Alfa-Bank Seeks Crypto Custody License Amid Russia's Shifting Regulatory Landscape

Alfa-Bank, one of Russia's largest private banks, is expanding into cryptocurrency services. The bank plans to obtain a regulated digital-asset custody license and offer crypto-related services to both retail and corporate clients.

The move marks another step in the normalization of digital assets inside Russia's banking sector. Alfa-Bank has experience with blockchain-based financial products, having launched A-Token, a digital financial asset platform, in 2023. This allowed the bank to issue and support regulated digital financial assets under Russia's domestic DFA framework.

Russia's policy toward crypto has shifted from broad skepticism to controlled institutional access. The Bank of Russia proposed allowing wealthy individuals and qualified companies to participate in cryptocurrency investments through a three-year experimental legal regime in March 2025.