Russia's Alfa-Bank to Launch Crypto Custody Services

Russia's largest private bank, Alfa-Bank, plans to offer cryptocurrency custody and blockchain-based investment products once the country's new digital asset law takes effect. The bank intends to operate as a regulated digital asset depository, storing cryptocurrencies for customers and other businesses.

Alfa-Bank Chief Operating Officer Dmitry Vitman said the bank wants to create its own digital depository first. "First and foremost, we need to create our own digital depository," he said. The services will launch only after the new legislation comes into force. The bill has received final approval from the State Duma and is expected to take effect on September 1. Additional regulations are likely to be finalized by early November.

Vitman added that the new legal framework could eventually allow retail crypto brokerage services using both Russian and foreign infrastructure. Alfa-Bank expects meaningful liquidity in Russia's crypto market to build gradually. Stronger market activity is likely only by late 2027, he said.

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. Sberbank aims to complete the rollout by December 1, following the new law. T-Bank and VTB are also preparing similar services, with the Moscow Exchange following.

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.