Alfa-Bank plans regulated digital asset custody and crypto services

Alfa-Bank, Russia’s largest private lender, is preparing to launch a digital depository and eventually offer what it described as all possible services related to digital currencies once Russia’s legislation takes effect, underscoring the race among major banks to build regulated crypto infrastructure before the market formally exists. Dmitry Vitman, chief operating officer of Alfa-Bank’s corporate and investment business, said the bank’s first priority is to create its own digital depository and offer that service to other companies. Under the expected framework, a digital depository would store and record cryptocurrency and digital financial assets, monitor client transactions and block transfers to addresses not sanctioned by authorities. Vitman said retail brokerage would likely come first, using Russian and international infrastructure, with a possible launch in late 2026 or early 2027 if digital currency legislation takes effect in September 2026. He cautioned, however, that meaningful liquidity and trading volume in Russia’s crypto market are unlikely before late 2027. The bank also wants to develop Russian investment instruments on open blockchains that could attract foreign investors. Alfa-Bank’s plans come as T-Technologies Group, VTB Bank and Sberbank pursue similar offerings, with Sberbank targeting a digital depository launch by Dec. 1 and the Moscow Exchange expecting its first crypto trades by the end of 2026. The draft law "On Digital Currency and Digital Rights" has passed its first reading in the State Duma, while Vladimir Chistyukhin, first deputy chairman of the Central Bank, said all rules needed for legal crypto operations are expected to be adopted and published by November.