"Russia's second-largest lender, VTB, is positioning itself to become the first major bank in the country to let customers trade bitcoin and crypto directly. Andrey Yatskov, head of VTB's brokerage arm, told Russian outlet RBC that client demand for "real" crypto - not just derivative products - is rising sharply. "As we see it, real cryptocurrency will be available for purchase via our brokerage accounts," he said, according to DLNews reporting."
"The move comes despite the fact that crypto trading remains unregulated in Russia. For now, banks can only offer crypto-linked derivatives, a permission granted earlier this year to VTB, rival Sberbank, and the Moscow Exchange. But momentum in Moscow has turned. After years of pushing for a full ban, the central bank has recently signaled it is ready to regulate crypto instead, reflecting mounting pressure from lawmakers, ministries, and businesses eager for a legal framework - and tax revenue."
VTB intends to enable direct purchase and trading of bitcoin and other cryptocurrencies through brokerage accounts as client demand for "real" crypto grows. Banks in Russia currently can only offer crypto-linked derivatives, but regulators are shifting from pursuing a full ban toward establishing rules and oversight. VTB plans to pilot services with "super-qualified" clients holding over $1.3 million in assets or earning above $649,000, and expects wider permission as rules are clarified. Commercial banks aim to serve as licensed crypto brokers and depositories. Crypto adoption is expanding across payments and mining, with full services targeted by 2026.
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