Sovcombank says it's the first Russian bank to offer bitcoin-backed loans to public

Core Viewpoint - Sovcombank has become the first Russian financial institution to offer bitcoin-backed loans to individuals and corporations legally owning digital assets [1] Group 1: Company Initiatives - Sovcombank is providing bitcoin-secured lending, enabling clients to finance business development without selling their digital assets [3] - The bank's compliance director highlighted that only legally recognized owners of digital assets can access these lending products [3] Group 2: Industry Context - The move follows a pilot program by Sberbank, which issued the first crypto-secured product to Intelion Data, a mining firm [2] - Despite regulatory uncertainties, there is growing interest among Russian banks in crypto-backed lending as mining firms seek liquidity while retaining their assets [2] - The legal framework for crypto mining in Russia was established on November 1, 2024, allowing registered entities to engage in mining activities [4] - A six-year ban on crypto mining was imposed in 2025 in ten regions due to high power consumption, but the market was reopened in December 2025 with new regulations [5] - The perception of mining has shifted from a niche activity to an investment class with predictable returns and manageable risks, according to Sovcombank [6]