Bitcoin News Today: Sberbank Lets Elite Bet on Crypto—Without the Crypto

Sberbank, Russia’s largest bank by assets, has launched a perpetual digital financial asset (DFA) based on a basket of Bitcoin and Ethereum. The product is designed for qualified investors, who must meet high financial criteria to participate in the country's limited and regulated crypto market. The DFA, which represents equal 50% weights of Bitcoin and Ethereum, offers an indirect way for Russians to invest in cryptocurrencies without owning them directly. This move aligns with a broader trend of cautiously expanding access to digital assets within a framework of strict oversight by Russian regulators [1].

The initiative was announced by Anatoly Popov, deputy chairman of Sberbank, during the Eastern Economic Forum in Vladivostok. Popov emphasized that the DFA allows investors to allocate rubles to the digital assets while mitigating the technological challenges associated with direct crypto trading. Sberbank, which has undergone a significant rebranding since 2020, has positioned itself at the forefront of Russia’s digital finance developments. The bank's new product reflects its strategic pivot toward innovation in a financial landscape shaped by Western sanctions and domestic regulatory constraints [2].

Regulatory conditions for crypto in Russia remain highly restrictive. The Central Bank of Russia (CBR) has maintained a conservative stance, permitting crypto-related activities only under the "experimental legal regime" (ELR), which restricts participation to “highly qualified” investors. These investors must demonstrate significant prior investment in securities or high annual income—criteria that effectively limit access to the wealthiest segment of the population. Despite these barriers, the CBR has authorized financial institutions to offer crypto derivatives, and within a month of the May 2025 announcement, Russian investors had already purchased $16 million worth of Bitcoin futures [3].

The Russian Ministry of Finance has recently signaled potential changes to these strict eligibility thresholds. Alexey Yakovlev, the director of the ministry’s Financial Policy Department, suggested that the current financial requirements for accessing crypto markets may be adjusted to allow more investors to participate in the ELR. Yakovlev highlighted the need to balance the goal of limiting participation to a select group with the need to ensure access for a broader segment of the population. This move could expand the testing ground for the country’s evolving crypto infrastructure and broaden the base of participants in the ELR [4].

Meanwhile, Russia’s broader regulatory environment for crypto remains complex. The country has not yet enacted specific legislation for decentralized digital currencies like Bitcoin and Ethereum. Instead, the 2021 “Digital Financial Assets” law, which prohibits crypto payments and restricts their circulation, governs the current landscape. Under this framework, digital financial assets, including Sberbank’s DFA, are defined as legal instruments representing "digital rights" and are primarily used in tokenized asset transactions. Authorities continue to push for a total ban on crypto payments outside the ELR, which is limited to sanctioned cross-border trade settlements [5].

Despite these restrictions, Russia’s crypto adoption rate is growing, albeit slowly. According to the Chainalysis 2025 Global Adoption Index, Russia ranks 10th globally in crypto adoption, a drop from its 7th position the previous year. The expansion of crypto use in Russia has been driven in part by external pressures, including Western sanctions and the country’s withdrawal from traditional financial systems. These factors have pushed citizens and businesses to seek alternative financial channels, with many turning to digital assets as a hedge against economic uncertainty [6].

Source:

[1] Russia's Sberbank launches digital asset based on Bitcoin and Ethereum (https://www.cryptopolitan.com/russias-sberbank-launches-digital-asset-based-on-bitcoin-and-ethereum/)

[2] Sberbank, Russia's largest bank, to introduce Bitcoin and Ethereum crypto derivatives (https://intellectia.ai/news/crypto/largest-russian-bank-sberbank-set-to-launch-bitcoin-and-ethereum-crypto-derivatives)

[3] Russia considers relaxing crypto access rules as adoption ranking slips (https://cryptorank.io/news/feed/32f6f-russia-seeks-wider-investor-access)

[4] Russia Proposes Easing of Crypto Rules to Boost Adoption Among Retail Investors (https://cryptorank.io/news/feed/a727d-russia-proposes-easing-of-crypto-rules-to-boost-adoption-among-retail-investors)

[5] Largest Russian bank Sberbank set to launch Bitcoin and Ethereum-based financial asset (https://www.mitrade.com/au/insights/news/live-news/article-3-1100989-20250906)

[6] Russia Tightens Cash Controls, Posing Hurdles for Crypto Traders (https://www.cointribune.com/en/russia-tightens-cash-controls-posing-hurdles-for-crypto-traders/)