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- Russia’s largest bank, Sberbank, has announced its latest initiative to introduce Decentralized Finance (DeFi) products.
- Another Russian bank, VTB, has also hinted that it could actively be involved in the crypto market once the central bank implements the proposed crypto regulation.
Russia’s biggest bank, Sberbank, has announced that it is testing several Decentralized Finance (DeFi) products to meet the growing crypto demand of its clients. With no mention of a specific DeFi product, the bank disclosed that the testing phase of this development has already begun in collaboration with regulators.
Speaking on this, Anatoly Popov, the deputy chair of the bank’s management board, highlighted that Russia has been one of the primary adopters of crypto. According to him, the central bank’s data suggests crypto volume in Russian wallets reached around $10.5 billion as of March 2025. Confirming this reality, Popov hinted that its clients have been significantly interested in convenient ways to access them.
Detailing the long-term plan, Popov hinted that the bank is not limiting itself to private networks. Sberbank is also working extensively on projects that use public blockchains for specific purposes. Already, the bank is working on networks with robust smart contract tools like Ethereum (ETH), as claimed by the deputy chair.
Adding to this, Popov pointed out that Ethereum provides flexible integration options, facilitates access to international markets, and ensures transparency.
At the time of writing, Sberbank had a market capitalization of $83 billion and retail clients of around 109 million. Out of this, more than 3 million are corporate customers.
Sberbank’s Rival Bank Confirms Crypto Trend
The reports of rising demand for crypto in Russia have also been confirmed by other institutions, including Sberbank’s rival VTB. In an interview with a local news outlet, VTB’s head of brokerage business, Andrey Yatskov, noted that client interest in crypto is certainly high.
Also, Yatskov explained that there are two options currently available for customers, and the first is direct payment if legalized. According to him, preparations are currently underway for testing with what he termed “superqualified investors.” Apart from this, interested clients can gain exposure through financial instruments.
Meanwhile, the Russian central bank is reportedly planning to develop a crypto market regulation in 2026 to include intermediary systems like depositories, crypto brokers, licenses, and many more. According to Yatskov, they could certainly be involved in this.
Such regulation will definitely increase the transparency of this market. We certainly see ourselves here and believe it will be beneficial, because the infrastructure is already in place, there are a large number of clients, and it seems that this way of implementing this product and process will be the fastest, simplest, and most transparent for the regulator.
Regardless of this development, the governor of the Bank of Russia, Elvira Nabiullina, takes strong exception to the adoption of privacy coins like Bitcoin (BTC). In March, she proposed a ban on crypto settlements by residents outside the Experimental Legal Regime (ELR) and even suggested penalties on those who violate the ban.
