Russia's largest private bank Alfa-Bank tests crypto trading

Alfa-Bank is testing cryptocurrency trading for qualified investors as Russia moves toward regulating digital assets and banks prepare new crypto services.

Russia’s largest private bank, Alfa-Bank, is reportedly preparing to offer cryptocurrency services as the country continues developing a legal framework for the 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 suite of crypto services once the relevant digital asset legislation takes effect, Russian publication RBC reported on Wednesday.

The announcement comes as Russia’s largest banks prepare for a regulated crypto market, with Sber, VTB and T-Bank also outlining crypto plans amid progress on the country’s digital asset legislation.