Regulation means regulatory policies must be made by outsiders, and they have to be 'dumbass' level outsiders! For example, Hong Kong's licensed exchange HashKey: Contract leverage: retail clients only get 5x, while institutions or qualified investors can get 20x. No matter how much margin you have, the maximum per trade is: limit order 10 BTC, market order 2 BTC. With policies like this, you really have to wonder how out-of-touch the people who came up with them are. Who would trade on this exchange?