VTB Pushes to Open Russia’s First Bank-Run Bitcoin Trading Desk as Kremlin Moves to Classify Mining as an Export
Russia's VTB bank plans to launch the country's first bank-run Bitcoin trading desk, while a Kremlin adviser suggests classifying crypto mining as an export.Summary
Russia's second-largest lender, VTB, intends to become the first major bank to allow clients to trade 'real' cryptocurrency, not just derivatives, via brokerage accounts, potentially launching services as early as 2026 for qualified clients. This development aligns with a broader shift in Moscow, where the central bank is moving toward regulating crypto rather than banning it, partly as a strategic response to sanctions. Concurrently, Maxim Oreshkin, Deputy Chief of Staff to President Putin, proposed classifying crypto mining as a formal export sector. Oreshkin argued that the enormous volume of mined Bitcoin leaving the country's economy should be counted in official trade and balance of payments statistics, recognizing mining as an undervalued export item, especially as Russia is the world's second-largest Bitcoin mining nation.
(Source：Bitcoin Magazine)