Top Russian Banker Calls For Crypto Legalization in a Regulatory Shift

The head of Russian banking giant VTB has called for accelerating cryptocurrency legalization, signaling growing institutional pressure to formalize the market. Speaking at a finance cybersecurity forum, VTB CEO Andrey Kostin said Russia should move quickly to create legal frameworks and exchanges. The push highlights increasing demand for regulated crypto use in trade and payments.

As it happens, Kostin said large exporters were actively asking for a legal way to settle transactions using digital assets. In the banker’s words, many clients want what he described as a “white” method of crypto payments, referring to officially sanctioned and regulated use, per an Interfax report on February 18.

He argued that crypto assets are unavoidable and should be integrated into the financial system rather than sidelined. As Kostin put it:

“We cannot get away from cryptocurrencies anyway. They must be brought into circulation as soon as possible.”

Crypto Seen as Tool for Trade and Financial Resilience

One of the main motivations behind the push is foreign trade settlement. Russian institutions have increasingly explored alternatives to traditional payment rails, especially as geopolitical tensions reshape global finance. Legalizing crypto transactions could provide exporters with new tools to move value across borders and reduce reliance on legacy systems.

Kostin also called for the creation of domestic crypto exchanges, suggesting that local infrastructure will be essential if Russia intends to bring the sector under regulatory control. Building internal platforms would allow authorities to monitor flows while giving businesses clearer compliance pathways.

He emphasized this point directly, saying:

“We have a very large number of clients, even large exporters, asking us to give them a ‘white’ method of payment in cryptocurrency. We need to create exchanges.”

The remarks follow earlier signals from Russian regulators acknowledging crypto’s economic role. In late 2025, central bank governor Elvira Nabiullina noted that crypto mining had become a factor influencing the ruble, though much of the activity remains difficult to track due to its opaque nature.

Taken together, the comments reflect a shifting tone among major Russian financial players. While the country has historically taken a cautious approach to digital assets, pressure from banks and exporters appears to be pushing the conversation toward legalization rather than restriction.

If policy momentum continues, Russia could move toward a more structured crypto market in the coming years. For global crypto watchers, the development underscores how digital assets are increasingly being viewed as tools for trade and financial sovereignty in an evolving geopolitical landscape.

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