Regulation· ★★★★· bearish·

France pushes to regulate on-chain perps under MiFID, not MiCA

  • —France says perps are financial instruments and belong under MiFID II
  • —MiCA is described as less demanding than the EU financial rulebook
  • —Hyperliquid accounts for about a third of on-chain perp volume, $212B of $643B
  • —Paris also seeks clarity on staking, crypto lending and smart-contract certification
Why it matters: If the French stance prevails at EU level, on-chain perp venues face MiFID licensing or geoblocking the bloc.
#HYPE
Source: Cryptoast
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