Russia’s Alfa-Bank Plans Crypto Expansion, Seeks Digital-Asset Custody License
Suehyeon Lee
Summary
- Russia’s largest private bank, Alfa-Bank, plans to expand into digital-asset businesses, including cryptocurrency custody services.
- Alfa-Bank plans to obtain a regulated digital-asset custody license and offer crypto services to retail and corporate clients.
- The bank also plans to develop public blockchain-based investment products to attract overseas investors, as major Russian financial institutions broaden their push into crypto businesses.
Forecast Trend Report by Period
Alfa-Bank, Russia’s largest private bank, plans to expand into digital-asset businesses, including cryptocurrency custody services.
Wu Blockchain reported on July 8 that Alfa-Bank aims to obtain a regulated digital-asset custody license and offer crypto services to retail and corporate clients.
The bank also plans to develop investment products based on public blockchains to attract overseas investors.
Alfa-Bank said it will push ahead with the business once Russia’s new digital-asset legislation takes effect.
The move comes as major Russian financial institutions broaden their push into crypto. State-owned Sberbank and T-Bank have also announced plans to obtain digital-asset custody licenses.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.