Hyperliquid urges EU to regulate crypto perps under MiFID II

6.8 Regulation

Oct 1, 2026

Hyperliquid urges the EU to regulate crypto perpetual futures under MiFID II, focusing on economic substance over technology, and calls for ESMA guidance to ensure consistent, innovation-friendly rules.

The Hyperliquid Policy Center and Policy Committee have made their first regulatory submissions outside the United States, responding to the European Commission’s review of the Markets in Crypto-Assets Regulation (MiCA). In several filings, they argue that crypto-assets—especially perpetual futures (perps)—should be regulated according to their economic characteristics and risks, not the underlying blockchain technology. They recommend that these products fall under the existing MiFID II derivatives framework, stressing the importance of technology neutrality and economic substance. Hyperliquid’s submissions highlight that onchain verifiability and transparency can satisfy regulatory objectives without extra reporting requirements. They urge the European Securities and Markets Authority (ESMA) to issue guidance on applying MiFID II to onchain derivatives, aiming to support innovation and broader access to onchain finance in the EU while ensuring regulatory consistency and avoiding unnecessary new laws.