VTB launches its own platform for digital financial assets: a new stage in the institutionalization of the market
The Bank of Russia has officially included VTB (PJSC) in the register of operators of information systems that issue digital financial assets (DFAs). The regulator also approved the internal operating rules of the state bank's information system. This decision, made on June 25, 2026, marks a strategic move by one of Russia's largest credit institutions to transition from a partnership model to full control over the issuance and circulation of digital assets.
Previously, VTB placed its DFA issues through the structure "VTB Capital Trading," which was included in the register of operators in December 2024. Now, the bank gains the ability to use its own technological capabilities. This is not merely a change of legal entity—it is vertical integration, allowing VTB to independently manage the entire chain of issuance, accounting, and circulation of digital assets, minimizing dependence on external infrastructure providers.
The DFA Market: From Pilots to Scaling
With the inclusion of VTB, the total number of operators in the Bank of Russia's register will reach 24. As of the regulator's latest data upload (June 24), it listed 23 participants, including "VTB Capital Trading." Thus, VTB becomes the 24th player in this market, but with a fundamentally different status—as a bank possessing its own licensed platform.
This decision underscores the growing maturity of the Russian DFA market. While the initial stage featured specialized fintech companies and subsidiary structures as the main operators, we are now witnessing the direct entry of systemically important banks. This not only increases trust in the instrument but also creates prerequisites for the emergence of large, liquid issues backed by the resources of the banking group.
Expert opinion: VTB's transition to its own platform is a clear signal to the market: digital financial assets are ceasing to be an experimental niche and are becoming a full-fledged tool for corporate finance. I expect that within the next 12-18 months, at least 2-3 more banks from the top 10 will follow this example, leading to a multiple increase in the volume of DFA issuance and the emergence of a truly competitive market.