Russia's Largest Private Bank Plans Major Crypto Push

Russia's largest private bank, Alfa Bank, is positioning itself to become a regulated digital asset custodian once the country's new crypto legislation takes effect. The bank also plans to launch blockchain-based investment products for both domestic clients and international investors.

A New Regulatory Window Opens

The move follows years of gradual build-up. Alfa Bank has long been active in Russia's digital financial asset (DFA) market. The bank, along with state-controlled Sberbank, is among the approved issuers on Russia's tokenization platforms, and Alfa Bank has claimed close to half of the DFA market by transaction volume. Its A-Token platform has issued products linked to gold, equities, and major cryptocurrencies including $BTC.

The ambition to become a custodian is now being shaped by incoming legislation. Russia's new crypto law is expected to create a legal framework for crypto custody, trading, and other digital asset services starting September 1, 2026. The law establishes a licensing system covering five categories of market participants: exchanges, brokers, management companies, custodians, and exchange offices, all falling under Central Bank supervision.

Banks Race for Custody Licenses

Alfa Bank is not alone. In addition to Sberbank, Russia's second-largest bank VTB and T-Bank Group have also stated that they will establish digital asset custodianship entities following the implementation of the new law.

Sberbank plans to offer a cryptocurrency wallet and digital depository by December, adding the new services to its Sberbank Online and SberInvestments platforms after Russia adopts its bill on digital currency and digital rights. Sberbank also plans to complete its digital asset depository by December 1.

The framework does introduce meaningful restrictions. The legislation creates licenses for firms to engage in crypto trading, custody, digital-to-fiat exchange, and cross-border settlements, while non-qualified investors will be allowed to trade under testing requirements and limits capped at roughly 300,000 rubles (around $3,800) per year. Market participants must officially register by July 1, 2027, after which criminal and administrative sanctions apply for violations.

The scale of the institutional pivot is significant. The Moscow Exchange has also announced plans to launch operations related to crypto assets by the end of 2026. Taken together, the moves signal a broad shift in how Russia's financial establishment intends to engage with digital assets under a more formal regulatory structure.

Sources:
CoinDesk: Russia's largest bank plans crypto wallet launch as Moscow clears market path
The Crypto Times: Sberbank Eyes Crypto Wallet Launch Under Russia's New Law
Ledger Insights: Russia's Alfa-Bank claims almost half digital asset market share