Alfa-Bank, Russia’s largest lender, is planning to launch its own digital depository and a full slate of crypto services across the country, joining the growing competition among Russian banks to capture a market that has yet to officially exist.
Mr. Dmitry Vitman, head of Alfa-Bank business, he said RBC Investments the bank intends to provide “all possible services related to digital currencies” when the relevant regulations come into force.
“First, we are planning to create our own digital storage space and offer its services to other companies,” he said.
Under the proposed regulation of the market, the digital depository registers and stores cryptocurrency and digital assets, monitors customer transactions, and prevents transfers to addresses that are not authorized by the government.
Companies that have a deposit license may not require a separate license from the Central Bank to operate.
Vitman said the market will grow slowly. Commercial sales will come first, relying on infrastructure in Russia and other countries, and could be launched in late 2026 or early 2027 if digital currency regulations come into force in September 2026.
Despite this, he warned that the growth of the economy and the growth of the crypto market in Russia will not happen until the end of 2027, a period that shows the regulatory system has not been tested and warns the organizations that are afraid to move before the regulations are finalized.
The bank also wants to build Russian financial infrastructure on open blockchains that can attract foreign investors.
“It is important for Russia to develop its own weapons, otherwise we will have nothing to offer,” Vitman said. “We need to attract investors to our products, so we need to create products that can compete globally.”
A crowded place in Russia
Alfa-Bank is not alone. T-Technologies Group, which runs T-Bank, has he announced plans to launch a digital asset storage platform built on the Atomize digital asset platform and sell crypto through its broker, T-Investments.
VTB Bank so are plans to create its own digital repository to store, record, and distribute digital content, including Bitcoin.
A giant of the state Sberbank is moving very fast. The bank will establish a digital depository for the storage and accounting of cryptocurrencies by December 1. Sberbank is also planning to implement authorized crypto transactions within its Sber and SberInvestments programs, including direct savings to services that reach millions of Russians.
When bitcoin and crypto trading can start
The draft law “On Digital Currency and Digital Rights” passed the first reading in the State Duma, to improve the process of destruction which defines the rules for the spread of crypto and introduces new professionals, including crypto exchanges and digital depositories.
Originally set to take effect on July 1, 2026, the law’s timeline has been shortened, with the effective date set for September 1.
Vladimir Chistyukhin, the first vice-chairman of the Central Bank, said that the regulator expects all the laws necessary to implement the rules for crypto activities to be adopted and published by November, preparing the first exit procedures.
The Moscow Exchange hopes to conduct its first crypto trading by the end of 2026.
