South Korea to Tax US-Stock Perpetual Futures Gains at 11% from Next Year

The distinction matters more than the rate: Seoul is treating these products as equity derivatives rather than crypto, which pulls them into a familiar tax framework but at a fraction of the spot-equity burden. The design also leans on a channel the regulator never authorized — access runs through offshore venues like Binance — so enforcement depends on reporting rather than licensing. Whether offshore-only access survives scrutiny, and whether the lighter rate holds once the FSC takes up perpetual futures, are the open questions.