Sberbank Expands Crypto-Backed Lending in Russia

Russia's largest bank, Sberbank, is expanding its crypto-backed lending services under the new regulatory framework taking effect September 1. The bank has already tested this model with a corporate loan to mining company Intelion Data, using Bitcoin as collateral.

Ethereum and USDT are expected to be added once cleared for public circulation by the Bank of Russia. Sberbank's Deputy Chairman Anatoly Popov stated that they had prepared for the regulatory changes in advance and would modify existing products to meet the new requirements.

The new framework creates different access levels for investors, with non-qualified investors able to purchase approved liquid cryptocurrencies after passing a suitability test, capped at ₽300,000 annually through one intermediary. Qualified investors will have broader access after completing the required testing.