The Institutional Staking Playbook for Exchanges
Staking now sits inside regulated products that institutional clients already buy, and the position for exchanges has shifted substantially since the enforcement actions of 2023. For a venue, the question has moved from whether to offer staking to how, and how quickly.
This playbook sets out the answer. It covers the four ways an exchange can offer staking and what each one means for securities status, custody, sanctions screening and reporting. It explains why the choice between omnibus and segregated accounts decides the risk, audit and insolvency position that follows. It works through the case for building in-house against partnering with a non-custodial provider, the slashing, key management and operational questions a risk team will ask, and where regulatory readiness stands across the United States, the United Kingdom, the European Union and Asia-Pacific. It closes with a frame for running the economics against your own book and the due diligence questions to put to any staking partner.
Each section is written for a different function and can be read on its own. Download the playbook to work through the decisions in the order an exchange faces them.
Disclaimer: Twinstake does not provide staking services to retail customers. This report is not intended as a promotion, offer, invitation or solicitation for the purchase or sale of any investment, nor is it intended to give rise to any other legal relations whatsoever and must not be relied upon for the purposes of any investment decision. It does not constitute financial, legal, or investment advice. If you do not have the relevant professional experience in matters relating to crypto asset investments, you should not consider this report to be directed at you.
References to network performance, rewards, issuance and planned protocol changes are based on information available as at 4 September 2026, may change and are not guaranteed. Historical reward data is not a reliable indicator of future results. Staking rewards are variable, and staking may involve slashing, downtime, liquidity, market, protocol, operational and other risks. SIMD-0550 has been approved but not activated, and the modelled effects in this report assume an activation date that has not been confirmed.
This report and the information in it are not directed at, or intended to be made available to, retail customers. It is directed only at persons who are professional investors (for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (known as 'AIFMD'); professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive II (Directive 2014/65/EU) (known as 'MiFID II'); if you are in the UK, to "Investment Professionals" or "High Net Worth Companies" as defined in Articles 19 and 49 respectively of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or as otherwise defined under applicable local regulations and at whom this report and the information in it may lawfully be directed in any relevant jurisdiction.
The appearance of any third-party hyperlinks or third-party reference in the report does not constitute an endorsement, guarantee, warranty, or recommendation by Twinstake. Do conduct your own due diligence before deciding to use any third-party services.
Twinstake shall have no liability for any loss or damage that may arise directly or indirectly from the use of or reliance on the information provided herein or for any errors or omissions in the information.
Staking now sits inside regulated products that institutional clients already buy, and the position for exchanges has shifted substantially since the enforcement actions of 2023. For a venue, the question has moved from whether to offer staking to how, and how quickly.
This playbook sets out the answer. It covers the four ways an exchange can offer staking and what each one means for securities status, custody, sanctions screening and reporting. It explains why the choice between omnibus and segregated accounts decides the risk, audit and insolvency position that follows. It works through the case for building in-house against partnering with a non-custodial provider, the slashing, key management and operational questions a risk team will ask, and where regulatory readiness stands across the United States, the United Kingdom, the European Union and Asia-Pacific. It closes with a frame for running the economics against your own book and the due diligence questions to put to any staking partner.
Each section is written for a different function and can be read on its own. Download the playbook to work through the decisions in the order an exchange faces them.
Disclaimer: Twinstake does not provide staking services to retail customers. This report is not intended as a promotion, offer, invitation or solicitation for the purchase or sale of any investment, nor is it intended to give rise to any other legal relations whatsoever and must not be relied upon for the purposes of any investment decision. It does not constitute financial, legal, or investment advice. If you do not have the relevant professional experience in matters relating to crypto asset investments, you should not consider this report to be directed at you.
References to network performance, rewards, issuance and planned protocol changes are based on information available as at 4 September 2026, may change and are not guaranteed. Historical reward data is not a reliable indicator of future results. Staking rewards are variable, and staking may involve slashing, downtime, liquidity, market, protocol, operational and other risks. SIMD-0550 has been approved but not activated, and the modelled effects in this report assume an activation date that has not been confirmed.
This report and the information in it are not directed at, or intended to be made available to, retail customers. It is directed only at persons who are professional investors (for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (known as 'AIFMD'); professional clients or eligible counterparties for the purposes of the Markets in Financial Instruments Directive II (Directive 2014/65/EU) (known as 'MiFID II'); if you are in the UK, to "Investment Professionals" or "High Net Worth Companies" as defined in Articles 19 and 49 respectively of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, or as otherwise defined under applicable local regulations and at whom this report and the information in it may lawfully be directed in any relevant jurisdiction.
The appearance of any third-party hyperlinks or third-party reference in the report does not constitute an endorsement, guarantee, warranty, or recommendation by Twinstake. Do conduct your own due diligence before deciding to use any third-party services.
Twinstake shall have no liability for any loss or damage that may arise directly or indirectly from the use of or reliance on the information provided herein or for any errors or omissions in the information.
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