Alfa Bank to Launch Regulated Crypto Depository

Alfa Bank, Russia's largest private lender, will register a regulated digital depository to provide crypto custody, trading and investment services once a new law on digital currency and digital rights takes effect.

The bank plans to open a retail-focused brokerage as its first customer-facing crypto service, with internal timelines ranging from the end of this year to early 2027. The depository registration and broader product rollout are linked to the law; the bank has indicated late 2026 to early 2027 as a target window for parts of the program.

A regulated digital depository will be a licensed entity responsible for custody, recordkeeping and transfer of digital assets. It will support client services such as custody accounts, trade settlement and investment products that operate on public blockchains. The bank expects some products to be aimed at foreign investors.

Dmitry Vitman, Alfa Bank's chief operating officer, told reporters the depository will handle custody, accounting and transfers and will form the legal and technical base for the bank's crypto services. He added the bank does not expect meaningful market liquidity before the end of 2027.

The proposed legislation will introduce licensing requirements for market participants and place trading and custody under the oversight of the Bank of Russia. Lawmakers advanced a revised version of the bill after its initial reading, and officials now expect the rules to take full effect on or around Sept. 1.

Other major Russian banks, including Sber, VTB and T-Bank, are preparing depositories and crypto wallets ahead of the new rules.

Alfa Bank says it will register the depository only after the legal framework is in force and will align product launches with licensing requirements and market conditions.