Today , Korea's financial regulators (FSC, FSS and FIU) jointly issued a consumer warning on perpetual futures traded on offshore platforms, noting that these products fall outside the protection of Korean law. Highlighting the risks of high leverage is fair and necessary. Still, I find the overall direction disappointing. This same year, the US has been moving toward bringing these products inside its regulatory framework: - In May, the @CFTC approved the first Bitcoin perpetual on a US-regulated exchange, together with a policy statement on listing perpetual contracts and staff guidance on 24/7 trading and clearing. - Since then, gold and silver perps, and this month a perp tracking 500 US large caps, have launched with CFTC approval. - In September, the @SECGov held a public roundtable on 24-hour equity trading, as major US exchanges look to extend trading hours. The common thread is clear: rather than keeping round-the-clock, continuous markets offshore, the US is building the rules to host them at home. Meanwhile, perps tracking Korean equities are already trading actively on offshore venues, around the clock, including hours when the domestic market is closed. Demand for this kind of access exists whether or not it is available at home. If investor protection is the goal, I believe the more effective long-term answer is a regulated domestic alternative: onshore products with clear rules, appropriate leverage limits, suitability checks, and infrastructure for extended-hours trading. Korea needs a clear-eyed view of where global markets are heading, and should move quickly to turn that shift into an advantage for its own markets and investors.