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Russia’s largest private bank, Alfa-Bank, is reportedly preparing to offer cryptocurrency services as the country continues developing a legal framework for the digital asset market.
Dmitry Vitman, chief operating officer of Alfa-Bank’s corporate and investment banking division, said the bank plans to roll out a suite of crypto servicesonce the relevant digital asset legislation takes effect, Russian publication RBC <a href="https://www.rbc.ru/quote/08/07/2026/6a4cad8a9a79472d9bd21c4a" rel="noopener noreferrer nofollow">reported</a> on Wednesday.
The announcement comes as Russia’s largest banks prepare for a regulated crypto market, with Sber, VTB and T-Bank also outlining crypto plans amid progress on the country's digital asset legislation.
<h2 id="alfa-bank-begins-testing-cryptocurrency-trading-service">Alfa-Bank begins testing cryptocurrency trading service</h2>
According to a separate RBC report, Alfa-Bank has <a href="https://www.rbc.ru/quote/08/07/2026/6a4e15119a79473e7f7235a5" rel="noopener noreferrer nofollow">started</a> testing cryptocurrency trading through its Alfa-Investments brokerage app with a limited group of qualified investors.
The test version reportedly included several major cryptocurrencies, including Bitcoin, Ether, Solana, Litecoin, Tether USDt, USDC and Zcash.
The bank said broader access for retail clients could follow after Russia adopts the necessary regulatory framework, with a possible launch targeted for the fourth quarter of 2026.
Cointelegraph contacted Alfa-Bank for comment on the tests but did not receive a response at the time of publication.
<h2 id="digital-asset-custodians-central-to-russia-s-crypto-framework">Digital asset custodians central to Russia's crypto framework</h2>
As part of its crypto plans, Alfa-Bank said it will first establish its own “digital depository,” a service similar to a digital asset custodian that stores and manages crypto assets.
Vitman said Alfa-Bank plans to create the custodian not only to support its own crypto services but also to provide the services to other companies.
Related: <a href="https://cointelegraph.com/news/esma-crypto-custody-scrutiny-mica-transition" rel="noopener noreferrer nofollow">ESMA turns spotlight on crypto custody risks after MiCA transition</a>
The term “digital depository” is a key part of Russia’s proposed crypto legislation, which introduces digital custodians as a new category of regulated market participants.
One of the related bills, “On Digital Currency and Digital Rights,” <a href="https://cointelegraph.com/news/russia-first-reading-crypto-bill-criminal-crackdown-crypto" rel="noopener noreferrer nofollow">passed its first reading</a> in the State Duma in April 2026 and is designed to establish rules for crypto operations under Bank of Russia oversight.<img alt="" height="802" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-07-09-at-33002-am.png" width="653">
Source: <a href="https://x.com/Cointelegraph/status/2074685001937940494" rel="noopener noreferrer nofollow">Cointelegraph</a>
Anatoly Aksakov, chairman of the State Duma’s Financial Market Committee, <a href="https://t.me/Aksakov_online/8876" rel="noopener noreferrer nofollow">said</a> on Wednesday that a package of cryptocurrency bills was ready for its second reading after the committee approved amendments.
Magazine: <a href="https://cointelegraph.com/features/how-much-longer-until-bitcoin-finds-cycle-bottom-analysts-disagree" rel="noopener noreferrer nofollow">Has Bitcoin bottomed for this cycle? Analysts say 'not yet'</a>

Russia's largest private bank, Alfa-Bank, tests crypto trading

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