Overview
- Alfa-Bank said it will seek a digital depository license and build custody, wallet and crypto-to-ruble gateway infrastructure to operate under Russia’s new rules.
- The bank has begun limited crypto trading tests for a small group of qualified investors inside its Alfa-Investments app as it readies broader services.
- Alfa-Bank expects to finish custody and exchange-gateway work in 2026 and aims for a retail rollout nearer to the fourth quarter of 2026 while warning that deep market liquidity may not materialize before late 2027.
- Major rivals including Sberbank, VTB and T-Bank are running parallel programs to add custody, wallets and brokerage access, making this a sector-wide push toward licensed, bank-led crypto services.
- Regulatory rules still need Bank of Russia implementing acts and formal licenses and draft limits such as an annual cap for non-qualified investors and transfer reporting will likely constrain cross-border flows and retail activity.