Russia's VTB Bank to Offer Bitcoin and Ethereum in 2025

Russia's second-largest bank, VTB, is preparing to offer a direct Bitcoin (BTC) and Ethereum (ETH) trading spot crypto service solely for high-quality investors by 2025. This move marks a first in the Russian financial sector. VTB plans to roll out direct delivery-based spot crypto trading next year, and this service will only be available to investors who meet specific criteria.

The Head of VTB Brokerage Services, Andrey Yatskov, stated that to benefit from the service, investors must have a portfolio of at least 1.3 million dollars or an annual income exceeding 650 thousand dollars. Yatskov emphasized that the testing process will be conducted with "super-qualified" investors, noting that this status is not expected to be widely available.

Russia's stance on crypto has shifted significantly in recent years. In the face of heavy sanctions imposed by the U.S. and Europe, the country is increasingly turning to crypto assets, particularly in its annual 192 billion dollars oil trade with China and India. The government, which had previously imposed almost a complete ban on crypto, began to adopt a warmer approach towards digital assets after the sanctions increased post-2022.

Russia's Deputy Finance Minister Ivan Chebeskov stated in October that approximately 20 million people in the country are using crypto for various reasons, stressing that this has become an undeniable reality. The Bank of Russia announced that, citing the growing interest, it would permit banks to operate in the crypto sector.

VTB, with over 410 billion dollars in assets and nearly 250 billion dollars in market value, is one of the largest financial institutions in Russia. The bank's management noted that customer demand for crypto aligns strongly with global trends. As one of the limited number of global banks taking steps in this area, VTB is becoming an important part of the transformation in the sector.

Similar moves are gaining momentum worldwide; for example, Standard Chartered became the first major bank to offer spot Bitcoin and Ethereum trading to corporate clients in July. BBVA and Santander have also rolled out similar services, while Bank Frick, based in Liechtenstein, has provided access to various crypto assets since 2018. DBS Bank is also a significant bank offering spot crypto access to institutions in Singapore.

VTB's move is seen as an important sign of the transformation in Russia's approach to crypto and the acceleration of integration with digital assets in the global financial world.