Russia’s biggest private bank is testing crypto trading. Alfa-Bank has started piloting cryptocurrency transactions through its Alfa-Investments brokerage app — but only for a limited group of qualified investors, according to Russian publication RBC.
The test includes major coins like Bitcoin, Ether, Solana, Litecoin, Tether USDt, USDC, and Zcash. If Russia finalizes its digital asset regulations, the bank says broader retail access could come as soon as Q4 2026.
Alfa-Bank isn’t stopping at trading. Dmitry Vitman, the bank’s COO for corporate and investment banking, says they’re planning to build a “digital depository” — essentially a crypto custodian. Not just for themselves, either. They want to offer custody services to other companies too.
That term — “digital depository” — is baked into Russia’s proposed crypto legislation. One of the key bills, “On Digital Currency and Digital Rights,” passed its first reading in the State Duma back in April. It’s designed to create rules for crypto operations under Bank of Russia oversight.
Anatoly Aksakov, head of the Duma’s Financial Market Committee, said Wednesday that a package of crypto bills is ready for its second reading after committee amendments were approved.
Alfa-Bank isn’t alone. Sber, VTB, and T-Bank have all outlined crypto plans as Russia’s regulatory picture comes into focus.
The question, as always with Russian crypto regulation, is how much control the central bank keeps. But the direction is clear: Russia’s largest banks are getting ready, and they’re waiting on the law to catch up.
