Russia's largest bank forecasts $46 billion in first-year crypto exchange trading under new rules: report

Sberbank, Russia's largest lender, said the country's regulated crypto trading volume on exchanges may reach 4 trillion rubles ($46.4 billion) in the first year after crypto laws take effect on Sept. 1, according to state news agency TASS.

Anatoly Popov, Sberbank's deputy chairman, said that such crypto trading volume could grow to roughly 7.5 trillion rubles ($87.1 billion) by 2029, TASS reported Saturday. 

The forecast comes as the country's new crypto regulations are set to take effect on Sept. 1. In early August, Russian President Vladimir Putin signed a landmark law establishing a regulatory framework for the cryptocurrency market. 

In a separate Friday TASS report, Popov said the bank plans to issue loans secured by bitcoin, ether and USDT once they are approved by the central bank.

"We prepared for this in advance, and we already have practical experience working with cryptocurrency. As soon as the law comes into full force, we will adapt Sber’s existing products to the new requirements and begin consistently expanding their lineup," said Popov in the report. "We will be able to expand the list immediately after all provisions of the new regulation come into force."

Sberbank has been ramping up efforts to expand into crypto. The bank reportedly plans to launch a crypto wallet in its Sber and Sber Investments apps alongside a digital asset depository by early December. It has provided qualified investors with structured bonds and digital financial assets tied to bitcoin and ether since 2025, according to TASS.

New laws

The crypto legislation is set to take effect on Sept. 1, 2026, with some provisions governing the issuance and circulation of crypto assets coming into force on Sept. 1, 2027. The law also provides a grace period until March 1, 2027, for existing crypto exchanges.

Under the framework, retail investors are allowed to buy the most liquid cryptocurrencies capped at 300,000 rubles ($3,700) each year per intermediary. On the other hand, qualified investors are free to purchase any crypto assets with no limits.

The law continues to ban the use of cryptocurrencies to pay for goods and services within Russia. However, cross-border settlements are allowed for foreign trade contracts between residents and non-residents. Russia had reportedly begun allowing crypto in international trade in 2024 to counter Western sanctions.