Russia’s Alfa-Bank Plans to Launch Crypto Services Under New Digital Asset Law

Highlights:

• Russia’s Alfa-Bank has revealed plans to launch crypto services for customers and businesses under the nation’s new digital asset rules.
• The bank also plans to attract foreign investors to Russia by launching new financial products that could compete globally.
• Russia’s bill on digital asset services regulations has edged closer to its second reading after a recent approval for further consideration.

Russia’s largest private lender and banking firm, Alfa-Bank, has disclosed plans to introduce digital asset services once the country’s cryptocurrency laws take effect. Dmitry Vitman, the bank’s Chief Operating Officer (COO), confirmed the move in a local news outlet on Wednesday. According to the COO, the first step in establishing digital asset services is to create a digital depository for the bank.

Under Russia’s planned rule, Alfa-Bank’s proposed setup will allow users to keep track of their cryptocurrency transactions. It will also stop transfers to wallet addresses that the government has not approved. Vitman said the bank does not want to limit these services to only its existing customers. Instead, Alfa-Bank hopes to make them accessible to other businesses that trade digital assets.

Russia's Largest Private Bank Alfa-Bank Plans to Offer Crypto Services

Russia's largest private bank, Alfa-Bank, plans to become a regulated digital asset custodian and offer crypto-related services to clients and other businesses. The bank also aims to develop investment… pic.twitter.com/lHkjMYCGCT

— Wu Blockchain (@WuBlockchain) July 9, 2026

Russia’s Alfa-Bank Faces Regulatory Delays

The bank is also considering creating investment products that use public blockchain networks. Alfa-Bank hopes to create products that can compete with similar products offered in other countries. The bank believes this can help attract foreign investors to Russia, amid rising global demand for digital asset services.

These plans cannot move forward until Russia’s new law governing cryptocurrency trading officially takes effect. On July 8, Crypto2Community reported that Russia’s crypto regulation bill has moved a step closer to its second reading in the State Duma. This comes after the State Duma Financial Market Committee approved the draft for further review and recommended that the lower house of parliament adopt the bill in its second reading.

The bill, officially titled “On Digital Currency and Digital Rights,” was initially introduced to the State Duma by the Russian government on April 1. Lawmakers approved it in the first reading on April 21. Vitman believes the new regulations could take effect around late 2026 or early 2027. He noted that the rules would open the door for crypto brokerage services in Russia. 

🐋 WHALE WATCH: Russia is making a massive pivot on crypto. The Financial Market Committee has cleared the final version of its crypto bill and the implications for institutional liquidity are huge.

The biggest wins ?

1. No more mandatory wallet address reporting privacy win.… pic.twitter.com/QtfMG34oNj

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According to Vitman, the brokerage services may rely on both local and foreign market infrastructure. He added that he does not expect Russia’s crypto market to see strong trading activity immediately after the new regulations take effect. He believes the market will most likely attain significant liquidity around the end of 2027.

Other Financial Institutions Join the Race to Launch Cryptocurrency Services in Russia

Alfa-Bank is not the only major financial institution preparing for the new rules. Sberbank, Russia’s largest bank, recently disclosed plans to launch its own digital depository before December 1. The banking giant also plans to introduce a cryptocurrency wallet through its Sberbank Online and SberInvestment apps after the new laws come into full force.

Earlier this year, Sberbank disclosed plans to offer crypto-backed loans to corporate clients. The banking institution cited the rising demand for this service, especially among the cryptocurrency mining industry. With this product, businesses will be able to secure loans using their cryptocurrency holdings as collateral.

The bank also revealed that it is negotiating with the Russian central bank to draft a regulatory approach for the crypto-backed loan product. Another lender, T-Bank, has also announced plans to become a digital depository. The financial institution says it wants to offer customers the ability to buy and sell cryptocurrencies once the legal framework is in place.