Alfa-Bank to Test Cryptocurrency Trading in Russia

Alfa-Bank, Russia's largest private financial institution, is preparing to launch a comprehensive suite of crypto services, including a digital depository, once new regulations are enacted. The bank's COO of corporate and investment business, Dmitry Vitman, stated that Alfa-Bank aims to offer all possible services related to digital currencies, with a focus on creating its own digital depository to serve other companies.

The upcoming legislation, expected to regulate crypto circulation and establish new professional participants like exchanges and depositories, is anticipated to come into force by September 2026. Alfa-Bank plans to start retail brokerage services using both Russian and international infrastructure, potentially launching in late 2026 or early 2027. However, Vitman cautioned that significant liquidity and trading volume in Russia's crypto market are unlikely before late 2027, due to regulatory and institutional caution.

Additionally, Alfa-Bank seeks to develop Russian investment instruments on open blockchains to attract foreign investors, emphasizing the importance of creating competitive, globally appealing products. The move aligns with a broader trend among Russian banks, including VTB Bank and Sberbank, which are also developing digital depositories and crypto services.

The draft law on digital currencies has passed its first reading, with an expected enactment date of September 1, 2026. The Moscow Exchange anticipates conducting its first crypto trades by the end of 2026. These developments mark a significant step toward integrating cryptocurrencies into Russia's financial ecosystem.