The Crypto Register EU

Can I legally trade crypto perpetuals in the EU? MiCA vs MiFID II explained

MiCA does not cover crypto derivatives. Crypto perpetuals, futures and CFDs fall under MiFID II. Which exchanges hold the right licence in the EU today, and what protections apply that don't on unregulated platforms.

Can I legally trade crypto perpetuals in the EU?

Yes, but only on a platform that holds a specific kind of EU licence. The short version: MiCA does not cover crypto derivatives. Crypto perpetual futures, options and CFDs fall under a different European regime called MiFID II. An exchange you use for spot trading may be perfectly licensed under MiCA, and still not legally allowed to offer you a perpetuals product in the EEA. This page explains the boundary and shows you which exchanges have the right licence today.

Why doesn't MiCA cover crypto derivatives?

The Markets in Crypto-Assets Regulation, Regulation (EU) 2023/1114 (MiCA), regulates "crypto-assets" - tokens that are not already covered by existing EU financial-services law. Article 2(4)(a) of MiCA explicitly excludes crypto-assets that qualify as financial instruments within the meaning of MiFID II.

A derivative referencing a crypto-asset - a perpetual contract, an option, a future, a contract-for-difference - is a financial instrument under Section C of Annex I to MiFID II (Directive 2014/65/EU). MiFID II takes precedence. The European Securities and Markets Authority confirmed this position in its December 2024 guidance on the scope boundary.

The practical consequence: a crypto exchange in the EEA can hold a MiCA authorisation for its spot business, but if it wants to offer crypto derivatives to EEA residents it needs a separate MiFID II authorisation, granted under a different framework, often via a different legal entity.

What MiFID II requires for crypto derivatives in the EU

An exchange offering crypto derivatives to EEA residents must:

  • Hold a MiFID II authorisation from a national competent authority (BaFin, AMF, MFSA, AFM, CSSF, CySEC, CBI, FMA or another EEA regulator).
  • Comply with the conduct-of-business rules of Title II of MiFID II, including a duty of best execution, conflict-of-interest disclosure, and client classification (retail vs professional).
  • Run a mandatory appropriateness assessment for retail clients before they can trade complex products like crypto derivatives. The assessment evaluates the client's knowledge and experience and is recorded for supervisory review.
  • Apply EMIR margin and clearing rules where applicable (Regulation (EU) No 648/2012 on OTC derivatives).
  • Hold prudential capital under the Investment Firms Regulation and Directive (IFR / IFD).
  • Publish a Key Information Document (KID) for the product under the PRIIPs Regulation if the product is offered to retail clients.

For users, the most visible difference vs an unregulated exchange is the appropriateness assessment: a brief questionnaire about trading experience, knowledge of leverage, and understanding of the risks. This is not a marketing form; it is a regulatory requirement enforced by the firm's home-state regulator.

Which exchanges hold a MiFID II authorisation for crypto derivatives today?

As of , six crypto-native exchanges hold a MiFID II authorisation covering crypto derivatives in the EEA:

  • Kraken - Payward Europe Digital Solutions (CY) Limited, authorised by CySEC Cyprus (CIF 342/17). Perpetuals and fixed-maturity futures, live since .
  • Coinbase - Coinbase Financial Services Europe Ltd., authorised by CySEC Cyprus (CIF 374/19, acquired from BUX Cyprus, August 2024). Crypto futures and equity index futures via Coinbase Advanced, live from early 2026 across 26 EEA countries.
  • OKX - OKX Europe Markets Limited, authorised by the Malta Financial Services Authority (MFSA). X-Perps: five-year expiry crypto futures with up to 10x leverage, live since .
  • Crypto.com - Foris Capital CY Ltd (trade name Crypto.com), authorised by CySEC Cyprus (CIF 344/17). Licence granted; retail product launch announced for 2025.
  • Bitstamp - Bitstamp Financial Services Ltd., authorised by the Slovenian ATVP as a Multilateral Trading Facility (MTF) for crypto derivatives, .
  • Bitpanda - Bitpanda Financial Services GmbH, authorised by the Austrian FMA as a MiFID II investment firm, offering CFDs on crypto under its own-account dealing permission.

Long-established MiFID II CFD brokers (eToro, Plus500, IG) also offer crypto-CFD products under existing MiFID II permissions; these are not crypto-native exchanges.

