Russia’s largest bank is taking a major step forward in integrating digital assets. Sberbank, the Russian Federation’s banking giant with a market capitalization of approximately $83 billion, has announced that it is actively testing products related to decentralized finance (DeFi) to meet the growing interest of its 109 million individual clients and 3 million corporate clients.
A Convergence Between Traditional Finance and DeFi
In an interview with Russian media outlet RBC in mid-December 2024, Anatoly Popov, Vice President of Sberbank’s Board of Directors, confirmed that the bank was developing digital asset offerings in close collaboration with regulators. « We are convinced that traditional banking and DeFi will soon converge, » the executive stated.
Sberbank is no longer content with simply offering derivatives on Bitcoin (BTC) and Ethereum (ETH): it is now experimenting with direct integration with decentralized finance platforms. « Within the current regulatory framework, we already offer our clients various investment options, such as structured bonds and digital financial assets, through which you can invest in specific cryptocurrencies like Bitcoin and Ethereum, or in baskets of different cryptocurrencies, » Anatoly Popov specified.
Strong Interest in Ethereum and Asset Tokenization
The Russian state bank is not limiting its ambitions to private networks. Anatoly Popov revealed that Sberbank was working on projects using public blockchains for specific applications such as asset tokenization and establishing connections with DeFi platforms.
Ethereum positions itself as the bank’s preferred blockchain. « We are interested in networks with well-developed infrastructure and robust smart contract tools, such as Ethereum, because these networks offer flexible integration options, ensure transparency, and facilitate access to international markets, » the vice president explained. He added: « Tokenized assets are actively being tested worldwide. Russia is also heading in this direction. »
Explosive Demand for Cryptocurrencies in Russia
This offensive comes in the context of massive cryptocurrency adoption by Russian citizens. According to estimates from the Central Bank of Russia, the total valuation of cryptocurrencies held in Russians’ wallets on centralized exchanges reached 827 billion rubles (approximately $10.4 billion) in March 2025, a 27% increase from the previous year.
The distribution of these holdings shows Bitcoin’s dominance with 62.1% of the total, followed by Ethereum at 22%, and stablecoins USDT and USDC representing 15.9%. Crypto-asset flows attributed to Russian residents jumped 51.1% between Q4 2024 and Q1 2025, reaching 7.3 trillion rubles (over $91 billion).
Anatoly Popov highlighted this trend: « Cryptocurrencies are popular among Russians. According to the Central Bank, in March 2025, the total valuation of cryptocurrencies in Russians’ wallets was 827 billion rubles. In this regard, Sberbank plans to work actively in this market after clear rules are established and when it becomes economically viable. »
VTB and Other Banking Players Follow Suit
Sberbank is not alone in this race to crypto adoption. VTB, Russia’s second-largest bank, has announced its intention to launch a spot cryptocurrency trading service in 2026. This initiative would allow VTB clients to buy, hold, and sell cryptocurrencies like Bitcoin and Ethereum directly through their brokerage accounts, without going through derivatives.
A VTB executive recently indicated that the bank’s clients preferred holding actual cryptocurrencies rather than trading derivatives, highlighting authentic market demand for direct access to digital assets. The service will initially target wealthy investors with portfolios exceeding $1.3 million.
A Regulatory Turning Point Expected in 2026
Although Russia’s Central Bank has long maintained a cautious stance toward cryptocurrencies, its position has softened due to the expansion of the Bitcoin mining industry in Russia and the growing use of cryptocurrencies for cross-border settlements.
Anatoly Aksakov, Chairman of the State Duma’s Financial Markets Committee, confirmed that Russian lawmakers plan to prioritize cryptocurrency and stablecoin regulation in 2026. Russia’s Central Bank plans to introduce comprehensive cryptocurrency regulation by this deadline, marking a major shift from its previous position against free cryptocurrency trading.
This regulatory evolution should allow Russian banks to fully engage in activities related to digital currencies and permit funds to invest in cryptocurrency-based derivatives. For now, cryptographic assets remain limited to a restricted « experimental legal regime, » accessible only to certain qualified market participants.
A Geopolitical Strategy in Response to Sanctions
Russia’s gradual opening to cryptocurrencies is also explained by geopolitical considerations. Under the weight of Western sanctions targeting Sberbank and other major Russian banks since the invasion of Ukraine, Russia has progressively adopted digital assets as a means of circumventing these economic restrictions.
President Vladimir Putin signed a law legalizing cryptocurrency mining in 2024, creating an official registry of mining operations. Russia ranks second globally in mining revenue, with 54,000 bitcoins mined in 2023, valued at $3.5 billion.
The Russian government has also launched a pilot project to use cryptocurrencies in international trade, particularly with hesitant partners like China, where some banks refuse to facilitate exchanges with Russian importers for fear of Western sanctions.
Crypto Products Already Available for Qualified Investors
Even before this DeFi announcement, Sberbank had already positioned itself in the digital asset market. In June 2024, it launched Bitcoin-based structured bonds, allowing its clients to bet on the first cryptocurrency without directly holding it or using foreign platforms.
In September 2024, the bank announced the launch of a perpetual digital financial asset (DFA) based on a basket equally composed of Bitcoin and Ethereum. These instruments are intended for qualified investors, a category that requires investments in securities and deposits exceeding 100 million rubles (approximately $1.2 million) or annual income exceeding 50 million rubles ($600,000) in Russia.
The Russian Ministry of Finance recently suggested easing these requirements to expand the investor base and enable more adequate testing of all processes.
A Mature Blockchain Infrastructure
Sberbank already has a solid blockchain infrastructure with its ComUnity platform, which allows creating a new infrastructure for issuing and circulating digital assets, securely managing documents, and tracking the supply chain and origin of goods.
The platform is compatible with Ethereum, making it easier for developers to connect their projects and create innovative products. Alexander Nam, Director of Sberbank’s Blockchain Laboratory, stated in 2023: « Ethereum is a popular technology for developing DeFi applications. The transition to it will allow more specialists to connect their projects to our blockchain platform. »
A Revolution in Progress
Sberbank’s initiative is part of Russia’s widespread openness to cryptocurrencies, which the country now considers a means of resisting sanctions and modernizing its financial infrastructure. With approximately 20 million Russians regularly using cryptocurrencies according to Finance Ministry estimates, the market potential is considerable.
Anatoly Popov concluded by stating that « one of the important trends in the coming years will be the convergence of traditional finance and solutions created based on public blockchains. » Once the regulatory framework is definitively established in 2026, Sberbank, as the largest national bank, could well pave the way for even wider adoption of cryptocurrencies and DeFi in Russia.
