RUSSIA'S ALFA-BANK TESTS CRYPTO TRADING AS DIGITAL ASSET RULES ADVANCE Russia's largest private bank, Alfa-Bank, is preparing to enter the world of cryptocurrency services as Russia moves closer to defining a regulatory framework for digital assets. Dmitry Vitman, Chief Operating Officer of Alfa-Bank's Corporate and Investment Banking division, stated that Alfa-Bank intends to offer a variety of services related to cryptocurrencies after Russia's new digital asset law takes effect. This statement was reported in Russian media outlet RBC on Wednesday.
The move comes as several large Russian financial institutions prepare to establish a more formal crypto market. State-backed lender Sber, VTB and T-Bank have all indicated that they intend to develop digital asset programs as lawmakers continue to work on creating regulations regarding cryptocurrency trading, custody and other related services. For Russia's banking industry, this shift represents an increasing institutional interest in crypto operating under a regulated model, as opposed to an unregulated retail market without oversight. ALFA-BANK STARTS LIMITED CRYPTO TRADING TEST Alfa-Bank has already started testing cryptocurrency trading through its Alfa-Investments brokerage application, according to a separate report by RBC. The pilot program is currently being conducted with a limited number of qualified investors. The test version reportedly supports several major cryptocurrencies, including Bitcoin, Ether, Solana, Litecoin, Tether's USDt, USDC and Zcash. Qualified investors are generally considered individuals or entities that meet certain financial or professional requirements and therefore may participate in higher risk investment products in accordance with applicable regulatory requirements.
According to the bank, if Russia enacts the necessary legal framework for digital asset transactions, wider access for retail customers could occur. Depending upon regulatory approval and the overall readiness of the market, Alfa-Bank may begin to roll out broader crypto services in the fourth quarter of 2026. DIGITAL CUSTODY BECOMES KEY PART OF RUSSIA'S CRYPTO PLANS An essential element of Alfa-Bank's crypto strategy involves establishing its own "digital depository." A digital depository would function as a digital asset custodian and would store and manage crypto assets on behalf of clients. According to Vitman, Alfa-Bank plans to create the digital depository not only for its own crypto products but also to provide custody services to third party organizations. Custody is a critical component of regulated crypto markets since it defines how digital assets will be held, protected and transferred.
Moreover, custody can serve as a foundation for trading, settlement and institutional crypto services provided by banks. The term "digital depository" is contained within Russia's proposed crypto legislation and refers to a new class of regulated market participants that would operate under governmental supervision. RUSSIA MOVES CLOSER TO CRYPTO REGULATION Russia has been actively developing methods to define how cryptocurrencies will be utilized within Russia's financial system, particularly as interest in digital asset products continues to grow among both retail investors and institutions.
One such bill related to digital currencies and digital rights titled "On Digital Currency and Digital Rights," passed its initial reading in the State Duma in April 2026. The bill is intended to create rules governing crypto operations under the supervision of the Bank of Russia. Anatoly Aksakov, Chairman of the State Duma's Financial Market Committee, stated on Wednesday that a series of cryptocurrency bills were prepared for a second reading after the committee accepted amendments.
Alfa-Bank is testing crypto trading for qualified investors through its Alfa-Investments app.
The bank plans to launch broader crypto services after Russia finalizes digital asset legislation, with a possible wider rollout in late 2026.If enacted, this legislation would enable banks and other regulated firms to establish clear pathways to offer crypto trading, custody and other digital asset services. BANKS PREPARE FOR A CONTROLLED CRYPTO MARKET Alfa-Bank's test is occurring as Russia's largest banks prepare for a future market where crypto services are delivered via regulated financial institutions. Sber, VTB and T-Bank have similarly developed digital asset plans reflecting a broader movement among traditional banks seeking exposure to cryptocurrency infrastructure while awaiting regulatory clarification. The approach taken by these banks implies that Russia may permit crypto activities through controlled channels, with banks and licensed entities serving as intermediaries providing customers with access to crypto services, custody and compliance.
Ultimately, this may result in making crypto trading more accessible to consumers through existing banking and brokerage platforms. For regulators, this would establish a means to formally supervise digital asset activity. QUICK TAKE Alfa-Bank is testing crypto trading for qualified investors using its Alfa-Investments application. Once Russia establishes digital asset legislation, Alfa-Bank intends to commence offering broader crypto services possibly rolling out additional services in late 2026