See the full MiFID II derivatives register →

What is the difference between bybit.com perpetuals and OKX X-Perps?

Two structural differences matter for an EEA resident:

  • Regulatory status. X-Perps are issued under a MiFID II authorisation by OKX Europe Markets Limited (MFSA). The user contracts with a regulated EU entity. Perpetuals on bybit.com are offered globally by Bybit's Dubai entity and do not hold an EEA MiFID II authorisation as of this writing. For an EEA resident, the regulatory protections are materially different.
  • Contract design. X-Perps have a fixed five-year expiry. Traditional crypto perpetuals are open-ended. The five-year design is a deliberate choice to fit within MiFID II's product-governance framework, which expects derivatives to have a defined termination event. The funding rate mechanism keeps X-Perps pricing aligned to spot, similar to a perpetual.

For an EEA retail user wanting access to leveraged crypto exposure under EU regulatory protections, the choice between an MiFID II-authorised product like X-Perps and an unregulated global perpetual is no longer a price comparison; it is a regulatory one. The MiFID II product carries client-asset segregation, an appropriateness check, and supervisory recourse to a regulator in the EEA. The unregulated product does not.

What protections do MiFID II clients have that unregulated users do not?

Five concrete protections that apply on any MiFID II-authorised firm and not on an unregulated derivatives platform:

  1. Client-asset segregation. Article 16(8) and (9) of MiFID II requires the firm to hold client money and instruments separately from its own assets. In an insolvency, client positions are not part of the firm's bankruptcy estate.
  2. Appropriateness assessment (Article 25(3)). The firm cannot let a retail client trade complex products without first checking and recording that the client understands the risks. This is enforceable by the regulator.
  3. Best execution (Article 27). The firm must take all sufficient steps to obtain the best result for clients in price, cost, speed, and likelihood of execution. The firm must publish an annual best-execution report.
  4. Investor Compensation Scheme. EU investment firms participate in their national Investor Compensation Scheme. In Malta this is the Investor Compensation Scheme administered by MFSA, which covers eligible claims up to EUR 20,000 per investor in the event the firm cannot return client assets.
  5. Complaints handling and ombudsman access. Clients have a documented complaints-handling route and access to an Alternative Dispute Resolution body, plus the option to escalate to the firm's home-state regulator.

Why are X-Perps five-year expiry instead of infinite?

MiFID II's product-governance framework expects financial instruments to have a defined economic life. Open-ended perpetual contracts as commonly traded on unregulated global venues sit awkwardly in this framework. The five-year expiry is a deliberate product-design choice that lets a crypto-derivative product look and feel like a perpetual to the trader (funding rate, no rollover needed for years) while sitting cleanly inside MiFID II's product-governance and PRIIPs disclosure framework.

The trade-off for the user: at the end of year five, the contract expires and settles, which is unfamiliar to traders used to true perpetuals. The compensation is that the product is legal to trade in the EEA without reverse-solicitation grey areas.

Should I be worried if my exchange has a MiCA licence but not MiFID II?

Worry is too strong. The accurate framing: a MiCA-only exchange is legally allowed to offer you spot trading, custody, fiat conversion, and the other services covered by Article 3(1)(16) of MiCA. It is not legally allowed to offer you crypto derivatives. If you want to trade leveraged crypto in the EEA, you need a platform that holds the second licence. Today, that list is short; in Q3-Q4 2026 it is expected to grow as more major exchanges secure parallel MiFID II authorisations.

Sources cited on this page

  1. Regulation (EU) 2023/1114 (MiCA) on EUR-Lex - Article 2(4)(a) on the scope boundary with MiFID II.
  2. Directive 2014/65/EU (MiFID II) on EUR-Lex - Annex I Section C for the definition of financial instruments; Article 16 for client-asset segregation; Article 25(3) for appropriateness; Article 27 for best execution.
  3. ESMA Final Report on Reverse Solicitation under MiCA (17 December 2024).
  4. BusinessWire (15 April 2026) - OKX Launches X-Perps in Europe: MiFID-Regulated Crypto Derivatives with up to 10x Leverage.
  5. Malta Financial Services Authority - the authorising regulator for OKX Europe Markets Limited.