Sovcombank, the ninth-largest Russian bank by assets, said it became the first financial institution in the country to offer bitcoin-backed loans to individuals and companies that legally own digital assets.
The move follows a pilot program by state-owned Sberbank, which in late December deployed the first such product to mining company Intelion Data. While crypto-secured lending remains limited due to regulatory uncertainty, Russian banks have increasingly shown interest in lending against bitcoin as mining companies and crypto-holding companies seek to unlock liquidity while preserving their digital assets.
“Specifically, we offer bitcoin-secured loans, allowing our clients to raise funding for business development without having to sell their assets,” Marina Burdonova, Sovcombank’s compliance director, said in a statement. Only companies and individuals who legally own digital assets will have access to the bitcoin-backed lending products, she said.
Cryptomining in Russia became legal on November 1, 2024, after the government introduced a law that allows legal entities and entrepreneurs registered with the Ministry of Digital Development to participate in the activity. Unregistered miners can only operate if they do not exceed energy consumption limits.
A month later, the government imposed a six-year ban on cryptomining in 10 regions due to the industry’s high power 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’. It has become an investment class with predictable returns, a payback period and manageable risks,” Burdonova said. “Sovcombank sees potential in partnerships with all participants in the crypto industry, from miners and data center operators to crypto exchanges and money exchangers.”
