Alfa-Bank is testing crypto as Russia’s banking race heats up

Russia’s largest private bank,Alfa-Bank, plans to offer crypto-related services after Russia’s new digital currency rules take effect. The bank wants to become a regulated digital depository and serve its own clients as well as other legal entities. The plan places Alfa-Bank in the same field as state-linked and large digital banks that are preparing licensed crypto access.

Dmitry Vitman, chief operating officer at Alfa-Bank’s corporate and investment business, said the bank must first build its own custody base. “Alfa-Bank plans to offer various services related to digital assets. First and foremost, we need to create our own digital depository,” Vitman said, according to Bits.media. Under the expected framework, a digital depository would record and store crypto, monitor client transactions and block transfers to addresses not allowed by authorities. The bank also wants to create investment products on public blockchains to attract foreign investors.

The bank is already testing crypto trades

A separate RBC Investments report said Alfa-Bank has started testing crypto trading inside the Alfa-Investments brokerage app. The test covers a small group of qualified investors, while wider access depends on rules expected later in 2026. Alfa-Bank said a broader client rollout may come after the Bank of Russia publishes the required acts.

The app reportedly showed trading pages for Tether, ZCash, Bitcoin, Ethereum, USD Coin, Solana and Litecoin. Alfa-Bank said it plans to complete its digital depository and crypto-to-ruble exchange gateways in 2026. The bank expects a full retail launch closer to the fourth quarter of 2026, if the regulatory schedule allows it. Vitman also said broad liquidity in Russia’s crypto market may not appear before late 2027.

Russia’s crypto bill shapes the timeline

The timing depends on Russia’s crypto legislation. crypto.news reported that a State Duma committee approved a revised bill for a second reading after dropping a rule that would have forced users to disclose wallet addresses. Users would still report balances and transaction volumes.

The revised bill keeps an annual cap of 300,000 rubles for non-qualified investors. It also allows crypto to be used to buy Russian securities and digital financial assets. At the same time, some large transfers abroad or to third parties could face a two-day freeze under the draft rules. The bill still needs to pass the remaining steps before it can guide bank services.

Sberbank and T-Bank are moving too

Alfa-Bank is not alone. Sberbank plans to launch a crypto wallet and digital asset depository after the new law takes effect. The bank expects to bring the wallet to Sberbank Online and SberInvestments, while its custody infrastructure is planned for Dec. 1. Sberbank is also weighing access to foreign crypto exchanges, depending on the final rules and licensing terms.

T-Bank also plans to offer crypto buying, selling, storage and balance tracking in its mobile apps. The bank wants a digital depository license and has linked its plan to the Atomyze digital asset platform. VTB has also discussed similar plans, according to reports cited by crypto.news. Together, the moves show that major Russian banks are preparing regulated crypto services, but launch dates still depend on final rules, licenses, app access and market demand.