Sberbank Tests DeFi Products as Russia Prepares Crypto Rules

• Sberbank is testing DeFi products while coordinating closely with regulators ahead of a potential crypto rollout.
• Russian banks remain unable to offer direct crypto trading as they await central bank approval.
• Sberbank is assessing public blockchains like Ethereum for tokenization and DeFi integration.

Sberbank, Russia’s largest financial institution by assets, has begun testing decentralized finance (DeFi) products as it prepares for a regulated expansion into digital assets, according to comments from a senior executive.

In an interview with Russian media outlet RBC, Anatoly Popov, Deputy Chair of Sberbank’s Management Board, stated that the bank is already piloting multiple DeFi-related products. He noted that the initiative is being developed in collaboration with regulators and is designed to meet the growing customer interest in trading and holding digital assets.

Popov said Sberbank expects decentralized finance and traditional financial services to merge over time, though he did not name any specific DeFi protocols involved in the current testing phase. He emphasized that future offerings would depend on regulatory clarity and economic feasibility.

Sberbank is among Russia’s top five largest companies by market capitalization, with a valuation of approximately $83 billion. The bank reported having about 109 million retail clients and more than 3 million corporate customers, giving it one of the largest customer bases in the country.

Regulatory Conditions Shape Crypto Access

Despite growing interest, Russian banks are still unable to offer direct crypto trading through their mobile banking applications. According to Popov, institutions are awaiting approval from the central bank before allowing customers to buy and sell digital assets directly.

He said cryptocurrencies are already widely held in Russia, citing central bank estimates that place the value of crypto assets in Russian wallets at $10.5 billion by March 2025. Popov added that Sberbank plans to participate actively in the market once clear rules are established.

Public Blockchains and Tokenization in Focus

While Russian authorities have historically favored private blockchain infrastructure, Popov said Sberbank is also evaluating public blockchain networks for specific use cases. These include asset tokenization and potential integrations with decentralized finance platforms.

He identified Ethereum as an example of a network under consideration, citing its established infrastructure and smart contract capabilities. According to Popov, such networks offer transparency and connections to international markets, which are relevant for tokenized asset initiatives.

Central Bank Stance Continues to Evolve

The Bank of Russia has long opposed private cryptocurrencies, with Governor Elvira Nabiullina previously calling for restrictions and promoting alternatives such as the digital ruble. However, Popov’s remarks suggest a more flexible approach in practice, as banks explore limited public blockchain applications.

Popov concluded that tokenized assets are being actively tested globally and said Russia is now moving in the same direction, within a regulated framework.