Russia’s largest bank, Sberbank, plans to build cryptocurrency trading infrastructure and launch a digital depository by Dec. 1 as Russia moves to bring crypto trading, custody and settlement into its regulated financial system.

The depository, according to Interfax, will record clients’ ownership of cryptocurrency and process most transactions outside the underlying blockchain. Sberbank will operate active wallets for client-initiated deposits, withdrawals and transfers.

The plan follows the Federation Council’s approval of a law regulating cryptocurrency trading through licensed brokers, exchanges, asset managers and depositories.

The framework is set to take effect Sept. 1, though rules requiring transactions to pass through…