Sovcombank, Russia’s ninth-largest bank by assets, said it became the country’s first financial institution to offer bitcoin-backed loans to individuals and corporations that legally own digital assets.
The measure follows a pilot program by the state-owned Sberbank, which at the end of December issued the first product of this type to the mining company Intelion Data. While crypto lending remains limited amid regulatory uncertainty, Russian banks have shown increasing interest in borrowing against bitcoin as mining companies and cryptocurrency holding companies look to unlock liquidity while retaining their digital assets.
“Specifically, we offer loans secured by bitcoins, allowing our clients to obtain financing for business development without having to sell their assets,” Marina Burdonova, chief compliance officer at Sovcombank, said in a statement. Only companies and individuals that legally own digital assets will have access to bitcoin-backed lending products, he 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 participate in the activity. Unregistered miners could only operate if they do not exceed energy consumption limits.
A month later, the government imposed a six-year ban on crypto mining in 10 regions due to the industry’s high energy consumption. In December 2025, the cryptocurrency market reopened to the public with new rules established 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 potential in partnerships with all crypto industry participants, from miners and data center operators to crypto exchanges and forexchangers.”
