Russia's Largest Bank Explores Lending with Crypto Collateral

Summary:
Sberbank, Russia’s largest bank, is investigating the possibility of launching lending services backed by cryptocurrency as the nation’s financial landscape shifts towards digital assets ahead of a regulatory deadline in mid-2026. The bank is looking to expand its offerings beyond trading into collateralized finance and is eager to work with regulators to create the necessary infrastructure for these services.

Key Takeaways

Sberbank's Initiative: The bank is considering crypto-collateralized lending as part of its digital asset strategy.
Regulatory Support: Sberbank is ready to collaborate with regulators to develop the necessary infrastructure.
Market Growth: Russia has become Europe's largest crypto market by transaction volume.
Investment Landscape: New regulations differentiate between qualified and non-qualified investors in the crypto market.
Mining and Economy: Crypto mining is gaining recognition in Russia as a significant economic activity.

Russia's Largest Bank Considers Launching Crypto-Collateral Lending

Sberbank's Prospective Crypto-Collateral Lending

Sberbank is assessing the feasibility of lending secured by cryptocurrencies as the financial sector in Russia accelerates its embrace of digital assets, gearing up for a regulatory deadline set for mid-2026. Deputy Chairman Anatoly Popov communicated to TASS that the bank is eager to collaborate with regulators to establish the infrastructure necessary for these services, which could enhance Russia's crypto ecosystem from mere trading to embedding collateralized finance.

Popov expressed hope, stating, "I hope we will be able to announce such deals soon," clarifying that the timeline hinges on the regulatory framework, which is still developing.

Sberbank Crypto Lending - Sber Anatoly Popov image

Exchanges Gear Up for Regulated Crypto Trading

Recently, the Moscow Exchange and St. Petersburg Exchange announced their readiness to initiate regulated crypto trading once the forthcoming legislative framework is implemented by July 1, 2026. These announcements came after the Bank of Russia released a regulatory concept that lays out a timeline and enforcement details for crypto legislation.

The Moscow Exchange highlighted that it is "actively working on solutions to service the cryptocurrency market," while the St. Petersburg Exchange confirmed the availability of necessary technological infrastructure for trading and settlements.

The new regulatory framework delineates market access, differentiating between qualified and non-qualified investors. Non-qualified individuals can only purchase liquid cryptocurrencies from pre-defined lists, subject to mandatory knowledge tests and an annual purchase cap of 300,000 rubles via a single intermediary. In contrast, qualified investors face no such restrictions but must prove their understanding of crypto risks. They are, however, prohibited from acquiring anonymous tokens that obscure transaction data.

Anatoly Aksakov, Chairman of the State Duma Committee, reiterated that cryptocurrencies "will never become money within our country," and will solely serve as investment instruments, with all domestic transactions required to occur in rubles.

Evolution of Policy Due to Rising Transaction Volumes

Between July 2024 and June 2025, Russia reported $376.3 billion in crypto transaction receipts, outpacing the UK's $273.2 billion and establishing itself as the largest crypto market in Europe by transaction volume. Transfers exceeding $10 million surged by 86% in this period, nearly double the 44% increase seen across Europe as a whole.

DeFi activities also experienced significant growth, soaring eightfold in early 2025 before stabilizing at three and a half times the mid-2023 baseline. This surge in activity is largely attributed to A7A5, a stablecoin pegged to the ruble, which has reached a market capitalization exceeding $500 million despite sanctions from the West, making it the largest non-dollar stablecoin globally.

Maxim Oreshkin, a senior official in the Kremlin, has recently suggested that crypto mining in Russia should be categorized as an export activity, as the mined digital assets are primarily sold abroad. Reports indicate that Russia generates tens of thousands of Bitcoins yearly, earning roughly 1 billion rubles daily while contributing over 16% of the global hashrate during the summer months.

Governor of the Central Bank, Elvira Nabiullina, also highlighted that crypto mining is vital for the ruble's stability, but she noted it can be challenging to quantify the exact impact due to the industry's significant operational gray areas.

Illegal mining activities result in substantial losses for Russia, costing billions annually in stolen electricity and unpaid taxes. A new law enacted on November 1, 2024, mandates that legal entities must register with the Federal Tax Service to avoid penalties.

Sberbank's Digital Asset Efforts Ahead of 2026

Sberbank has already initiated regulated crypto-linked investments totaling 1.5 billion rubles, featuring structured bonds and digital assets tied to Bitcoin, Ethereum, and broader crypto portfolios. The bank launched blockchain-based tokens that track global cocoa prices in March and is continuously building proprietary blockchain platforms to support smart contracts and tokenization tools for corporate clients. Each of these tokens reflects 1 kilogram of cocoa and is available to qualified investors for up to four months.

Deputy Chairman Popov confirmed an "active dialogue" with the Bank of Russia regarding the integration of crypto services within regulated frameworks, positioning Sberbank as a potential liquidity provider and market maker on regulated platforms. The outlined regulatory timeline expects legislative frameworks to be established by July 1, 2026, with penalties for illegal crypto intermediary activities beginning on July 1, 2027.