ESMA: Crypto perpetuals likely subject to CFD rules under ‘same risk, same rules’ approach

The European Securities and Markets Authority (ESMA) warned that crypto perpetual derivatives — often marketed as perpetual futures or perpetual contracts — will likely fall under existing contract-for-difference (CFD) rules, saying the industry must apply 'same risk, same rules' to such products ^[1][2].

ESMA’s February statement requires firms to follow EU rules on leverage limits, risk warnings and investor protection regardless of what a product is called, a development that industry outlets say raises urgent questions over the future of leveraged crypto trading in the EU ^[3][2].

The authority urged firms to re-evaluate instruments that provide leveraged access to cryptocurrencies and reminded market participants and national authorities that such products are likely to be subject to existing CFD regimes as part of MiCA compliance monitoring ^[2][1][4].

Market participants should expect ESMA to apply CFD rules — including leverage and investor-protection requirements — to crypto perpetual derivatives until clarified otherwise ^[2].