Alfa-Bank is preparing to launch digital asset custody services under Russia’s upcoming crypto law and plans to register as a custodian of digital assets. Under that setup, the bank would be able to hold cryptocurrency on behalf of both retail customers and businesses.
Bank prioritizes its own online depository
Dmitry Vitman, the bank’s chief operating officer, said Alfa-Bank intends to offer different types of services tied to digital assets, with the first step being the creation of its own online depository. Based on the plan described in the report, the crypto custody service would operate online and comply with the Russian regulatory framework that is set to take effect soon.
The sequence is clear. Build the custody infrastructure first, then place digital asset services inside the bank’s existing service model.
Other major Russian institutions are moving too
Alfa-Bank is not the only player preparing for the new regime. Sberbank, Russia’s largest lender, has also announced plans for a regulated online depository and a built-in crypto wallet inside its Sberbank Online and SberInvestments apps, with a target rollout by December 1 following the new law.
T-Bank, VTB, and the Moscow Exchange are also getting similar custody and trading services ready. The report adds that some of these crypto-related features are expected to be introduced through an existing virtual platform, which would act as a storage facility for customers’ virtual assets once the new regulatory framework comes into force.
What customers are expected to get
According to the source material, once the regulation is implemented and the plan is approved, customers would be able to access cryptocurrency custody through regulated banking platforms, store supported digital assets more securely, and use crypto-related services alongside traditional banking products.
The planned offering is framed for both individual and commercial use. For now, the disclosed details center on custody and storage; the source does not specify supported tokens, pricing, or a final launch date for Alfa-Bank’s service.