Sanctioned Russian VTB Bank plans to test spot crypto trading in 2026, opening it to high-net-worth clients

Russia’s second-largest bank, VTB, is planning to launch a regulated spot cryptocurrency trading service in 2026, targeting high-net-worth and qualified investors. This move marks the first official entry of a major Russian bank into the spot cryptocurrency market and indicates that Russia is accelerating the rollout of its digital asset regulatory framework under the pressure of international sanctions.

According to local media reports on December 3, VTB has already begun testing crypto trading services with select high-net-worth clients. The bank emphasized that in the future, the service will be limited to qualified investors who meet certain portfolio size or income criteria and will not be fully open to the general public. This initiative aims to provide a diversified asset allocation channel for a limited range of clients under controllable regulatory conditions.

In recent years, Russia has accelerated its adoption of cryptocurrencies under sanction pressures. Multiple government officials have noted that, despite regulators’ attempts to restrict crypto trading, millions of Russians are already using cryptocurrencies for payments, cross-border transfers, and savings. There are even reports that Russia has included cryptocurrency settlements in some oil trades with China and India, prompting a significant shift in the government’s stance toward digital assets.

The Central Bank of Russia has revealed that commercial banks will be approved to enter the cryptocurrency market in the future under strict supervision. VTB stated that client interest in crypto services is rising, reflecting the global financial market’s growing demand for crypto asset allocation. Although the bank did not disclose specific asset sizes or client numbers, its status as the country’s second-largest bank lends significant market relevance to its crypto service plans.

Internationally, several major banks—including Standard Chartered, Santander, BBVA, and DBS—are already developing crypto asset services. VTB’s participation signals that, amid geopolitical pressures and a reshaping financial system, cryptocurrency is becoming a new strategic direction for the Russian banking sector.

As the 2026 testing phase approaches, Russia’s crypto regulatory framework and bank participation models will become focal points of global attention in the crypto industry.