Sberbank, Russia’s largest bank, moved into Bitcoin-linked investment products in 2025 as Russian regulators opened a controlled path for crypto exposure.
The bank’s original structured bond linked investor returns to Bitcoin’s price against the U.S. dollar and changes in the dollar-ruble exchange rate. Investors did not receive Bitcoin itself. The product was settled in rubles and was aimed at qualified investors.
Sber’s move came days after the Bank of Russia said financial firms could offer qualified investors cash-settled derivatives, securities and digital financial assets linked to cryptocurrency prices.
Russia is building a regulated path for crypto exposure
The key point is that products such as Sber’s bond give investors Bitcoin exposure without requiring them to hold BTC directly.
That fits the Bank of Russia’s rules. In May 2025, the central bank said crypto-linked products offered to qualified investors must not deliver the underlying cryptocurrency. It also told banks to keep enough capital against the risks created by crypto price swings.
The approach has since moved beyond a limited set of products. In July 2026, Russia’s State Duma approved a law covering the circulation of cryptocurrencies. The rules took effect on September 1, 2026. Qualified investors can buy and sell cryptocurrencies through regulated intermediaries without the annual limit that applies to non-qualified investors. Non-qualified investors can buy the most liquid cryptocurrencies after testing, subject to a ₽300,000 annual limit through one intermediary.
The law also allows crypto exchanges, brokers and other regulated firms to take part in the market. However, cryptocurrencies still cannot be used as a means of payment inside Russia. This creates a clear split. Russia is allowing crypto investment under rules while keeping crypto outside normal domestic payments.
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Sber is expanding beyond the first Bitcoin product
Sber’s crypto work has also grown beyond the original structured bond. The bank’s first-quarter 2026 report says it launched digital financial assets linked to both Bitcoin and Ether. This shows that Sber is using the country’s digital financial asset system to offer investors exposure to major crypto assets.
The Moscow Exchange has also developed a market for Bitcoin-linked instruments. Its derivatives records now list futures based on the MOEX Bitcoin Index, with contracts continuing into 2026. The market is therefore moving from one-off products toward a wider set of regulated instruments.
That change matters because investors can gain crypto exposure through familiar financial channels instead of setting up a private wallet or using an overseas exchange. For banks such as Sber, it also creates new investment products while keeping them inside Russia’s financial rules.
At the same time, these products are not the same as owning Bitcoin. A Bitcoin-linked bond gives exposure to changes in an agreed price measure. The investor does not control the underlying coins and may also face issuer, product and currency risks.
Russia’s crypto policy has therefore shifted from strong limits toward controlled market access. Sber’s Bitcoin products are one part of that change, while the new 2026 law and the growing market for crypto-linked instruments show that the framework is becoming much larger.
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