Overview
- On Thursday Alfa-Bank said it intends to operate a licensed digital depository and has begun narrow crypto trading tests for qualified investors inside its Alfa-Investments app.
- The planned depository would provide custody, recordkeeping and transaction monitoring and would be able to block transfers to addresses that fall outside regulators' rules under the draft law.
- Alfa-Bank enters the push from a position of strength: its A-Token platform processed 86 tokenized issuances worth about RUB 37.5 billion in 2023, roughly 45% of Russia's DFA volume that year.
- Major rivals including Sberbank, T-Bank and VTB are developing comparable wallets, custody and depository services, with Sberbank publicly targeting December 2026 for some offerings.
- Full retail rollouts and deep market liquidity remain conditional on final regulatory acts and licensing and are likely to be gradual, with meaningful trading volumes expected no sooner than late 2027 and international integration constrained by Western sanctions.