Alfa-Bank, Russia's largest private bank, is moving to establish a regulated digital depository and crypto trading services as the country prepares to adopt a new digital currency legal framework. The bank’s chief operating officer for corporate and investment business, Dmitry Vitman, stated that the primary step is building a custodial infrastructure before offering broader services to its own clients and other legal entities.
The plan was revealed in two separate reports on July 9, 2026. According to Bits.media, Vitman explained that “first and foremost, we need to create our own digital depository.” This entity would record and store crypto, monitor transactions, and block transfers to unauthorized addresses under the expected regulations. A parallel report from RBC Investments confirmed that Alfa-Bank has already begun testing crypto trading inside its Alfa-Investments brokerage app for a limited group of qualified investors. Trading pages for assets including Bitcoin, Ethereum, Solana, Litecoin, Tether, USD Coin, and ZCash were shown in the app.
The regulatory timeline remains crucial. A revised bill that dropped a mandatory wallet address disclosure rule recently passed a State Duma committee. It still imposes an annual cap of 300,000 rubles for non-qualified investors and permits crypto to be used to buy Russian securities. The bill must pass further steps before final implementation. Alfa-Bank expects a full retail launch closer to the fourth quarter of 2026, contingent on the Bank of Russia publishing the necessary acts.
Vitman cautioned, however, that meaningful liquidity in Russia’s regulated crypto market may not appear before late 2027. This reflects a broader industry view that infrastructure and investor trust need time to mature. The bank’s approach is mirrored by competitors: Sberbank plans a crypto wallet and digital depository integrated into its online and investment apps, while T-Bank and VTB have announced similar digital depository ambitions tied to platforms like Atomyze.
The collective moves mark a shift toward a bank-led model where custody, compliance, and brokerage are consolidated within licensed institutions. While this could make crypto access safer for mainstream users, it may also impose controls that limit the freedom previously offered by offshore exchanges. The race among Russia's top banks to control the regulated entry point is underway, with custody acting as the bridge between crypto markets and traditional finance.
