Russia’s new regulations on crypto assets will take effect on September 1. Sberbank, Russia’s largest bank, expects the volume of local crypto trading to significantly increase after the rules are implemented and is preparing to expand its loan collateral from Bitcoin to Ethereum and USDT.
Anatoly Popov, Deputy Chairman of the bank, told TASS that under the new regulations, the volume of cryptocurrency transactions in Russia could reach 4 trillion rubles, approximately $46.4 billion, in the first full year after implementation, and may rise to 7.5 trillion rubles, approximately $87 billion, by 2029.
Collateral scope to be expanded to include ETH and USDT
Popov stated that Sberbank plans to accept not only Bitcoin but also Ethereum and USDT, the stablecoin issued by Tether, as collateral for loans. However, this arrangement is contingent upon the Central Bank of Russia first permitting these assets to be circulated among the public.
Currently, the bank has not disclosed the loan-to-value ratio, interest rate levels, or the official launch date. Further progress of this service remains subject to subsequent approval from the central bank.
The new law covers trading, custody, and cross-border payments.
Russian President Putin signed legislation related to crypto assets in early August, establishing a regulatory framework for crypto trading, custody, and cross-border payments. Meanwhile, Russia still maintains a restriction prohibiting the use of crypto assets for payments of goods and services within the country.
Following this, the Central Bank of Russia published a draft list of publicly tradable assets. The selection criteria included market capitalization, trading volume, and at least five years of price history. According to this draft, only Bitcoin, Ethereum, and USDT were included, while tokens such as XRP were not listed.
Banks have tested Bitcoin-backed loans.
Sberbank stated that it has prepared in advance for regulatory changes and gained experience in digital asset operations. In December 2025, the bank conducted a pilot Bitcoin collateralized loan program with the mining company Intelion.
In Russia’s current high-interest-rate environment, this type of loan product also meets real demand. The report notes that Russia’s benchmark interest rate is currently at 14%. For entities holding cryptocurrency, such as mining companies, selling crypto assets outright would mean losing exposure to potential future price increases; by pledging their holdings as collateral to obtain credit, they can maintain their positions while gaining liquidity.