Regulation varies quite drastically between the two. ASIC have many rules in relation to how one operates and have very high compliance requirements. In March 2021, ASIC will be reducing the leverage to 1:30 which means you will need to deposit a larger amount of margin in order to trade (please use our trading calculators as an example).  
 
In comparison, VFSC have no restrictions on leverage offered to clients. The way in which the VFSC firm is operated however, is very similar to that of which the ASIC firm is. If you look at the two terms and conditions side by side, you will notice they are very similar. For example, funds deposited are still held in a client segregated trust with a Tier 1 bank. This is because they are related entities that have the same standards for operating. To confirm though, that doesn't mean that they have the same compliance requirements, just that they operate in a similar manner.