Russia’s largest private bank, Alfa Bank, announced that it is preparing to enter the crypto asset field. The bank aims to become a regulated digital asset custodian within the scope of services for customers and companies. Operations Director Dmitry Vitman said that the plan will not be limited to individual users only, but will also create usage areas on the corporate side.
The legal framework will be decisive
Vitman stated that the bank’s first priority is to establish its own digital storage infrastructure. This structure is expected to form the basis of all future crypto asset services. Alfa Bank also aims to reach international investors with investment products to be developed on public blockchains.
Dmitry Vitman emphasized that the bank plans to offer various digital asset services, but for this, its own digital custody infrastructure must first be established.
Under the model envisioned in Russia, digital storage institutions will be required to record customer transactions and prevent transfers to addresses not approved by the state. Alfa Bank’s scale may allow it to handle such transactions in high volume. The bank was founded in 1990 and stands out as one of the large private institutions with a wide customer base in the Russian financial system.
Mini dictionary: Digital custody institution refers to the licensed infrastructure where crypto assets are kept securely and their movements are recorded. Public blockchain is the technical structure in which transactions are verified and recorded on public networks.
The full implementation of the process depends on the expected legal regulation. Vitman stated that the State Duma approved the final version of the draft law on crypto assets, and its implementation will be clarified after the law comes into force. It is estimated that individual brokerage services could be put into operation at the end of 2026 or the beginning of 2027.
The target is not just individual customers
Alfa Bank does not position its crypto services only on the retail customer side. The bank also plans to offer services to other legal entities. This approach indicates that the institution wants to create more comprehensive digital asset products, not just custody.
Vitman also noted that the bank aims to develop vehicles suitable for international markets. Existing infrastructure and customer network can provide an initial advantage that smaller competitors do not have. On the other hand, it was stated that the bank does not expect high liquidity in the short term and meaningful growth can be seen towards the end of 2027.
Vitman pointed out that a significant liquidity increase may not occur in the near term, but towards the end of 2027.
Other major banks are taking similar steps
Other major banks in Russia are making similar preparations. It was stated that Sberbank plans to launch its digital storage infrastructure by December 1 and aims to add a crypto wallet to its existing banking applications. T Bank also announced plans in a similar direction.
This chart shows that competition in the Russian banking sector for the provision of crypto asset services by institutional players within the regulated framework is accelerating. Alfa Bank is the most notable private bank in this race, thanks to its scale and customer base.
| Organisation | Plan | Timing |
|---|---|---|
| Alfa Bank | Digital asset custody and investment products | Late 2026 or early 2027 for retail services |
| Sberbank | Digital storage infrastructure and crypto wallet | 1 December |
| T Bank | Similar digital storage plans | Not disclosed |
