Alfa-Bank, Russia’s largest private lender, is preparing to launch a proprietary digital depository and a comprehensive suite of cryptocurrency services once national legislation takes effect, joining a growing cohort of Russian banks positioning themselves for a market that has yet to exist legally.
Dmitry Vitman, chief operating officer of Alfa-Bank’s corporate and investment division, told RBC Investments that the bank intends to offer “all possible services related to digital currencies” once the relevant framework is enacted.
“First and foremost, we plan to create our own digital depository and offer its services to other companies,” he stated.
Under the anticipated regulatory framework, a digital depository would record and safeguard cryptocurrency and digital financial assets, oversee client transactions, and restrict transfers to addresses not sanctioned by authorities. Firms already holding a depository license would not require a separate Central Bank authorization to operate one.
Vitman indicated the market will evolve incrementally. Retail brokerage services are expected to arrive first, leveraging both domestic and international infrastructure, with a potential launch in late 2026 or early 2027 assuming digital currency legislation enters force in September 2026. However, he cautioned that meaningful liquidity and trading volume in Russia’s crypto market are unlikely to materialize before late 2027, reflecting both the untested regulatory machinery and institutional caution about moving before rules are finalized.
The bank also aims to develop Russian investment instruments on open blockchains capable of attracting foreign capital.
“It’s important for Russia to develop its own instruments, otherwise we’ll have nothing to offer,” Vitman said. “We need to attract investors to our infrastructure, so we need to create products that can compete globally.”
A Crowded Field in Russia
Alfa-Bank is far from alone in its ambitions. T-Technologies Group, which controls T-Bank, has announced plans to launch a digital depository built on the Atomize digital financial asset platform and to sell cryptocurrency through its brokerage, T-Investments.
VTB Bank likewise intends to establish its own domestic digital depository for storing, recording, and circulating digital assets, including Bitcoin.
State-owned giant Sberbank is moving most aggressively. The bank targets a December 1 launch for a digital depository providing crypto custody and accounting services. Sberbank also plans to enable authorized crypto transactions within its Sber app and SberInvestments platform, integrating custody directly into services reaching tens of millions of Russians.
Timeline for Bitcoin and Crypto Trading
The draft law “On Digital Currency and Digital Rights” has cleared its first reading in the State Duma, advancing a sweeping regime that defines crypto circulation rules and introduces new professional participants, including crypto exchanges and digital depositories.
Originally slated to take effect July 1, 2026, the legislation’s timeline has shifted, with a new expected enforcement date of September 1. Vladimir Chistyukhin, first deputy chairman of the Central Bank, said the regulator anticipates all rules necessary to launch legal crypto operations will be adopted and published by November, paving the way for initial transactions.
The Moscow Exchange expects to conduct its first crypto trades by the end of 2026.
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