Russia’s largest private bank, Alfa-Bank, has launched pilot tests for cryptocurrency trading through its Alfa-Investments brokerage platform, targeting a select group of qualified investors. This testing phase includes prominent cryptocurrencies such as Bitcoin, Ether, Solana, Litecoin, Tether USDt, USDC, and Zcash, signaling the bank’s preparatory move toward a regulated crypto market.
The introduction of these services aligns with Russia’s ongoing efforts to establish a comprehensive legal framework for digital assets. The bank’s chief operating officer of corporate and investment banking, Dmitry Vitman, confirmed that Alfa-Bank aims to expand crypto offerings to retail clients once the country’s digital asset legislation becomes effective, potentially by the fourth quarter of 2026.
A key component of Alfa-Bank’s strategy involves creating a dedicated “digital depository,” a cryptocurrency custodian service that will securely store and manage digital assets. Beyond servicing its own crypto products, Alfa-Bank intends to provide custody solutions to other businesses, reflecting the significance of digital custodians in the country’s proposed regulatory model. This concept is central to recently introduced legislation, which defines digital custodians as regulated market participants overseen by the Bank of Russia.
Russia’s State Duma has advanced a package of bills regulating digital currency operations, including one titled “On Digital Currency and Digital Rights,” which recently passed its initial reading. Anatoly Aksakov, chairman of the State Duma’s Financial Market Committee, stated that the legislation is set for a second reading following committee approval of amendments, marking key progress in formalizing crypto market rules.
This move follows similar initiatives by Russia’s largest banks such as Sber, VTB, and T-Bank, which have announced crypto service plans coinciding with regulatory advancements. Together, these efforts reflect the nation’s cautious yet deliberate transition toward a regulated digital asset ecosystem.