Russia’s largest lender, Sberbank, has completed its first loan secured by cryptocurrency, marking a significant milestone in the country’s evolving digital asset market. The loan was granted to Intelion Data, one of Russia’s biggest crypto mining firms, using coins mined domestically as collateral.
The move comes as Russia prepares to implement comprehensive cryptocurrency regulations in 2026, signaling a shift toward broader acceptance of digital assets within the country’s banking system.
Pilot Loan Marks First in Russia
Sberbank confirmed on December 26 that it had issued a corporate loan to Intelion Data, secured by digital currency mined by the company. The bank used its proprietary storage system, Rutoken, to safeguard the cryptocurrency during the loan term.
Anatoly Popov, Deputy Chairman of Sberbank’s Management Board, said the pilot transaction allowed the bank to test digital collateral mechanisms, which could inform future regulation. He noted that crypto-backed loans might eventually serve not only miners but also other companies holding cryptocurrency.
Anatoly Popov, Deputy Chairman of Sberbank’s Management Board
Intelion Data, the recipient of the loan, is Russia’s second-largest mining operator after Bitriver. Together, these two companies control more than half of the nation’s crypto mining capacity. Intelion also provides hosting services and hardware for its data centers, making it a major player in the domestic digital asset ecosystem.
Toward Broader Crypto-Backed Lending
Popov indicated that Sberbank is exploring the possibility of offering ruble loans secured by crypto holdings more widely. He highlighted the bank’s willingness to work closely with the Central Bank of Russia (CBR) to create the necessary infrastructure for such financial products.
“Cryptocurrency market regulation in Russia is still in its infancy, and we are ready to participate in developing relevant solutions and creating infrastructure to launch such services,” he said.
The CBR recently published a new regulatory concept that would allow broader crypto trading and investment. Under the proposals, both professional and retail investors could legally access cryptocurrencies and derivatives beyond the current experimental framework. Draft legislative amendments implementing these measures are expected to be adopted by mid-2026.
Crypto Mining Gains Official Recognition
Russia formally regulated cryptocurrency mining in 2024, but many miners have yet to register with the Federal Tax Service, which is required by law. Analysts suggest that an amnesty program for unregistered operators may be offered in the near future, particularly as mining has become an increasingly important component of Russia’s sanctioned economy.
Industry reports indicate there are nearly 200,000 crypto farms across Russia, despite regional restrictions imposed to manage power shortages caused by mining operations. Both the CBR and officials from the presidential administration have acknowledged the sector’s growing significance.
Integration Into Russia’s Financial System
Sberbank’s pilot loan reflects a broader trend toward integrating digital assets into traditional financial markets. The bank has been operating a digital financial asset platform that hosts tokenized assets from multiple sectors, including real estate and oil. Since January 2025, the platform has facilitated over 160 issuances, providing a foundation for collateral management and future lending services.
Exchanges such as the Moscow Exchange and the St. Petersburg Exchange have indicated readiness to offer cryptocurrency trading once regulatory frameworks are finalized. Other banks, including Alfa-Bank, have launched digital financial products tied to commodities, signaling growing institutional adoption of tokenized assets.
Regulatory Framework Remains in Development
The Central Bank has emphasized that cryptocurrencies are high-risk instruments and prefers transactions to occur through regulated financial infrastructure. Proposed legislation would recognize cryptocurrencies and stablecoins as legal “currency assets,” expanding access while maintaining state oversight.
Experts say Sberbank’s initiative demonstrates a cautious but meaningful step toward broader crypto adoption in Russia. By using domestically mined digital assets as collateral, the bank is testing the viability of incorporating cryptocurrencies into conventional lending, while ensuring compliance with emerging rules.
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Looking Ahead
As Russia moves closer to formalizing crypto regulations in 2026, Sberbank’s pilot loan could serve as a blueprint for future financial products. Analysts suggest that more banks may offer crypto-backed loans, supporting both mining operations and other businesses holding digital assets.
The development also signals a growing recognition of the crypto sector as an integral part of Russia’s economy, particularly under conditions of increasing international sanctions. By piloting these lending solutions, Sberbank positions itself at the forefront of a potentially transformative period for the Russian financial system.
FAQs
- What did Sberbank do with cryptocurrency as collateral?
Sberbank gave a corporate loan to a Russian crypto mining company using cryptocurrency as security. The coins mined by the company acted as collateral for the loan.
- Who received the crypto-backed loan?
The loan was granted to Intelion Data, one of Russia’s largest crypto mining firms. Their mined digital coins were accepted as collateral.
- How does Sberbank keep the crypto safe?
The bank used its own storage system called Rutoken to securely hold the cryptocurrency during the loan, making sure the assets were protected while the loan was active.
- Why is this important for Russia?
This is the first major example of a bank using crypto as collateral. It shows that digital assets could start being used in traditional banking, opening up new ways for companies to get loans.
- Will Sberbank offer more crypto-backed loans?
Yes, the bank is exploring options to expand crypto-backed lending. Any wider rollout will depend on rules set by the government and regulators.
- How is Russia regulating cryptocurrency?
The Central Bank of Russia is preparing new rules to allow broader trading and investment in crypto. Both professional and regular investors would be able to buy and use digital coins legally under the new framework.
- Is crypto regulation fully developed in Russia?
Not yet. The market is still new, and authorities are carefully creating rules to safely integrate digital assets into the financial system.
- Can regular people use crypto as collateral now?
Currently, the pilot loan was for a company. Using crypto for personal loans will depend on future rules and the banks’ infrastructure.
- Is this the first crypto-secured loan in Russia?
Yes, this is the first official corporate loan in Russia where cryptocurrency was used as collateral under the country’s new regulations.
- What role will regulation play in the future?
Regulations will decide how widely crypto-backed loans can be offered. Banks like Sberbank will work with authorities to create safe systems for lending using digital assets.
