The Savings Bank of Russia is preparing to expand its encrypted mortgage business. The bank's vice-chairman, Anatoly Popov, stated that after obtaining approval from the Russian Central Bank, the bank plans to accept Bitcoin, Ethereum, and Tether-issued USDT as collateral for loans.
This arrangement is still in the planning stage for the time being. The bank has not yet announced the launch date, loan terms, or specified the range of customers who will be eligible to use it. According to the bank, ETH and USDT will only be incorporated into the product once the relevant assets are allowed to circulate publicly through regulated channels.
New regulations will take effect in September.
Russia's new crypto market framework will come into effect on September 1, 2026, and will be officially regulated by the Central Bank of Russia. According to the current arrangements, banks, securities firms, asset management institutions, crypto trading platforms, and digital custody institutions will all be incorporated into the compliant market system.
The participation of retail investors is still limited. Non-qualified investors need to pass a knowledge test first, after which they can purchase up to 300,000 rubles worth of compliant crypto assets per year through each compliant intermediary. Qualified investors also need to pass the test, but they have access to a wider range of assets and are not subject to the same amount limit.
Russia has not therefore allowed the use of cryptocurrencies in domestic payments for goods and services. The domestic payment ban remains in effect, but import and export companies can use cryptocurrencies for cross-border settlements under applicable rules.
Completed Bitcoin mortgage pilot project
Popov indicates that banks have prepared for regulatory changes and have accumulated practical experience in dealing with crypto assets. As early as December 2025, the bank stated that it was evaluating crypto-backed mortgages and working with regulatory authorities to develop the necessary infrastructure.
Thereafter, the Russian Federal Savings Bank completed a pilot Bitcoin mortgage loan with the mining company Intelion Data. The borrower used Bitcoin obtained from mining as collateral. This transaction provided the bank with operational experience in areas such as custody, collateral monitoring, and disposal processes.
However, this does not mean that customers can now apply for loans using ETH or USDT. Which assets can be circulated through regulated intermediaries and further used in bank products still needs to be clarified by the Russian Central Bank.
Simultaneously build hosting and trading systems.
In addition to loan services, the Federal Savings Bank of Russia is also advancing regulated crypto transactions and custody infrastructure. The bank plans to launch a digital custody platform by December 1, 2026, which will be used to record customer holdings, manage wallets, and support top-ups, withdrawals, and settlements.
Currently, the bank has not confirmed which crypto assets the platform will support, nor has it disclosed the fees or withdrawal limits. Since 2022, the bank has been included in the list of information system operators approved by the Russian Central Bank and has issued tokenized financial products in the digital financial assets market.
The business proposed in this line still falls under the traditional bank lending model, rather than integrating with public chain lending protocols. Banks will hold encrypted collateral in a regulated and custodial structure and issue conventional loans.
Additional information:The Russian Central Bank also needs to establish corresponding standards for liquid assets, custody, accounting treatment, and customer protection. Market participants are required to complete their licensing applications and adjust their operations by July 1, 2027. The timeline for infrastructure construction of the Russian Federal Savings Bank also falls within this transition period.
