Sovcombank, Russia’s ninth-largest bank by assets, said it has become the first financial institution in the country to offer bitcoin-backed loans to individuals and businesses that legally own digital assets.
The move follows a pilot program led by state-owned bank Sberbank, which provided the first product of this type to mining company Intelion Data at the end of December. While lending backed by cryptocurrencies remains limited amid regulatory uncertainty, Russian banks have shown increasing interest in borrowing against Bitcoin as mining companies and companies holding cryptocurrencies look to unlock liquidity while holding on to their digital assets.
“Specifically, we offer loans collateralized by Bitcoin, allowing our clients to raise funds for the development of their business without having to sell their assets,” said Marina Burdonova, compliance director of Sovcombank, in a statement. Only businesses and individuals who legally own digital assets will have access to bitcoin-backed lending products, she said.
Crypto mining in Russia became legal on November 1, 2024 after the government introduced a law allowing legal entities and entrepreneurs registered with the Ministry of Digital Development to engage in this activity. Unregistered miners would only be able to operate if they do not exceed energy consumption limits.
A month later, the government imposed a six-year ban on cryptocurrency mining in 10 regions due to the sector’s high energy consumption. In December 2025, it reopened the cryptocurrency market to the public with new rules set by the country’s central bank.
“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,” Burdonova said. “Sovcombank sees the potential in partnerships with everyone in the crypto industry, from miners and data center operators to crypto exchanges and money changers.”
