Russia's largest private bank Alfa plans to launch cryptocurrency-related services and apply for a digital depository license.

TechFlow News, July 9, according to Bits.media, Russian private bank Alfa-Bank stated that it plans to establish a digital depository institution and provide cryptocurrency-related services to clients and other legal entities. The bank also hopes to develop investment tools based on open blockchain to attract foreign investors. The progress of related business is expected to depend on the official entry into force of the Russian regulatory bill on cryptocurrency circulation.

Alfa-Bank management expects that Russian retail crypto brokerage business may launch between late 2026 and early 2027, while large-scale liquidity in the local crypto market may not appear until the end of 2027. Meanwhile, other major banks in Russia are also advancing similar arrangements.