Australia’s ASIC Proposes Leverage Caps on Crypto-Settled Derivatives

This is a notable convergence signal: Australia's markets watchdog is treating crypto-settled derivatives as derivatives first, crypto second, which brings the contracts into the same supervisory perimeter as conventional listed products. The immediate read-across is to platforms offering these contracts, which would face tighter product-design constraints, and to the broader question of whether other regulators follow a similar 'same risk, same rules' approach. The consultation itself is the near-term focal point: whether industry pushback narrows the scope, and how ASIC defines which contracts are captured, will determine how much of the market actually changes.