Alfa-Bank Prepares Digital Depository as Russian Crypto Race Accelerates

Dmitry Vitman, chief operating officer at Alfa-Bank’s corporate and investment division, confirmed the bank is prioritizing the development of an internal digital depository. This infrastructure is designed to store digital assets, monitor transactions, and ensure compliance by blocking transfers to unauthorized addresses. Beyond domestic custody, the bank intends to launch investment products on public blockchains aimed at attracting international capital. Internal testing is already underway, with the Alfa-Investments brokerage app currently allowing a limited group of qualified investors to trade assets including Bitcoin, Ethereum, Tether, and Solana.

While the bank aims to finalize its exchange gateways and repository systems by 2026, a full retail launch remains contingent on the Bank of Russia’s forthcoming legislative acts. Regulatory hurdles remain significant, as the current legislative draft includes a 300,000-ruble annual transaction cap for non-qualified investors and potential two-day freezes on large cross-border transfers. Despite these constraints, the competitive landscape is intensifying. Sberbank is developing its own wallet integration for December, while T-Bank and VTB are pursuing similar licensing via platforms like Atomyze. Even with these advancements, analysts suggest that broader market liquidity and full-scale retail adoption may not materialize until late 2027.