Russia's largest private lender, Alfa-Bank, has begun testing cryptocurrency trading as the country's biggest banks position themselves for the launch of a regulated digital asset market.

Dmitry Vitman, chief operating officer of Alfa-Bank's corporate and investment banking division, said the bank plans to roll out a full suite of crypto services once Russia's long-awaited digital asset legislation comes into force, according to Russian media outlet RBC.

The move places Alfa-Bank alongside state-backed lenders Sber and VTB, as well as T-Bank, all of which have unveiled crypto ambitions while lawmakers continue advancing the country's regulatory framework.

Alfa-Bank moves ahead before regulations are finalized

Alfa-Bank has already begun testing cryptocurrency trading through its Alfa-Investments brokerage platform with a limited group of qualified investors, signaling that preparations are well underway before the legal framework is fully enacted.

The pilot reportedly includes major digital assets such as Bitcoin, Ether, Solana, Litecoin, Tether USDt, USDC and Zcash.

The bank said it expects to expand the service to retail investors after the legislation is adopted, with a broader rollout potentially beginning in the fourth quarter of 2026.

As part of its strategy, Alfa-Bank also plans to establish its own "digital depository"—a regulated crypto custody service designed to securely store and manage digital assets.

Vitman said the custody platform would initially support Alfa-Bank's own crypto operations before eventually being offered to external companies, positioning the bank to play a broader role in Russia's emerging digital asset ecosystem.

Russia's crypto framework moves closer to reality

The custody model forms a central pillar of Russia's proposed cryptocurrency legislation, which introduces regulated digital custodians under the supervision of the Bank of Russia.

One of the key bills, "On Digital Currency and Digital Rights," passed its first reading in the State Duma in April and is designed to establish the legal framework governing cryptocurrency operations.

Anatoly Aksakov, chairman of the State Duma's Financial Market Committee, said lawmakers have now approved amendments to a wider package of crypto legislation, clearing it for a second reading.

The latest progress suggests Russia's long-awaited crypto framework is moving closer to becoming law, with the country's largest financial institutions already preparing to launch digital asset services once the regulatory green light arrives.