Russian bank registers demand for Bitcoin-backed loans

Members of the sprawling Russian crypto mining industry may soon be offered loans against their Bitcoin as collateral.

The idea, pitched by one of Russia’s systemically important banks, comes amid intensifying preparations to properly regulate crypto relations in the country.

Moscow legalized the mining of cryptocurrency a year ago, but has yet to do the same regarding all other operations with the minted digital coins.

Russian bank highlights demand for Bitcoin-backed loans

Credit institutions are registering significant demand for loans secured by cryptocurrency, a high-ranking representative of a mid-tier Russian bank has indicated.

Crypto-backed lending has a future in Russia, particularly in the recently regulated mining sector, according to Maria Burdonova, director of compliance at Sovcombank, one of Russia’s 13 systemically important banks.

Burdonova made the comments at this week’s fintech forum Finopolis 2025. During a session organized by Sovcombank under the banner “Hashrate secured by collateral: how banks are turning mining into investment,” she stated:

“We see a need, including in the mining industry, for small loans secured by digital financial assets.”

This kind of funding can be used to finance infrastructure projects, the executive suggested, noting the great number of small mining enterprises across Russia that need funding.

When Moscow legalized the minting of digital currencies in 2024, companies and individual entrepreneurs involved in the newly recognized industrial activity were required to register with the nation’s Federal Tax Service (FNS).

However, miners whose monthly electricity consumption does not exceed 6,000 kWh are not obliged to do that, mostly remaining below the radar of Russian authorities and often evading taxation.

Helping them grow their businesses might bring more of them out of the shadows, as government estimates show that less than a third of active mining operations in the country are currently registered.

It was recently revealed that Russia is losing over $120 million a year in uncollected taxes from illegal or unregistered crypto farms, as reported by Cryptopolitan.

“We are truly building our expertise to create popular products for miners,” Burdonova emphasized, quoted by the TASS news agency, elaborating:

“A miner can take out a loan secured by a financial asset, such as Bitcoin, put the money into circulation, and wait for favorable market conditions to sell the mined Bitcoin.”

She also stressed “it’s important for the industry to develop in a civilized manner” and added:

“We’re just beginning this journey, but this lending is fairly common globally. There’s definitely potential for such synergy between banks and miners.”

New law may open the door for crypto-backed loans in Russia

Most crypto-related transactions, however, remain outside the law in Russia, where regulators have so far maintained a pretty conservative approach regarding Bitcoin and the like.

For example, Burdonova referred to both digital financial assets (DFAs) and Bitcoin in her statements, but Russia’s current DFA law from 2021 does not cover decentralized cryptocurrencies, as noted in a report by the business news portal RBC.

Nevertheless, the authorities in Moscow signaled this week that the status quo is about to change soon, with the Central Bank of Russia indicating it expects new crypto legislation to be adopted in 2026 and announcing its intentions to permit banks to operate with cryptocurrencies.

Until then, official crypto transactions will remain confined within the framework of an “experimental legal regime,” which was established to facilitate cryptocurrency payments for Russian companies under sanctions and give “highly qualified” investors access to crypto investments.

Rich in energy resources and cool climates, the vast Russian Federation has become a major mining hotspot over the past few years, currently ranking among the world’s top crypto mining destinations in terms of market and hashrate share.

Using mined cryptocurrency as collateral for loans is a well-established practice in the United States, the global leader in the industry. Lending secured by mining equipment is also a widespread practice in the business there.