- Alfa Bank plans to launch a digital asset depository.
- The bank aims to offer custody, trading, and crypto investment services.
- The rollout depends on Russia's upcoming crypto law.
- Other major Russian banks are preparing similar offerings.
Russia's largest private bank, Alfa Bank, is preparing to expand into digital assets by launching its own regulated crypto infrastructure.
The bank plans to establish a digital depository that will provide custody, accounting, and transfer services for cryptocurrencies once Russia's new digital asset legislation takes effect. Alfa also intends to launch a retail-focused brokerage before expanding into broader crypto investment products.
According to the bank, the long-term goal is to offer custody services, facilitate crypto trading, and create blockchain-based investment products that could also attract foreign investors.
The move follows similar announcements from Sber, VTB, and T-Bank, all of which are preparing crypto wallets and digital asset platforms ahead of Russia's new regulatory framework.
The legislation is expected to introduce licensing requirements for crypto businesses while placing trading and custody providers under the oversight of the Bank of Russia. Although the bill has been delayed, lawmakers are targeting implementation around September.
Russia's largest banks are increasingly positioning themselves to enter the digital asset market as regulatory clarity approaches.
