Russia is opening up to cryptocurrencies: Sberbank is preparing a collateralized digital asset lending service

The Russian financial sector is undergoing significant changes in its approach to cryptocurrencies. The country’s largest bank, Sberbank, recently announced in an interview its intention to provide loans in rubles secured by digital assets, and this decision is no coincidence: it coincides with the Central Bank of Russia publishing a new comprehensive regulation concept for the crypto space.

The Central Bank of Russia is radically revising its cryptocurrency strategy

Russian financial regulators announced this week fundamental changes in their approach to cryptocurrencies and other digital assets. According to the new plan from the Central Bank of Russia, Bitcoin, Ethereum, and other cryptocurrencies will now be officially recognized as “currency assets,” significantly expanding their status within the Russian financial system.

Until now, a restrictive approach was practiced: access to cryptocurrencies was limited within the framework of the so-called “experimental legal regime.” Non-professional investors and retail clients had no opportunity to work with digital money — their acquisition was only permitted for highly qualified market participants. Now, these barriers are beginning to be lowered.

The Central Bank emphasizes that it still considers cryptocurrencies as high-risk instruments but is willing to allow citizens and companies to work with them under proper regulatory oversight. Preference is given to utilizing Russia’s existing financial infrastructure to organize crypto operations.

Sberbank and other financial players are preparing to launch new services

Sberbank Deputy Chairman Anatoly Popov stated in an interview that the bank is actively exploring options for providing loans secured by cryptocurrencies. The bank, with a state-controlled stake, intends to cooperate with Russian regulators in developing the methodology and infrastructure for such services.

“Cryptocurrency market regulation in Russia is still in the early stages of development, and we are ready to actively participate in creating the necessary solutions and infrastructural components together with the regulator,” emphasized the top manager of Sberbank in an interview with TASS.

Sberbank has already gained experience working with digital assets. Since the beginning of this year, the bank has issued over 160 digital financial asset (DFA) offerings, including the first tokens in domestic practice representing real estate and raw materials (notably, oil).

Alfa-Bank, the largest private bank in the country, is also not staying on the sidelines. This week, it announced the launch of digital financial assets based on fuel and energy resources. The token, issued on behalf of the “Trassa” gas station network, essentially represents tokenized gasoline used as a tool for financing and motivating customers through a loyalty program.

Additionally, leading Russian exchanges have announced their readiness to launch cryptocurrency trading. Both the Moscow Exchange (MOEX) and the Saint Petersburg Exchange (SPB) expressed their intention to create corresponding trading segments.

Reform roadmap: what will be implemented by the end of 2026

Reforming the approach to cryptocurrencies and digital assets requires significant legislative changes. The Central Bank of Russia has already submitted a package of proposals to the government to implement the new strategy. Lawmakers must approve the amendments no later than July 1, 2026, which will allow the official introduction of the new legal regime.

The current legal framework for digital financial assets (DFAs) was established in 2021 and allowed Russian companies to issue and circulate tokenized securities, rights to real assets, and digital rights. However, DFA issuance was limited to private blockchains. The new concept envisions the right for domestic organizations to circulate digital assets on open (public) networks — this will open opportunities for attracting foreign investments and expanding the ecosystem.

The transition to full regulation of cryptocurrencies in Russia signals that the country is ready to compete in the global digital finance market. The actions of Sberbank, other banks, and trading platforms demonstrate that the Russian financial sector is actively preparing for new opportunities in working with cryptocurrencies and digital assets.