Alfa Bank announced plans to offer regulated crypto custody and investment services to retail and corporate clients by 2027

Russia’s largest private bank, Alfa Bank, has revealed plans to enter the crypto asset arena. The bank announced its aim to become a regulated digital asset custody provider, offering services not just to individual customers but also to corporations. Chief Operating Officer Dmitry Vitman emphasized that the initiative is designed to serve both retail and institutional clients by providing a secure foundation for digital asset management.

Regulatory framework will be decisive

Vitman stated that the bank’s first priority is to establish its own secure digital custody infrastructure. This internal system is expected to become the cornerstone of all future crypto asset services provided by Alfa Bank. In addition, the bank plans to develop investment products built on public blockchains, with the goal of reaching international investors as well.

Dmitry Vitman underscored that while Alfa Bank plans to offer a variety of digital asset services, setting up a robust custody infrastructure is an essential first step.

Under the proposed regulatory model in Russia, digital custody providers will be required to record all client transactions and prevent transfers to any addresses not approved by the state. Thanks to its scale, Alfa Bank may be able to handle such operations at high volume. Established in 1990, the bank is recognized as one of the country’s largest and most influential private financial institutions, with a broad customer base.

Mini glossary: A digital custody provider is a licensed platform that securely holds cryptocurrencies and records their movements. Public blockchains are networks where all transactions are verified and recorded in a transparent, open manner.

The launch of Alfa Bank’s crypto services is contingent upon the adoption of pending regulations. Vitman noted that Russia’s State Duma has already finalized the draft legislation on crypto assets, with implementation details to be clarified once the law comes into effect. Retail brokerage services are expected to roll out by late 2026 or early 2027.

Not just targeting retail customers

Alfa Bank’s vision for crypto services is not limited to retail users. The bank intends to extend its digital asset offerings to corporate clients, signaling plans to provide a broader portfolio beyond just custody. This approach reveals the bank’s intention to become a major player in the emerging institutional crypto ecosystem.

Vitman also highlighted Alfa Bank’s ambition to develop tools compatible with international markets. Its established infrastructure and customer base give the bank a competitive advantage over smaller rivals. Nevertheless, Alfa Bank does not anticipate significant liquidity in the short term, suggesting meaningful market growth might materialize toward the end of 2027.

Vitman pointed out that substantial liquidity growth is more likely to occur in late 2027, rather than in the immediate future.

Other major banks making similar moves

Several other large Russian banks are also preparing to launch digital asset services. Sberbank, for example, reportedly plans to activate its digital custody infrastructure and add a crypto wallet feature to its banking app by December 1. Likewise, T Bank has disclosed similar ambitions to enter the sector.

This trend highlights the accelerating competition among Russian banking giants to offer compliant crypto asset services for both retail and institutional clients. Alfa Bank, given its scale and market reach, stands out as a key contender in this rapidly evolving landscape.