Alfa-Bank Plans Regulated Crypto Services for Customers

Alfa-Bank to Launch Crypto Custody Services Under Russia's New Law

The bank will become a registered custodian of digital assets, thus being able to safely keep cryptocurrency for its customers as well as for businesses.

Regarding the plans of the bank, Chief Operating Officer of the bank Dmitry Vitman said, “Alfa-Bank plans to provide different kinds of facilities regarding digital assets. First and foremost, we need to create our own online depository.” 

Alfa-Bank to Become a Digital Asset Custodian 

As one of the elements of the strategy, it is going to introduce a depository of cryptocurrency that will be available online. This service will be functioning in accordance with the Russian crypto regulation that is going to take effect soon.

Major Banks Join the Race

It is not alone. Russia’s biggest lender, Sberbank, has also announced plans to launch a regulated online depository and integrate a built-in crypto wallet into its Sberbank Online and SberInvestments apps. This aims to complete the rollout by December 1, following the new law.

Meanwhile, T-Bank, VTB, and the Moscow Exchange are also preparing similar custody and trading facilities.

Alfa-Bank Offers Cryptocurrency Services in Line With New Rules

As reported, it plans to introduce some cryptocurrency-related facilities using its current virtual platform. The group plans to act as a virtual asset storage facility for customers to store their cryptocurrencies after the new regulatory framework comes into effect.

What It Means for Customers

With the implementation of the new regulations, if it passes, customers of the bank will have the following advantages:

• They can get cryptocurrency custody facilities via regulated banking platforms.

• Safe storing of supported cryptocurrencies.

• Crypto services in combination with banking services.

• Digital asset solutions for individual and commercial needs.

Conclusion

The upcoming Alfa-Bank entrance into the cryptocurrency field signifies that there is an increasing level of integration between regular banks and cryptocurrencies in Russia. Since the regulatory system in the country is continuously improving, the bank is working towards providing its clients with secure and legal crypto products.

Disclaimers: This document is meant purely for educational purposes and does not constitute any form of financial or investment guidance. Virtual asset investing and related facilities carry risk and are subject to changing regulations. Please do your own due diligence.