Sovcombank has announced its position as the first financial institution in Russia to provide bitcoin-backed loans tailored for individuals and corporations that legally hold digital assets. This pioneering initiative comes on the heels of a pilot program launched by state-owned Sberbank, which issued its inaugural version of such a product in December last year to the mining enterprise, Intelion Data.
Despite the ongoing regulatory uncertainties surrounding cryptocurrency lending, Russian banks are increasingly recognizing the potential of utilizing bitcoin as collateral. This trend is particularly relevant as mining companies and businesses that maintain digital assets seek ways to access liquidity while retaining ownership of their cryptocurrencies.
Marina Burdonova, Sovcombank’s compliance director, elaborated on the offering, stating that the bank is keen to create opportunities for its clients to secure funding for business expansion without the need to liquidate their digital holdings. The services will be exclusively available to those who can prove legal ownership of their digital assets.
The legal landscape for crypto mining in Russia underwent a significant transformation on November 1, 2024. A new legislative framework was established, permitting registered legal entities and entrepreneurs to engage in mining activities. However, the government subsequently imposed a six-year ban on crypto mining in ten regions, citing the industry’s substantial power consumption as a contributing factor. By December 2025, the Russian government opted to lift restrictions on the cryptocurrency market, implementing revised regulations set forth by the central bank.
Burdonova emphasized the evolving nature of mining in Russia, asserting that it has transitioned from a niche activity to a viable investment avenue characterized by predictable returns and manageable risks. She expressed Sovcombank’s interest in forging partnerships within the crypto industry, targeting a range of participants, including miners, data center operators, crypto exchanges, and currency exchange service providers.
