Alfa-Bank, the biggest private lender in Russia, is gearing up to offer a broad range of cryptocurrency services once the country’s digital currency legislation comes into effect. The bank intends to create its own digital depository to store and manage digital assets, not only for its clients but also as a service provider for other companies.
This digital depository would track crypto holdings, monitor transactions, and block unauthorized transfers according to the anticipated regulatory framework. Firms holding a depository license would be exempt from securing additional authorizations from the Central Bank to operate such services.
The introduction of retail crypto brokerage is expected to mark the first phase of market development, potentially launching by late 2026 or early 2027, pending the adoption of new laws now delayed beyond the original July 2026 target. However, Alfa-Bank executives caution that significant liquidity and trading volumes may not emerge before late 2027 due to regulatory uncertainties and institutional hesitance.
Beyond basic custody services, Alfa-Bank aims to build investment products on open blockchains to attract foreign investors. Creating competitive Russian crypto instruments is viewed as crucial to drawing capital and competing on a global level.
Alfa-Bank’s move is part of a wider trend among Russian financial institutions rushing to establish a foothold in a market still awaiting official regulation. Other major players include Sberbank, which plans to launch a digital depository with integrated crypto transaction functionality in its popular mobile apps by December. State-owned VTB Bank and T-Technologies Group, the owner of T-Bank, are also developing digital custodial infrastructure under the proposed regulatory framework.
The draft legislation, titled “On Digital Currency and Digital Rights,” has passed an initial reading in Russia’s State Duma and outlines the rules for crypto circulation while introducing new regulated actors such as exchanges and custodians. Although initially pegged for mid-2026 enforcement, the law’s timeline is now expected to slip, delaying full market activation.