South Korea’s Financial Services Commission and Financial Supervisory Service said they will step up monitoring of offshore platforms offering perpetual contracts linked to Korean stocks and stock indexes. The move targets overseas venues whose products reference the domestic market. Regulators said that if they find illegal business practices such as using referral codes to recruit Korean residents to sign up and charging commissions, they will report the cases to law enforcement authorities. They also plan to assess how such offshore products may affect South Korea’s domestic stock market. In parallel, the regulators intend to contact major overseas platforms that list perpetual products tied to the Korean market, asking them to cooperate with supervision efforts and make sure their operations do not violate Korean law, according to YNA.
South Korea’s Financial Services Commission and Financial Supervisory Service will strengthen monitoring of offshore platforms that offer perpetual contracts linked to Korean stocks and stock indexes, according to YNA.
The regulators said that if they detect illegal business activity, including the use of referral codes to recruit Korean residents to register and the collection of commissions, they will refer the matter to law enforcement authorities. They also plan to evaluate the impact of related offshore products on South Korea’s domestic stock market.
Authorities also plan to contact major overseas platforms offering perpetual products tied to the domestic Korean market, asking them to cooperate with regulatory oversight and ensure their operations do not violate Korean law.
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