Russia’s Alfa-Bank Prepares Regulated Crypto Custody and Trading Services

Bank Sets Focus on Digital Depository

Alfa-Bank intends to establish its own digital depository as the core part of its entry into crypto services. This infrastructure will allow secure storage of digital assets for clients and other companies. Chief Operating Officer Dmitry Vitman outlined the bank’s approach in statements to local media.

The digital depository will record client holdings, track transactions, and block transfers to unapproved addresses in line with expected rules from Russian authorities. The bank also aims to develop investment products on public blockchains to draw interest from foreign participants.

Current Testing and Rollout Plans

Alfa-Bank has started testing cryptocurrency trading through its Alfa-Investments brokerage app. The initial tests involve a limited group of qualified investors and cover major assets including Bitcoin, Ethereum, Solana, Litecoin, Tether, USDC, and Zcash.

Full retail access will follow after the necessary regulatory framework is in place. The bank targets possible retail brokerage services in late 2026 or early 2027. Vitman noted that the market will develop in stages, with meaningful liquidity expected closer to the end of 2027.

Regulatory Context in Russia

These steps align with progress on Russia’s digital asset legislation. The bill “On Digital Currency and Digital Rights” has advanced through initial readings in the State Duma. Implementation is anticipated around September, with supporting rules from the Central Bank expected by November.

The framework will define operations for digital depositories and other participants under oversight from the Bank of Russia. Alfa-Bank’s preparations position it to operate within the new structure once approvals are granted.

Competition Among Major Banks

Alfa-Bank joins other large Russian banks in preparing crypto offerings. Sberbank plans to launch a digital depository and integrate crypto wallet features into its apps by December 1. T-Bank and VTB have also announced similar initiatives for custody and trading services.

The Moscow Exchange is preparing related facilities as well. This activity indicates broad movement across the Russian banking sector toward regulated digital asset services.

Alfa-Bank’s size and existing infrastructure provide a strong base for these activities. The bank expects to serve its wide customer base with combined traditional banking and digital asset options once the legal requirements are met.