VTB Bank to Become First Russian Bank Offering Spot Crypto Trading in 2026
VTB Bank, Russia's second-largest lender, plans to offer spot cryptocurrency trading to qualified investors starting in 2026, becoming the first bank in the country to provide such a service. Eligibility for this new offering will require investors to have portfolios exceeding $1.3 million or an annual income above $650,000, according to Andrey Yatskov, head of brokerage services at VTB.
The trading will involve direct, deliverable spot transactions for major cryptocurrencies such as Bitcoin and Ether. Currently, testing is underway for "superqualified" investors to ensure smooth implementation. This development follows the Bank of Russia's October decision to allow banks to operate in the crypto sector for the first time, paving the way for banks like VTB to enter the market.
Russia's use of cryptocurrency to bypass Western sanctions on oil trade with China and India has influenced this move, as oil and gas account for approximately 30% of Russia's federal market. Despite this institutional advancement, public adoption of crypto in Russia remains limited. Sources like Tass report about 20 million Russians using cryptocurrencies, yet officials do not anticipate widespread adoption among the general population.
This initiative aligns Russia with a global trend where other financial institutions, including Standard Chartered (for institutional clients), BBVA, Santander, Bank Frick, and DBS, have commenced spot crypto trading services.
