The European Securities and Markets Authority (ESMA) has explicitly stated that if crypto derivatives (including perpetual contracts) have similar economic characteristics and risk profiles to traditional high-risk financial products such as Contracts for Difference (CFDs), the same regulatory rules will apply. This reaffirms the EU principle of "same risk, same rules," meaning that regardless of branding, such products must comply with existing leverage limits, risk warnings, and investor protection measures under MiFID II.