Russia’s largest private bank, Alfa-Bank, is preparing to enter the cryptocurrency market by launching digital asset services after the country’s new crypto law comes into force. The bank plans to become a regulated digital asset custodian, allowing it to securely store cryptocurrencies for customers as well as other businesses.
Speaking about the bank’s plans, Alfa-Bank Chief Operating Officer Dmitry Vitman said, “Alfa-Bank plans to offer various services related to digital assets. First and foremost, we need to create our own digital depository.”
Along with custody services, the bank also wants to introduce blockchain-based investment products focussed at attracting international investors and strengthening its position in the global digital asset market.
Rollout Depends on New Crypto Law
Vitman said these services will only launch after Russia’s new cryptocurrency legislation officially comes into force. The bill has already received final approval from the State Duma and is expected to take effect on September 1, with additional regulations likely to be finalized by early November.
He added that the new legal framework could eventually allow retail crypto brokerage services using both Russian and foreign infrastructure.
However, Alfa-Bank expects meaningful liquidity in Russia’s crypto market to build gradually, with stronger market activity likely only by late 2027.
Major Banks Join the Race
Alfa-Bank is not alone. Russia’s biggest lender, Sberbank, has also announced plans to launch a regulated digital depository and integrate a built-in crypto wallet into its Sberbank Online and SberInvestments apps. The bank aims to complete the rollout by December 1, following the new law.
Meanwhile, T-Bank, VTB, and the Moscow Exchange are also preparing similar crypto custody and trading services.
If the rollout stays on schedule, more than 100 million Sberbank users could gain direct access to crypto through their banking apps without relying on traditional crypto exchanges.
Overall, this coordinated push by Russia’s largest financial institutions marks one of the country’s biggest steps toward regulated digital asset adoption and could make crypto services widely available across the banking sector before the end of 2026.
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