{"id":3974,"date":"2025-05-26T15:08:04","date_gmt":"2025-05-26T07:38:04","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=3974"},"modified":"2025-05-26T15:08:04","modified_gmt":"2025-05-26T07:38:04","slug":"luat-mica-can-nhac47-48-bao-ve-nha-dau-tu-nho-le-thong-qua-minh-bach-hoa-thong-tin-cua-token-tham-chieu-tai-san","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=3974","title":{"rendered":"Lu\u1eadt Mica: c\u00e2n nh\u1eafc(47)\u2013(48) B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb th\u00f4ng qua minh b\u1ea1ch h\u00f3a th\u00f4ng tin c\u1ee7a token tham chi\u1ebfu t\u00e0i s\u1ea3n"},"content":{"rendered":"
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Lu\u1eadt Mica c\u00e2n nh\u1eafc(47)\u2013(48) B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb th\u00f4ng qua minh b\u1ea1ch h\u00f3a th\u00f4ng tin c\u1ee7a token tham chi\u1ebfu t\u00e0i s\u1ea3n<\/span><\/strong><\/h1>\n
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T\u00f3m t\u1eaft nhanh c\u00e2n nh\u1eafc:(47)\u2013(48) B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb th\u00f4ng qua minh b\u1ea1ch h\u00f3a th\u00f4ng tin c\u1ee7a token tham chi\u1ebfu t\u00e0i s\u1ea3n<\/span><\/strong><\/h2>\n

Hai c\u00e2n nh\u1eafc n\u00e0y nh\u1ea5n m\u1ea1nh ngh\u0129a v\u1ee5 th\u00f4ng tin c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token tham chi\u1ebfu t\u00e0i s\u1ea3n nh\u1eb1m b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n. Kh\u00f4ng ch\u1ec9 y\u00eau c\u1ea7u n\u1ed9i dung s\u00e1ch tr\u1eafng ph\u1ea3i r\u00f5 r\u00e0ng v\u00e0 minh b\u1ea1ch v\u1ec1 c\u01a1 ch\u1ebf v\u1eadn h\u00e0nh token, m\u00e0 c\u00f2n b\u1eaft bu\u1ed9c cung c\u1ea5p th\u00f4ng tin li\u00ean t\u1ee5c v\u1ec1 tr\u1ea1ng th\u00e1i ph\u00e1t h\u00e0nh v\u00e0 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef, k\u1ec3 c\u1ea3 khi ch\u01b0a ni\u00eam y\u1ebft token.<\/span><\/p>\n

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N\u1ed9i dung g\u1ed1c c\u00e2n nh\u1eafc 47-48 \u0111\u00e3 d\u1ecbch:<\/span><\/strong><\/h2>\n

(47)<\/strong> \u0110\u1ec3 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi s\u1edf h\u1eefu token nh\u1ecf l\u1ebb, c\u1ea7n thi\u1ebft r\u1eb1ng c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token tham chi\u1ebfu t\u00e0i s\u1ea3n cung c\u1ea5p cho ch\u1ee7 s\u1edf h\u1eefu th\u00f4ng tin \u0111\u1ea7y \u0111\u1ee7, kh\u00e1ch quan, r\u00f5 r\u00e0ng v\u00e0 kh\u00f4ng g\u00e2y hi\u1ec3u l\u1ea7m. Trong c\u00e1c s\u00e1ch tr\u1eafng v\u1ec1 cryptoassets li\u00ean quan \u0111\u1ebfn token tham chi\u1ebfu t\u00e0i s\u1ea3n, ph\u1ea3i bao g\u1ed3m th\u00f4ng tin v\u1ec1 c\u01a1 ch\u1ebf \u1ed5n \u0111\u1ecbnh gi\u00e1, ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef, ph\u01b0\u01a1ng th\u1ee9c l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef v\u00e0 c\u00e1c quy\u1ec1n \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn \u0111\u1ed1i v\u1edbi ch\u1ee7 s\u1edf h\u1eefu.<\/span><\/p>\n

