Short answer: spot trading and custody of assets such as bitcoin normally fall under MiCA. A crypto derivative, including many products marketed as perpetual futures or perpetual contracts, can be a MiFID II financial instrument and requires separate investment-services permissions.
The dividing line
MiCA deliberately excludes crypto assets that already qualify as financial instruments under EU financial-services law. The exclusion prevents duplicate rules for the same product. A token or contract classified as a transferable security, derivative or another MiFID financial instrument remains under MiFID II even when blockchain technology is involved.
A MiCA CASP authorisation alone does not permit an exchange to offer every product shown on its global website. The EU entity may be authorised for spot exchange, custody, execution and transfers while leveraged derivatives are unavailable to EEA retail clients or offered through a separately authorised investment firm.
MiCA and MiFID II compared
| Question | MiCA | MiFID II |
|---|---|---|
| Main subject | Crypto assets and CASP services not already covered by financial-services law | Financial instruments and investment services |
| Common crypto example | Spot exchange and custody of bitcoin or ether | Options, futures, CFDs and qualifying perpetual contracts |
| Provider permission | CASP authorisation or an eligible financial entity using Article 60 | Investment-firm authorisation for the relevant services and instruments |
| Compensation scheme | No MiCA-wide investor compensation scheme | Investment firms can be subject to investor-compensation arrangements |
| EU passport | CASP services listed in the MiCA authorisation | Authorised investment services and activities |
What about perpetual futures?
A product name is not decisive. In February 2026, ESMA told national authorities to assess products marketed as “perpetual futures” or “perpetual contracts”. Authorities must decide whether existing CFD product measures and MiFID II requirements apply. Contract design, settlement, leverage and economic exposure matter more than the marketing label.
For a retail user, the practical test starts with the legal entity that offers the product. Check whether that entity has the separate permission required for derivatives. A global exchange’s product menu does not prove that its EU CASP can offer the same products.
Can a bank or investment firm provide MiCA services?
Yes, in limited circumstances. Article 60 of MiCA allows certain already-regulated financial entities to provide equivalent crypto-asset services after notifying their home authority. An investment firm may only provide services equivalent to the investment services for which it is already authorised. A notification is not a blanket permission to offer every crypto service.
How to check a platform
- Find the exact EU legal entity in the ESMA CASP register.
- Check the authorised MiCA service codes and the exact legal entity.
- Identify which entity is the counterparty for the product you want.
- For derivatives, check the relevant national investment-firm register and product restrictions rather than relying on the CASP entry.
Primary sources
- Regulation (EU) 2023/1114: MiCA
- ESMA statement on perpetual futures, 24 February 2026
- MiFID II Annex I: financial instruments and investment services
Last reviewed 2 September 2026. The guide provides general regulatory information and does not provide legal or investment advice.