RABIT Weekly News(W4 February 2023)

The SEC has passed regulations to strengthen cryptocurrency custody regulations, such as allowing crypto to be stored only through qualified consigned parties that satisfy specific requirements. Crypto exchanges that have been providing consignment services to users are expected to be affected by the regulations.
As SEC suspended the staking business of Kraken, the crypto exchange, it signaled that it would expand the regulatory radius to the staking market. The industry is paying close attention to whether staking’s innovation opportunity, which is emerging as a new source of revenue in the crypto industry, will be taken away.
While continued discussions on allowing individual investors to trade crypto in Hong Kong, Hong Kong announced its plans to invest 50 million yuan in developing its Web3 industry. Hong Kong is expected to quickly create an environment where Hong Kong can become a crypto hub.