Sberbank, Russia’s largest bank and majority-owned by the government, plans to accept bitcoin, ether and tether as collateral for loans once the country’s new cryptocurrency regulations come fully into force.
Anatoly Popov, deputy chairman of Sberbank’s management board, outlined the plans in an interview with TASS on 28 August, ahead of the Eastern Economic Forum.
The proposed expansion will build on Sberbank’s existing pilot programme for loans secured against digital assets. The bank intends to adjust its current products to comply with the new legal framework before gradually widening its cryptocurrency-related services.
Popov said Sberbank’s practical experience with digital assets had helped prepare it for the regulatory changes. Crypto-backed lending is among the products the bank expects to develop further after all relevant provisions of the new rules have taken effect.
Bitcoin, ether and tether are included on Sberbank’s planned list of acceptable collateral. The bank could expand that list in future, once the full regulatory framework is operational.
Sberbank issued its first crypto-backed loan in December 2025 to Intelion, a Russian industrial cryptocurrency mining company. The transaction formed part of a controlled pilot and was designed to test the use of digital assets as security for borrowing.
The loan was processed through Sberbank’s internal systems, with the Rutoken hardware platform used to receive the pledged cryptocurrency. Neither the amount borrowed nor the type and quantity of digital assets provided as collateral were disclosed.
Crypto-backed lending allows an asset holder to raise finance without selling the cryptocurrency. Ownership can be retained as long as the borrower meets the agreed collateral requirements. If the borrower defaults, or if the value of the assets falls below the required level, the lender can claim or liquidate the collateral under the terms of the agreement.
Sberbank has previously said such products could be useful to mining companies and other businesses that keep digital assets in their reserves.
The Bank of Russia identified bitcoin (BTC), ether (ETH) and stablecoin tether (USDT) as cryptocurrencies that could be eligible for public exchange trading under proposed rules published on 11 August. Its criteria included market capitalisation, daily trading volume and a price history of at least five years on foreign trading venues.
Under the proposed framework, non-qualified investors would be allowed to buy up to 300,000 rubles worth of eligible cryptocurrencies each year through each intermediary, provided they pass a test. Qualified investors would also have to meet testing requirements, but would be able to purchase any cryptocurrency traded on exchanges or over-the-counter venues without an annual limit.
Russia’s wider cryptocurrency law is due to take effect on 1 September. It will establish regulated roles for exchanges, brokers, custodians, asset managers and other intermediaries.
The State Duma passed the legislation in July, before President Vladimir Putin signed it on 4 August. The law sets out rules covering cryptocurrency trading, custody and cross-border transactions, while maintaining a ban on domestic payments made in cryptocurrency.
Popov said Sberbank would be able to broaden its collateral list after each provision of the new regulations had come into effect. The institution has also introduced a special knowledge test intended to help citizens obtain qualified investor status, allowing them to expand their cryptocurrency trading activities.
