Sovcombank has launched a promotion offering free account management and preferential terms to cryptocurrency miners whilst becoming the first Russian bank to provide corporate loans backed by bitcoin collateral, the bank said on February 5.

The promotion provides corporate clients with free account maintenance including internet banking, favourable foreign exchange control terms and other benefits. Small and medium-sized business clients can access free transfers to individual accounts within the bank for amounts up to RUB1mn ($10,500).

The bank said new clients registered in the miners and mining infrastructure operators registry are eligible to participate in the scheme, but failed to say how many people had contacted the bank.

The bank is also offering bitcoin-backed lending to all legal entities and individual entrepreneurs who legally own the digital asset, marking the first such product on the Russian market.

Marina Burdonova, compliance director at Sovcombank, said mining has evolved from niche activity into an investment class with predictable returns, payback periods and manageable risks.

"Sovcombank sees potential for partnerships with all participants in the crypto industry - from miners and data centre operators to crypto exchanges and exchangers," Burdonova said.

"We are developing specialised products for each segment, such as settlement and cash services with special features and conditions, loans and project financing, as well as risk management tools," she added.

Russian miners produced about 26,000 BTC in 2025 (around $2.2bn at the time), despite rising power costs and regulatory friction over the illegal mining.

Russia's cryptocurrency mining industry expanded by 44% in 2025, with active mining farms increasing to 196,900 from 136,600 the previous year despite regional bans and new artificial intelligence-driven regulatory controls, according to industry data.

The government is working towards legalising the sector, a move expected to boost liquidity and stimulate crypto markets. Authorities have deployed advanced monitoring technologies to enforce regulations, including MTS EnergyTool, which uses AI to track energy consumption and identify unauthorised mining operations.

Smart meters and internet data are also being used to detect illegal activities as Russia seeks to bring the industry under formal oversight. The measures come as some regions have moved to restrict mining due to concerns over electricity usage.

Irkutsk remains a major centre for crypto mining in the country despite the regulatory push. The region's cheap electricity and cold climate make it attractive for operators running energy-intensive mining equipment.

The EU's Markets in Crypto-Assets Regulation is contributing to broader policy changes affecting the global industry as jurisdictions worldwide develop frameworks for digital asset operations.