Sovcombank rolls out bitcoin-backed loans — first Russian bank to offer crypto as collateral Sovcombank, Russia’s ninth-largest lender by assets, says it has become the country’s first bank to offer bitcoin-backed loans to both individuals and companies that legally hold digital assets. The product lets clients use bitcoin as collateral to raise financing without selling their holdings, the bank’s compliance director, Marina Burdonova, said. The launch follows a late-December pilot by state-owned Sberbank, which issued the country’s first crypto-collateralized loan to mining firm Intelion Data. While crypto-backed lending in Russia remains modest amid regulatory uncertainty, interest among banks is rising as miners and crypto-holding businesses look to unlock liquidity while retaining exposure to digital assets. Sovcombank emphasizes access will be restricted to individuals and corporations with legally owned crypto. “We offer bitcoin-secured lending, allowing our clients to raise financing for business development without having to sell their assets,” Burdonova said. Regulatory backdrop and market shift The move comes after a rapid sequence of regulatory changes in Russia’s crypto space. Crypto mining was legalized on Nov. 1, 2024 for legal entities and entrepreneurs registered with the Ministry of Digital Development; unregistered miners may operate only if they stay below specified energy consumption limits. A month later, authorities imposed a six-year ban on mining in 10 regions, citing high power usage. In December 2025 the government reopened the cryptocurrency market to the public under new rules issued by the central bank. Burdonova framed mining as more than a niche activity: “Mining has ceased to be a niche ‘bitcoin mining’ activity. It has become an investment class with predictable returns, a payback period and manageable risks.” She added that Sovcombank sees opportunities to partner across the crypto ecosystem — from miners and data center operators to exchanges and money changers. Why it matters Allowing bitcoin as collateral marks a notable shift in Russian banking toward integrating crypto into traditional financial services. For miners and crypto-holding firms, such lending can free up working capital for expansion, capex, or operations while retaining upside exposure to asset price moves. For banks, the move opens a new client segment — but also comes with compliance and market risks as the regulatory framework continues to evolve. Read more AI-generated news on: undefined/news