VTB Pushes to Open Russia’s First Bank-Run Bitcoin Trading Desk as Kremlin Moves to Classify Mining as an Export

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VTB Pushes to Open Russia’s First Bank-Run Bitcoin Trading Desk as Kremlin Moves to Classify Mining as an Export

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 plans to test its trading platform with “super-qualified clients,” those holding over $1.3 million in assets or earning more than $649,000 a year. 

The bank expects broader permission as regulators ease restrictions, a shift the central bank’s first deputy governor called a “strategic response to sanctions regimes.”

Commercial banks now see themselves playing a central role in a future market of licensed crypto brokers and depositories. 

Yatskov said clear rules would “definitely boost” transparency and confirmed VTB intends to participate once regulations are finalized.

Crypto is already finding new footholds in Russia, from cross-border payments to a rapidly expanding industrial mining sector. 

With the tide turning, VTB aims to launch full crypto trading services as early as 2026. Earlier this year, the Bank of Russia reportedly started allowing domestic banks to conduct limited crypto operations under tight regulatory oversight.

“We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its assets,” First Deputy Chairman Vladimir Chistyukhin said at the time.

Kremlin adviser pushes to classify crypto mining as an export in Russia’s trade accounts

In the meantime, a senior Kremlin official is saying that Russia should treat crypto mining as a formal export sector, arguing that large volumes of mined Bitcoin effectively leave the country’s economy even without crossing a physical border.

Speaking at the ‘Russia Calling!’ investment forum, Maxim Oreshkin — Deputy Chief of Staff to President Vladimir Putin — said crypto flows are “enormous” yet absent from official statistics, despite influencing the foreign-exchange market and Russia’s balance of payments.

Russia legalized industrial crypto mining in 2024, and Oreshkin described the sector as a “new and undervalued export item” that the state fails to properly measure. 

Because Russian firms increasingly settle import bills with cryptocurrency, he said, those transactions should be counted in the nation’s trade and currency calculations.

Industry executives say the scale justifies the shift. Via Numeri Group CEO Oleg Ogienko estimates Russian miners will produce “tens of thousands” of BTC this year. Sergey Bezdelov, head of the Industrial Mining Association, put output at roughly 55,000 BTC in 2023 and around 35,000 BTC in 2024 following Bitcoin’s halving.

Regulators have tightened oversight as the sector expands. Companies and sole proprietors must register with the Federal Tax Service, hosting providers are tracked in a dedicated registry, and miners face corporate tax rates as high as 25%. 

Household miners remain exempt from registration only if their power consumption stays under 6,000 kWh per month.

The push to formalize the industry comes as authorities crack down on illegal operations that siphon electricity and evade taxes — losses officials say run into the millions. But with Russia now the world’s No. 2 Bitcoin-mining nation, pressure is mounting for Moscow to integrate the fast-growing sector into its national accounts.

This post VTB Pushes to Open Russia’s First Bank-Run Bitcoin Trading Desk as Kremlin Moves to Classify Mining as an Export first appeared on Bitcoin Magazine and is written by Micah Zimmerman.