Sberbank plans to accept Bitcoin, Ethereum, and Tether's USDT as collateral for loans as Russia implements its new cryptocurrency regulatory framework. Anatoly Popov, deputy chairman of Sberbank's management board, said the bank intends to broaden eligible crypto collateral beyond Bitcoin to include Ethereum and USDT, pending full operational deployment of central bank rules when the law takes effect September 1.
The expansion builds on a pilot program Sberbank conducted with corporate clients. In December 2025, the bank completed a test loan secured by cryptocurrency mined by Intelion Data, using its Rutoken storage system to safeguard the collateral. The bank plans to extend this model to a wider range of companies holding digital assets.
Regulatory Framework and Investor Caps
Russia's new regime establishes regulated channels for buying, selling, and holding digital currencies through approved intermediaries. Non-qualified investors must pass testing and face an annual purchase limit of 300,000 rubles through each intermediary, while qualified investors must also undergo testing but face no purchase cap.
The Bank of Russia designated Bitcoin, Ethereum, and USDT for public exchange trading based on market capitalization, average daily volume, and at least five years of foreign market price history. This designation provides Sberbank with clearer regulatory authority to use these three assets in secured lending.
Risk Management and Market Safeguards
Any broader lending rollout remains dependent on custody standards, risk calculations, and collateral-management requirements. In July, the Bank of Russia drafted rules allowing brokers to accept cryptocurrencies as margin collateral, with proposals requiring risk-coverage calculations to determine leverage levels and forced-liquidation thresholds.
In August, regulators proposed limits on how crypto assets count toward prudential requirements. Professional market participants could include exchange-approved cryptocurrencies in eligible assets, but their contribution would be capped at 25%, limiting balance-sheet exposure to volatile digital assets.
Market Growth Projections and Timeline
Sberbank's SberCIB division projects cryptocurrency trading on Russian exchanges will reach between 3.5 trillion and 4 trillion rubles in the first year following legalization, potentially rising to 7.5 trillion rubles by 2029. Professional market participants have until July 1, 2027, to obtain required licenses.
Russia maintains a distinction between crypto investment and domestic payments. Cryptocurrency remains prohibited for local transactions, though exporters and importers can use digital assets for cross-border settlements. Under the new framework, crypto-backed loans would enable corporate holders to raise liquidity without immediately selling their digital assets, with Bitcoin, Ethereum, and USDT functioning as recognized collateral for regulated bank lending.
