Russia’s second-largest bank, VTB, is preparing to launch the country’s first bank-operated Bitcoin and cryptocurrency trading desk, enabling direct buying and selling of digital currencies. The head of VTB’s brokerage division noted a significant rise in genuine demand for cryptocurrencies among customers, prompting the bank to offer brokerage accounts for purchasing actual cryptocurrencies. Currently, cryptocurrency trading in Russia remains unregulated, with banks only able to provide crypto-related derivative products. However, efforts are underway to bring this sector under legal regulation following new central bank policies. VTB and other major financial institutions aim to play a key role in the emerging crypto market. Initially, VTB plans to trial this service with “super qualified clients” who meet certain asset or income thresholds. Legal recognition and regulation of cryptocurrencies are expected to increase market transparency and create new opportunities within the financial sector. Meanwhile, the Russian government is considering recognizing crypto mining as a significant export industry. A senior Kremlin advisor stated that Bitcoin mining revenues, which currently flow out of the country, should be accounted for in official trade statistics. Russia has granted legal status to industrial-scale crypto mining and has increased taxation and regulatory oversight to curb illicit activities. Ranking second worldwide in Bitcoin mining, Russia’s rapidly growing sector is driving shifts in government strategy. These measures aim to modernize the financial system and strengthen the legal and economic standing of cryptocurrencies.
Source: bitcoinmagazine
