Russia's VTB Bank Prepares Digital Depository for Cryptocurrency and DFAs

VTB Bank is preparing to launch a digital depository in Russia for the storage and circulation of digital financial assets, including cryptocurrency. Andrey Yatskov, head of the brokerage services department at VTB Bank, stated that the bank plans to be among the first Russian players to offer clients the purchase and sale of cryptocurrency within a regulated infrastructure.

The digital depository will allow clients to buy or sell digital assets through a participant in the regulated infrastructure. Settlements for such transactions must follow the platform's rules and regulatory requirements. The relationship between DFA market participants should be based on the law regulating cryptocurrency, as well as rules for operators, crypto exchanges, and digital depositories.

VTB Bank is already registered as an information system operator issuing digital financial assets. For VTB My Investments clients, this framework may become a familiar way to work with new instruments, alongside securities, bonds, and other investment products already existing in the market.

T-Bank also announced plans to create a digital depository, which will include automatic market making and provide for the possibility of physical storage of cryptocurrency. The launch of a regulated crypto market is expected after the adoption of the law on cryptocurrency regulation, currently being considered by the State Duma.