Russia Largest Private Bank Plans Crypto Services Under New Law

TLDR

• Alfa-Bank plans crypto services for retail and corporate clients.
• Alfa-Bank wants to create its own digital depository.
• A-Token handled 86 issuances worth 37.5B rubles.
• Alfa-Bank held about 45% of Russia’s DFA volume in 2023.
• Sberbank, VTB, T-Bank and Moscow Exchange are also preparing crypto services.

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Russia largest private bank is preparing to enter the regulated crypto market as the country moves toward a new legal framework for digital assets.

Alfa-Bank plans to offer crypto services for individual and corporate clients and wants to become a licensed digital depository. The rollout depends on Russia’s new crypto rules, which are expected to create a legal structure for intermediaries, custody providers, exchanges, and digital asset storage.

Alfa-Bank Targets Crypto Custody

Alfa-Bank Chief Operating Officer Dmitry Vitman said the bank plans to build services tied to digital assets. He said, “First and foremost, we need to create our own digital depository.”

The planned digital depository would allow Alfa-Bank to store crypto assets for clients under a regulated structure. The bank is also considering blockchain-based investment products aimed at expanding its role in the digital asset market.

Alfa-Bank already operates A-Token, a platform launched in February 2023 for digital financial assets. These products are tokenized instruments that operate within Russia’s existing legal framework.

A-Token has supported 86 issuances worth 37.5 billion rubles. That represented about 45% of Russia’s digital financial asset transaction volume in 2023, giving Alfa-Bank an existing base as it prepares for broader crypto services.

New Crypto Law Shapes Rollout

Alfa-Bank’s crypto plans depend on Russia’s new digital asset legislation. Reports said the law has received final approval from the State Duma and is expected to take effect later this year, with further rules expected afterward.

The framework is expected to establish licensed intermediaries and define how crypto exchanges and digital depositories can operate. Alfa-Bank will need regulatory approval before offering full custody or brokerage services.

Vitman said the new rules could eventually allow retail crypto brokerage services using Russian and foreign infrastructure. However, he also said meaningful liquidity in Russia’s regulated crypto market may take time to develop.

Alfa-Bank expects stronger activity only by late 2027. That timeline suggests the market may open in stages as licensing, settlement, custody, and investor access rules become clearer.

Russia Banks Move Into Digital Assets

Alfa-Bank is not the only large Russian financial institution preparing for crypto services. Sberbank is also developing a regulated digital depository and plans to add crypto wallet features to Sberbank Online and SberInvestments.

Sberbank’s rollout is expected after the new law takes effect. If completed, more than 100 million Sberbank users could gain access to crypto services through banking apps.

Other financial firms, including T-Bank, VTB, and the Moscow Exchange, are also preparing crypto custody and trading services. The moves show that Russia’s major financial institutions are positioning for a regulated digital asset market.

Russia remains under Western sanctions, which may limit cross-border activity and affect how local crypto services connect with global markets. Even so, Alfa-Bank’s early work through A-Token gives it a starting point as banks compete for licensed custody, tokenization, and crypto brokerage services.

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