Russia’s largest bank, Sberbank, has received approval to exchange cryptocurrencies, advancing Moscow’s effort to bring crypto trading and custody into its regulated financial system.

The Bank of Russia added Sberbank to its register of cryptocurrency exchange providers, according to Interfax. The bank had already joined the digital depository register earlier this month, giving it a role in recording clients’ crypto holdings.

There are now nine organizations on the exchange register, including VTB and T-Invest Lab.

The approval marks another step away from the central bank’s 2022 proposal to ban domestic crypto exchanges and prohibit Russian financial intermediaries from handling cryptocurrencies. A law that took effect Sept. 1…