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Sberbank Sees Russian Crypto Trading Reaching $46 Billion Under New Rules
New framework opens regulated trading as bank prepares crypto-backed lending, wallet and custody products
TL;DR
- Sberbank expects regulated Russian crypto exchange trading to reach 4 trillion rubles in the first year under rules effective Sept. 1, 2026.
- Deputy Chairman Anatoly Popov expects trading volume to rise to about 7.5 trillion rubles by 2029.
- The bank plans loans backed by Bitcoin, Ether and USDT, while broader crypto products remain tied to central bank approval.
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Sberbank, Russia’s largest lender, expects regulated cryptocurrency trading on Russian exchanges to reach as much as 4 trillion rubles in the first year after the country’s new crypto framework takes effect on Sept. 1, 2026, while preparing to expand into loans backed by Bitcoin, Ether and USDT. Sberbank Deputy Chairman Anatoly Popov also projected trading volume could reach roughly 7.5 trillion rubles by 2029.
Popov gave the trading-volume forecasts to state news agency TASS. Based on those two projections, the increase from the first-year level to the 2029 estimate would amount to 3.5 trillion rubles, or 87.5%. The figures refer specifically to regulated cryptocurrency trading volume on exchanges rather than cryptocurrency market capitalization, Sberbank revenue, customer deposits or the value of outstanding crypto-backed loans.
Russian President Vladimir Putin signed legislation establishing the country’s cryptocurrency regulatory framework in early August 2026. The principal law takes effect Sept. 1, while some provisions governing the issuance and circulation of crypto assets are scheduled to become effective on Sept. 1, 2027. Existing cryptocurrency exchanges receive a transition period until March 1, 2027.
Retail access remains limited under the framework
Retail investors will be permitted to buy the most liquid cryptocurrencies, subject to an annual limit of 300,000 rubles, or $3,700, through each intermediary. Qualified investors, by contrast, may purchase any crypto assets without those limits.
The framework continues to prohibit using cryptocurrencies to pay for goods and services within Russia. Crypto can, however, be used for cross-border settlements involving foreign-trade contracts between residents and non-residents. Russia had begun allowing cryptocurrency in international trade in 2024 as part of efforts to counter Western sanctions.
Sberbank prepares Bitcoin, Ether and USDT-backed lending
Sberbank is preparing to issue loans secured by Bitcoin, Ether and USDT once the assets and products receive the necessary approval from Russia’s central bank. Popov said the lender had already prepared for the regulatory change and built experience working with cryptocurrency.
“We prepared for this in advance, and we already have practical experience working with cryptocurrency. As soon as the law comes into full force, we will adapt Sber’s existing products to the new requirements and begin consistently expanding their lineup,” Popov said.
Popov added: “We will be able to expand the list immediately after all provisions of the new regulation come into force.”
Bitcoin, Ethereum and USDT were the assets identified for the planned collateral offering, while tokens such as XRP were left off the list. Popov said Ethereum and USDT could be added “after the Central Bank, of course, allows them for public circulation.”
The lending push comes with Russia’s key interest rate at 14%. Crypto-backed borrowing could allow holders such as miners to raise credit without selling their cryptocurrency and giving up exposure to potential subsequent gains.
Sberbank has not disclosed loan-to-value ratios, interest rates or a launch date for the broader crypto-backed lending products, with those terms tied to central bank approvals that have not yet been granted.
Wallet and custody expansion planned
Sberbank has already established a foothold in crypto-linked investment products. Since 2025, the bank has provided qualified investors with structured bonds and digital financial assets tied to Bitcoin and Ether.
The lender also plans to launch a cryptocurrency wallet within its Sber and Sber Investments apps by early December 2026. A digital asset depository is planned alongside the wallet, extending the bank’s crypto activity across investment products, lending and custody infrastructure.
FAQ
When does Russia’s main crypto framework take effect?
Sept. 1, 2026.
Which assets does Sberbank plan to accept as loan collateral?
Bitcoin, Ether and USDT.
When are additional issuance and circulation rules scheduled to apply?
Sept. 1, 2027.
How long can existing exchanges operate under the transition period?
Until March 1, 2027.
This article has been refined and enhanced by ChatGPT.
