program for High-Net-Worth Investors
Initially, the platform will be tested with “super-qualified clients,” a regulatory category that includes wealthy investors with sizable portfolios or high annual incomes.
Since these clients already meet strict requirements for trading complex financial products, Yatskov said the pilot phase will help refine operational processes and gather feedback to shape the final platform while ensuring compliance with evolving rules.
Regulatory Resistance Eases
The move comes as Russia’s central bank softens its long-standing opposition to cryptocurrency trading. Although concerns were reiterated as recently as March, regulators have gradually warmed to the idea of clear rules rather than an outright ban, encouraged by lawmakers, ministries, and major companies.
Officials recognize the global rise in cryptocurrency adoption. The central bank has already permitted limited crypto activity through a regulatory sandbox, signaling a shift toward more flexible oversight.
Sanctions Influence Policy Debate
Russia’s geopolitical environment is also influencing the policy debate. For instance, earlier this week, First Deputy Governor Vladimir Chistyukhin said that the central bank is considering easing restrictions as part of a broader strategy to manage the impact of Western sanctions.
Furthermore, many Russian companies are already using digital assets for cross-border transactions, adding pressure for a formal regulatory framework. Meanwhile, the country’s industrial Bitcoin mining sector continues to expand, making strict prohibitions increasingly difficult to justify.
Commercial banks now anticipate playing a key role once new rules are in place. Yatskov said regulation would improve market transparency and help establish trusted providers. He believes banks will serve as licensed brokers and custodians for digital assets under the emerging framework.
He added that VTB already has the infrastructure and client interest needed to participate. Based on recent signals from the central bank, he expects commercial lenders to become central players in Russia’s crypto market as it transitions toward a regulated system.
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