Sovcombank Launches First Public Bitcoin-Collateralized Loans in Russia

Sovcombank, a prominent private bank in Russia, has unveiled a groundbreaking initiative to offer corporate loans backed by Bitcoin. This marks the first publicly accessible service of its kind in the country. It will allow legal entities and individual entrepreneurs to secure fiat financing without having to sell their cryptocurrency assets.

The move reflects the growing integration of crypto in Russia’s financial sector amid high demand from the mining industry. However, to benefit from the initiative, Sovcombank stated that eligible clients must have operated for at least one year with clean financial records. 

Loan Terms and Eligibility Criteria

Sovcombank requires qualified applicants to submit complete tax returns for the previous period to the Federal Tax Service and demonstrate legal ownership of the Bitcoin they intend to use as collateral. The bank applies a 50% discount to the collateral’s value. This means borrowers must pledge amounts that significantly exceed the loan principal to protect against market volatility.

Sovcombank will extend the loan repayment period to up to two years, offering flexibility to meet various business needs. It has left the maximum loan amounts and specific Bitcoin custody arrangements undisclosed. Marina Burdonova, the Compliance Director at Sovcombank, emphasized the product’s value amid the recent decline in Bitcoin prices, noting that it provides liquidity. 

Additionally, the bank is offering a special promotion available to crypto miners and hosting providers registered in Russia’s official registry. Participants in this category benefit from free account management and preferential banking terms, designed to simplify financial services for the crypto sector. The initiative is a response to strong demand in Russia’s domestic mining industry, which faces significant capital requirements for both equipment and energy.

Regulatory Context and Precedents

In late December 2025, Sberbank, Russia’s largest bank, initiated the country’s first crypto-backed loan as part of a pilot program with Intelion Data, a well-known Bitcoin mining company. The transaction utilized self-mined cryptocurrency as collateral, leveraging the bank’s proprietary custody solution. 

The venture marked an experimental phase aimed at testing the technical and security mechanisms required to integrate digital assets. In contrast, Sovcombank’s program stands out for being more standardized and openly accessible, moving beyond isolated testing phases. 

Meanwhile, Russia’s central bank currently restricts banks’ exposure to cryptocurrencies to just 1% of their capital. The launch of these initiatives indicates a growing convergence between cryptocurrency and traditional banking in Russia. By accepting Bitcoin as collateral, banks can unlock liquidity tied to these holdings.

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