Alfa-Bank plans crypto services and a digital depository in Russia

Alfa-Bank, Russia’s largest private bank owned by Alfa Group, says it wants to become a digital depository and offer services tied to cryptocurrencies. For high-risk payment players, the important bit is simple: the bank is positioning itself for regulated crypto infrastructure, but only after Russia’s crypto-control bill takes effect.

1. Operating director Dmitry Vitman said Alfa-Bank wants to offer different services related to digital assets, starting with its own digital depository. In this setup, the depository would be a regulated entity responsible for monitoring clients’ crypto transactions and blocking transfers to state-unapproved addresses, as required by changing Russian law.
2. The bank plans to provide these services not only to its own clients, but also to other legal entities. It also wants to build investment instruments based on open blockchains, with the stated aim of attracting foreign investors.
3. Vitman said the bank wants to develop its own products and tools that could compete in the international market. On paper that is a product strategy; in practice, he said, none of it becomes possible until the government bill on crypto circulation regulation comes into force, after its final version was approved by the State Duma.
4. Once the bill takes effect, Russia could see retail brokerage using both Russian and foreign infrastructure. Vitman estimated that this could happen in late 2026 or early 2027, while substantial liquidity in the Russian crypto market is not expected before late 2027.
5. Alfa-Bank’s move follows similar plans from two other major Russian banks. Sber said it aims to create a digital depository by December 1 and launch its own crypto wallet in the SberBank Online and SberInvestments apps, while T-Bank also plans to become a digital depository and offer clients crypto buying and selling services.