MiCA's full implementation excludes derivatives, sparking reverse discrimination concerns

The European Union's Markets in Crypto-Assets (MiCA) regulation has fully come into effect today, July 1. However, the derivatives market, which accounts for a significant portion of crypto trading volume, has been excluded from its scope, according to CoinDesk. The media outlet explained that major decentralized perpetual futures exchanges like Hyperliquid (HYPE) and Aster (ASTER) are not subject to MiCA, yet they support high-leverage trading. This could potentially drive investors toward the riskier derivatives market. Some licensed crypto companies are also raising concerns about reverse discrimination. Amid growing industry complaints, the key question is whether authorities will enforce the Markets in Financial Instruments Directive on derivatives exchanges.