You asked me to explain how to launch crypto derivatives exchange in Europe.
Europe’s €3 trillion crypto-perp prize demands onshore liquidity and iron compliance
I'll explain how it works, and why most teams will fail.
Coinbase acquired MiFID II investment firm in Cyprus.
Kraken acquired licensed MTF, also in Cyprus.
Why?
Because MiCA doesn’t cover derivatives.
MiCA gets you:
- spot
- swaps
- custody
If you want derivatives you need something else.
Perpetuals aren’t just another asset class.
They're crypto-native product
…
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