Key facts
- Alfa-Bank is testing a cryptocurrency trading service for qualified investors.
- The test includes major cryptocurrencies like Bitcoin, Ether, Solana, and Tether.
- The bank aims to launch broader services for retail clients by late 2026, pending regulatory approval.
- Alfa-Bank is developing a 'digital depository' to act as a crypto custodian.
- Russia is advancing legislation to regulate digital assets and crypto operations.
Russia's largest private bank, Alfa-Bank, is preparing to enter the cryptocurrency market by testing trading services for qualified investors. The bank's Alfa-Investments brokerage app has reportedly included major digital assets such as Bitcoin, Ether, Solana, Litecoin, Tether USDt, USDC, and Zcash in its test phase.
Dmitry Vitman, chief operating officer of Alfa-Bank’s corporate and investment banking division, stated that the bank intends to roll out a comprehensive suite of crypto services once Russia's digital asset legislation is enacted. A potential launch for retail clients is targeted for the fourth quarter of 2026.
As part of its strategy, Alfa-Bank plans to establish its own "digital depository," which will function as a digital asset custodian for storing and managing cryptocurrencies. This initiative aligns with Russia's proposed legislation, which designates digital custodians as a new category of regulated market participants.
The development occurs as other major Russian banks, including Sber, VTB, and T-Bank, are also outlining their plans for the regulated crypto market. Meanwhile, Russia's State Duma is advancing a package of cryptocurrency bills, with a set of amendments recently approved by the Financial Market Committee, preparing for a second reading.