$BTC | Square is trending Hong Kong's SFC tightening exchange rules. On the desk clients often assume an AU exchange and a crypto CFD broker answer to one regulator. They do not. A spot exchange here just needs AUSTRAC registration as a Digital Currency Exchange, an AML check, not a product-conduct one. A CFD broker needs an AFSL and sits under ASIC's 2:1 leverage cap, the lowest of any asset class, set by the April 2021 Product Intervention Order. SatoshiMacro's crypto CFD guide tracks that cap. It is not a safety stamp. ASIC's own disclosures put loss rates at 70 to 85 percent. My read: the cap, not the regulator's name, limits your downside. Separate the two first.
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