According to CoinMeta, Russia's largest bank Sberbank has been approved to conduct cryptocurrency transactions, advancing Moscow's efforts to incorporate crypto trading and custody into its regulated financial system. The Russian Central Bank has added Sberbank to its registry of cryptocurrency trading providers. The bank joined the digital custody registry earlier this month and is responsible for recording customers' crypto assets. Currently, there are nine registered exchanges, including VTB and T- Invest Lab. This approval marks another step forward for the central bank in its proposal from 2022 to ban domestic crypto exchanges and prohibit Russian financial intermediaries from handling cryptocurrencies. The law that came into effect on September 1st created a regulated market involving banks, brokers, exchanges, and digital custodians. Registered crypto traders can use their own funds to buy and sell cryptocurrencies outside of organized exchanges, while custodians record ownership and transfers. Sberbank plans to launch its first products on December 1st and has already begun testing the trading of BTC, ETH, USDT, and other major tokens within its application.