Scenario description
Assume that by the resolution date, the European Commission, ESMA, EBA, the European Parliament, the Council of the EU, or an EU national competent authority issues an official communication, consultation conclusion, product-intervention action, draft measure, adopted measure, or equivalent regulatory action that would supervise EU-facing crypto perpetual futures through a new MiCA-specific framework or a materially stricter retail/product regime rather than relying primarily on ordinary MiFID II derivatives treatment. The action may include CFD-like retail restrictions, leverage caps, marketing limits, retail access bans, product-specific authorization requirements, bespoke crypto-perpetuals conduct rules, or a MiCA-linked perpetual-futures framework. Any exact cap, restriction, exemption, transition period, product definition, affected client category, or implementation date is only as stated in the official action and is not otherwise assumed.