The European Securities and Markets Authority (ESMA) has issued a formal warning to investment firms, clarifying that derivatives on crypto-assets marketed as “perpetual futures” are likely subject to the strict regulatory protections governing Contracts for Differences (CFDs).
“Firms must conduct a careful legal analysis of these products… the commercial name provided by firms is irrelevant for the categorization,” ESMA stated in its directive.
🧭 FAQsIs this related to the MiCA (Markets in Crypto-Assets) regulation? While MiCA regulates the crypto-asset market, ESMA’s statement clarifies how existing MiFID II and CFD rules apply to derivatives, closing a potential loophole for speculative instruments.
