VTB Bank, Russia’s second-largest lender, is gearing up to enter the regulated cryptocurrency trading market — but the service will remain exclusive to its wealthiest clients. Russian media reports say the bank plans to start pilot testing its spot crypto trading services in 2026, potentially becoming the first major bank in the country to take this step.
The rollout won’t be open to everyone. VTB said the pilot will be limited to qualified investors who meet Russia’s strict income or portfolio requirements. A small group of high-net-worth clients is already involved in early testing, and bank representatives made it clear that regular retail customers are unlikely to gain access anytime soon.
A Shift in Russia’s Crypto Landscape
The move highlights how Russia’s stance on digital assets has gradually shifted. Western sanctions have pushed the country to explore alternative payment rails, and officials have openly acknowledged that millions of Russians already use crypto — whether for everyday payments or simply storing value.
Crypto has even made its way into certain oil trades with China and India, according to reports, signaling that digital assets are playing a larger role in Russia’s international dealings. Senior officials at the Bank of Russia have also hinted that more traditional financial institutions will soon be allowed to operate within regulated crypto markets.
VTB Watching Global Banking Trends
VTB says growing client demand is driving its decision — and it doesn’t want to fall behind global competitors. Major banks around the world, including Standard Chartered, Santander, BBVA, and DBS, already offer cryptocurrency services to institutional or high-value customers.
While VTB did not disclose specific asset or valuation numbers, the institution remains one of the country’s most influential financial players. Its entry into the crypto sector, even in a limited form, could signal a new phase for Russia’s broader digital-asset strategy.
If the 2026 pilot succeeds, VTB may become a key testing ground for how regulated crypto markets could eventually operate in Russia — though for now, only the elite will have a seat at the table.
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