What Regulatory Hurdles Exist for Implementing Cross-Margining in Cryptocurrency Derivatives?

Key hurdles include the lack of a standardized regulatory framework across jurisdictions, the high volatility of crypto assets, and the absence of a universally recognized central clearing counterparty for all products. Regulators often require higher margin requirements due to volatility, and legal clarity is needed regarding the netting enforceability of crypto-based positions in a bankruptcy scenario.