Alfa-Bank, Russia’s largest private lender, has quietly moved into the crypto arena — beginning internal tests of crypto trading services and laying groundwork for a broader push once national regulation clears, COO Dmitry Vitman told Russian outlets this week.
What Alfa is planning
- The bank is preparing to launch its own digital depository and intends to offer custody services to other firms. “First and foremost, we plan to create our own digital depository and offer its services to other companies,” Vitman said.
- A retail crypto brokerage is expected to be the first public-facing product, built on a mix of Russian and international infrastructure. Vitman indicated a possible market debut in late 2026 or early 2027 if the draft digital currency law comes into force in September 2026.
- Alfa also wants to create Russian investment instruments on open blockchains designed to attract foreign investors. “It’s important for Russia to develop its own instruments; otherwise we’ll have nothing to offer,” Vitman said. “We need to attract investors to our infrastructure, so we need to create products that can compete globally.”
Where this fits into the broader Russian banking push
Alfa-Bank isn’t alone. State-controlled Sberbank has already announced plans for a digital depository to handle crypto storage and accounting by December 1, 2026, along with enabling authorized crypto transactions inside its Sber app and SberInvestments — services that reach tens of millions of users. T-Technologies Group, which controls T-Bank, also plans a depository built on the Atomize digital financial asset platform and intends to sell crypto through its brokerage, T-Investments.
Regulatory backdrop
Russia’s political stance on digital assets has shifted in recent years toward greater accommodation. The State Duma has passed the draft law “On Digital Currency and Digital Rights” at first reading, and banks are positioning themselves to roll out custody, trading and investment products if and when the legislation is finalized.
Why it matters
If major banks — both private and state-owned — successfully deploy custody and brokerage services, crypto could move from a niche market in Russia into mainstream financial infrastructure. For banks, building interoperable, globally competitive products on open blockchains could be critical to attracting outside capital and integrating with international markets, provided the legal framework supports cross-border activity.
Keep an eye on the legislation timeline and follow-up announcements from Alfa-Bank and its peers for firmer launch dates and product details.
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