Russia Advances Crypto Market Infrastructure and Regulatory Framework with Sberbank Leading Lending Innovations
Sberbank, Russia's largest bank, is exploring crypto-collateral lending and is seeking cooperation on regulatory frameworks to build infrastructure for collateralized crypto financing beyond traditional trading. The bank has already offered regulated crypto-linked investments totaling 1.5 billion rubles and launched tokens linked to cocoa prices. Additionally, Sberbank is engaging with the Bank of Russia to become a liquidity provider and potential market maker on regulated platforms.
Russia's regulatory authorities are progressing towards a comprehensive legislative framework for crypto markets, with full regulations expected by July 1, 2026. The framework aims to separate market access between non-qualified and qualified investors. Non-qualified investors will be allowed to buy liquid cryptocurrencies from defined lists after mandatory knowledge tests and will face an annual purchase cap of 300,000 rubles. Qualified investors, on the other hand, will have no volume limits but must pass risk assessments and will be prevented from purchasing anonymous tokens.
The Moscow Exchange and St. Petersburg Exchange have announced their readiness to launch regulated crypto trading by the July 1, 2026 deadline. Furthermore, new liabilities for illegal crypto intermediaries are set to take effect by July 1, 2027, with broader policies addressing the role of crypto mining in Russia's economy and enforcement mechanisms forthcoming.
Russia recorded $376.3 billion in crypto transaction receipts from July 2024 to June 2025, making it the largest crypto market by volume in Europe. Transfers exceeding $10 million increased by 86% during this period. Decentralized finance (DeFi) activity surged in early 2025 and has since stabilized at approximately 3.5 times the mid-2023 baseline. Notably, the ruble-pegged stablecoin A7A5 has surpassed $500 million in market capitalization, positioning it as the world’s largest non-dollar stablecoin.
