Russia's Alfa Bank plans to launch digital depository to offer crypto services: report

Alfa Bank, Russia's largest private bank, is reportedly planning to launch its own digital depository to offer crypto-related services to its clients.

Alfa Bank Chief Operating Officer Dmitry Vitman said that the bank plans to first establish a retail-focused brokerage, potentially by the end of this year or early 2027, according to local news outlet RBC. Vitman added that he expects the Russian crypto market to gain liquidity no earlier than the end of 2027.

The bank's crypto plans largely hinge on the upcoming crypto asset regulation in Russia. Alfa intends to create its own digital depository — a regulated entity responsible for the custody, accounting, and transfer of digital assets — once the new law on digital currency and digital rights takes effect.

According to Vitman, the depository will serve as the foundation for a broader range of services, including crypto custody, trade facilitation, and investment products on open blockchains aimed at attracting foreign investors.

Upcoming crypto bill

The move aligns with similar announcements from other major Russian banks, including Sber, VTB, and T-Bank, all of which are preparing digital depositories and crypto wallets in anticipation of the regulatory framework.

The legislation, which passed its first reading in the State Duma in April, is expected to formalize the crypto market, introduce licensing requirements, and bring trading and custody under the oversight of the Bank of Russia.

While the bill was initially scheduled to come into effect on July 1, the Russian parliament had reportedly postponed its second and third readings. Earlier this week, the government's Financial Market Committee approved the latest version of the bill, advancing it to the second reading at the State Duma.

The bill is now expected to take full effect on or around Sept. 1.