Russian banks prepare crypto services

Russia's largest private bank, Alfa-Bank, plans to launch a digital depository and offer cryptocurrency services once the country's new digital currency law takes effect, expected September 1, 2026. The bank aims to become a regulated custodian for digital assets, serving both retail and institutional clients. Other major Russian banks, including Sberbank, T-Bank, and VTB Bank, are pursuing similar plans. The Moscow Exchange expects to conduct its first crypto trades by end of 2026. The Russia — State Duma has approved the draft law in its first reading, with final regulations expected by November. The Russia — Central Bank of Russia is also weighing a simplified notification process for banks to run crypto exchanges. Alfa-Bank has already started testing crypto trading with a small group of qualified investors. The coordinated push by Russia's largest financial institutions marks a significant step toward regulated digital asset adoption, though meaningful liquidity is not expected before late 2027.