Catenaa, Thursday, July 16, 2026- Russia’s largest private lender, Alfa Bank, plans to establish a regulated digital depository for cryptocurrencies, joining a growing list of major domestic banks preparing to enter the country’s emerging digital asset market as lawmakers move closer to approving comprehensive crypto legislation.
According to comments by Alfa Bank Chief Operating Officer Dmitry Vitman, reported by RBC, the bank intends to begin with a retail-focused cryptocurrency brokerage, potentially launching by late 2026 or early 2027 before expanding into institutional digital asset custody.
The broader strategy depends on Russia’s pending legislation governing digital currency and digital rights, which is expected to create the legal foundation for licensed crypto trading, custody and related financial services.
Once the law takes effect, Alfa Bank plans to establish a digital depository that will safeguard digital assets, process transfers and maintain ownership records while supporting additional cryptocurrency investment services.
Rather than rushing into cryptocurrency trading, Russian banks are prioritizing custody infrastructure.
Digital depositories are expected to become the regulated backbone of the country’s future crypto market, enabling licensed institutions to hold customer assets securely while supporting trading, settlement and investment products.
For Alfa Bank, the depository would also create a platform for broader blockchain-based financial services, including custody, transaction processing and investment products built on public blockchain networks that could appeal to international investors.
The approach mirrors strategies adopted by established financial institutions in other major markets, where regulated custody has become the gateway to institutional digital asset services.
Alfa Bank is not acting alone.
Major Russian lenders, including Sber, VTB and T-Bank, have announced plans to develop digital depositories, crypto wallets and regulated digital asset platforms in anticipation of the new legal framework.
The coordinated preparations suggest Russia’s banking sector expects regulated digital assets to become an integrated part of mainstream financial services rather than a niche investment product.
Instead of competing as cryptocurrency exchanges, banks appear to be positioning themselves as trusted custodians operating within the country’s financial regulatory system.
The legislation underpinning these initiatives has advanced steadily through Russia’s parliament.
After passing its first reading in the State Duma in April, the bill was expected to take effect on July 1 before lawmakers delayed subsequent readings to refine the framework.
Earlier this week, the government’s Financial Market Committee approved the revised legislation for its second reading, moving the bill closer to final approval.
If enacted, the framework is expected to introduce licensing requirements for crypto businesses while placing custody, trading and other digital asset activities under the supervision of the Bank of Russia.
Current expectations point to implementation around Sept. 1.
Russia’s emerging framework differs from the decentralized model that shaped early cryptocurrency markets.
Rather than encouraging independent crypto service providers, the legislation positions regulated banks as the primary gateways for digital asset ownership, custody and investment.
That model could accelerate institutional participation while giving regulators greater visibility over market activity through licensed financial institutions.
For Russian banks, digital depositories may become as strategically important to future crypto markets as securities depositories are to traditional capital markets.
Russia has gradually moved toward establishing a regulated digital asset framework after years of uncertainty surrounding cryptocurrency policy. The proposed legislation would formally recognize licensed crypto market participants while introducing oversight by the Bank of Russia. Major financial institutions have responded by developing custody infrastructure ahead of the law’s implementation, signaling that competition is shifting beyond crypto trading toward regulated asset safekeeping. Similar custody-first strategies have emerged globally as banks increasingly view digital asset storage, settlement and compliance as the foundation for broader institutional cryptocurrency services.
