ESMA has warned firms that products marketed as “perpetual futures” or “perpetual contracts” may fall within the EU legal definition of Contracts for Difference (CFDs) under MiCA enforcement. The designation would subject these instruments to tighter consumer protections and marketing rules.
The European Commission has proposed expanding ESMA's authority over crypto exchanges to strengthen security and regulatory enforcement across the EU, a move that has prompted industry concern over centralization and compliance costs.