- Sberbank is testing DeFi products with regulators, aiming to launch digital asset services within Russia’s regulated framework.
- The bank sees convergence between traditional banking and DeFi but awaits clearer rules on crypto access and custody.
- Sberbank already offers crypto-linked investment products worth 1.5B rubles, reflecting strong domestic crypto interest.
Russia’s largest bank, Sberbank, has begun testing decentralized finance products, according to comments made on December 15, 2025. The disclosure came during an interview with Russian media outlet RBC. Anatoly Popov said the work involves regulators and reflects rising crypto demand inside Russia’s tightly controlled financial system.
Sberbank Confirms DeFi Experiments
According to RBC, Anatoly Popov, deputy chair of Sberbank’s management board, confirmed the bank is testing DeFi products. He said Sberbank plans to launch digital asset services alongside regulators. However, Popov did not name specific protocols or platforms under review.
Popov told RBC he believes traditional banking and DeFi will soon converge in Russia. However, he stressed that Sberbank will act only within a regulated framework. For now, the bank continues discussions with the Bank of Russia and Rosfinmonitoring. Those talks focus on infrastructure design, technology choices, security, and investor protection.
Regulation Shapes Crypto Access in Russia
Despite growing interest, Russian banks still lack approval to offer direct crypto trading in banking apps. Popov said new rules for qualified investors could enable digital asset trading through banks. He added that regulated custodial services inside Russia remain essential.
According to the Central Bank of Russia, cryptocurrency holdings in Russian wallets reached 827 billion rubles by March. Russia also ranks third globally in Bitcoin mining. However, Popov said Sberbank will wait for clear rules and economic viability before expanding activity.
Existing Crypto-Linked Products and Market Context
Popov noted that Sberbank already offers crypto-linked investment products. These include structured bonds and CFA-format instruments tied to Bitcoin and Ethereum. Clients can invest individually or through packaged products. The total volume of these offerings has reached 1.5 billion rubles.
Elsewhere, VTB reported that its clients prefer holding actual cryptocurrencies instead of derivatives. Meanwhile, Russia’s crypto initiatives continue amid frozen assets linked to the Ukraine war. The central bank is seeking damages from Euroclear. Against this backdrop, Sberbank said it views digital assets as tools for liquidity, hedging and new business models, not speculation.
