Alfa-Bank Prepares for Regulated Crypto Services Amid Russia's New Digital Asset Law

Russia's largest private bank, Alfa-Bank, is gearing up to enter the regulated crypto market. According to its Chief Operating Officer Dmitry Vitman, the bank plans to create its own digital depository for storing crypto assets under a regulated structure.

The digital depository would allow Alfa-Bank to store crypto assets for clients and expand its role in the digital asset market. The bank is also considering blockchain-based investment products aimed at expanding its presence in the market.

Alfa-Bank has already operated A-Token, a platform launched in February 2023, which supports tokenized instruments operating within Russia's existing legal framework. These products have seen significant traction, with 86 issuances worth 37.5 billion rubles, representing about 45% of Russia's digital financial asset transaction volume in 2023.

The bank's crypto plans depend on Russia's new digital asset legislation, which has received final approval from the State Duma and is expected to take effect later this year. The framework will establish licensed intermediaries and define how crypto exchanges and digital depositories can operate.