coindesk.com
VTB Bank, Russia's second-largest lender by assets, plans to start offering spot crypto trading to qualified investors next year, becoming the first institution in the country to allow clients direct, deliverable trading for major cryptocurrencies like bitcoin BTC$90,348.05 and ether ETH$3,094.05, according to Russian media outlet RBU.
The facility will be offered to investors with portfolios exceeding $1.3 million or an annual income of over $650,000, Andrey Yatskov, head of brokerage services at VTB, said in an interview with RBU.
“Preparations are already underway for testing by ‘superqualified’ investors, but it's clear that this status won't become widespread.” he said.
Russia, like Iran and Venezuela, has increasingly turned to crypto to bypass Western sanctions on its $192 billion-a-year oil trade with China and India in 2023 and 2024. Oil and gas accounts for 30% of Russia's federal market. Once strongly opposed to digital assetRussia Turns to Crypto to Bypass Western Sanctions in Oil Trade: Reuterss, which included a nationwide ban on crypto, the country began cozying up to virtual currencies as the U.S. and European Union began levying new rounds of increasing sanctions against the country in 2022.
Still, Yatskov dismissed speculation that the appetite for crypto would grow among the wider population.
"No, we don't expect that,” he responded.
According to an October report by news service Tass, Deputy Finance Minister Ivan Chebeskov said about 20 million Russians use crypto “for various purposes,” describing them as a reality the government must address rather than resist. The country has a population of about 146 million.
As a response to the increasing use of crypto, Vladimir Chistyukhin, first deputy governor of the Bank of Russia, said in October the regulator decided to allow banks to operate in the crypto sector for the first time.
VTB, which has a market value of nearly $250 billion and total assets exceeding $410 billion, said its clients’ interest in crypto assets is high, reflecting a global trend.
"Therefore, based on this position, we will also participate in the process," Yatskov said.
The bank joins a small cadre of lenders worldwide offering crypto trading to clients. Standard Chartered became the first global bank to offer spot bitcoin and ether trading for institutional clients in July. Spanish rivals BBVA and Santander also began providing spot crypto trading this year. Bank Frick, based in Liechtenstein, started offering clients access to several cryptocurrencies as far back as 2018. And DBS Bank of Singapore reportedly also offers the service.