(48)<\/strong> Ngo\u00e0i th\u00f4ng tin \u0111\u01b0\u1ee3c cung c\u1ea5p trong s\u00e1ch tr\u1eafng cryptoassets, c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token tham chi\u1ebfu t\u00e0i s\u1ea3n ph\u1ea3i cung c\u1ea5p th\u00f4ng tin li\u00ean t\u1ee5c cho ch\u1ee7 s\u1edf h\u1eefu token \u0111\u00f3. C\u1ee5 th\u1ec3, h\u1ecd ph\u1ea3i \u0111\u0103ng t\u1ea3i tr\u00ean trang web s\u1ed1 l\u01b0\u1ee3ng token tham chi\u1ebfu t\u00e0i s\u1ea3n \u0111ang l\u01b0u h\u00e0nh c\u0169ng nh\u01b0 gi\u00e1 tr\u1ecb v\u00e0 th\u00e0nh ph\u1ea7n c\u1ee7a t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef. \u0110\u1ed3ng th\u1eddi, t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea3i th\u00f4ng b\u00e1o m\u1ecdi s\u1ef1 ki\u1ec7n c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng ho\u1eb7c c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u00e1ng k\u1ec3 \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a token tham chi\u1ebfu t\u00e0i s\u1ea3n ho\u1eb7c t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef, b\u1ea5t k\u1ec3 token \u0111\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ea5p thu\u1eadn giao d\u1ecbch hay ch\u01b0a.<\/span><\/p>\n

B\u1ea3n G\u1ed1c Lu\u1eadt Mica:<\/strong><\/h2>\n

(46) En los casos en los que se consulte al BCE con arreglo al presente Reglamento, su dictamen debe ser vinculante en la medida en que obligue a una autoridad competente a denegar, revocar o limitar una autorizaci\u00f3n del emisor de fichas referenciadas a activos o a imponer medidas espec\u00edficas al emisor de fichas referenciadas a activos. El art\u00edculo 263, p\u00e1rrafo primero, del TFUE dispone que el Tribunal de Justicia de la Uni\u00f3n Europea (en lo sucesivo, \u00abTribunal de Justicia\u00bb) controlar\u00e1 la legalidad de los actos del BCE que no sean recomendaciones o dict\u00e1menes. No obstante, procede recordar que corresponde al Tribunal de Justicia interpretar dicha disposici\u00f3n a la luz del contenido y de los efectos de un dictamen del BCE.<\/em><\/p>\n

(47) A fin de garantizar la protecci\u00f3n de los titulares minoristas, es necesario que los emisores de fichas referenciadas a activos proporcionen a sus titulares informaci\u00f3n completa, imparcial, clara y no enga\u00f1osa. En los libros blancos de criptoactivos relativos a fichas referenciadas a activos ha de incluirse informaci\u00f3n sobre el mecanismo de estabilizaci\u00f3n, la pol\u00edtica de inversi\u00f3n de los activos de reserva, las modalidades de custodia de los activos de reserva y los derechos que se reconocen a los titulares.<\/em><\/p>\n

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Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 quy \u0111\u1ecbnh:(47)\u2013(48) B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb th\u00f4ng qua minh b\u1ea1ch h\u00f3a th\u00f4ng tin c\u1ee7a token tham chi\u1ebfu t\u00e0i s\u1ea3n<\/span><\/h3>\n
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  • \u0110\u1ecbnh h\u01b0\u1edbng b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb<\/strong>: MiCA kh\u00f4ng ch\u1ec9 t\u1eadp trung v\u00e0o gi\u00e1m s\u00e1t t\u00e0i ch\u00ednh v\u0129 m\u00f4 m\u00e0 c\u00f2n ch\u00fa tr\u1ecdng \u0111\u1ebfn quy\u1ec1n l\u1ee3i ng\u01b0\u1eddi d\u00f9ng c\u00e1 nh\u00e2n \u2013 nh\u00f3m d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng nh\u1ea5t trong th\u1ecb tr\u01b0\u1eddng crypto. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh \u0111\u1ecbnh h\u01b0\u1edbng ph\u1ed5 c\u1eadp t\u00e0i ch\u00ednh \u0111i \u0111\u00f4i v\u1edbi an to\u00e0n \u0111\u1ea7u t\u01b0.<\/span><\/li>\n
  • Y\u00eau c\u1ea7u minh b\u1ea1ch n\u1ed9i dung s\u00e1ch tr\u1eafng<\/strong>:<\/span>\n
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    • Ph\u1ea3i m\u00f4 t\u1ea3 r\u00f5 c\u01a1 ch\u1ebf \u1ed5n \u0111\u1ecbnh gi\u00e1<\/strong>: V\u00ed d\u1ee5, m\u00f4 h\u00ecnh g\u1eafn v\u1edbi gi\u1ecf t\u00e0i s\u1ea3n hay thu\u1eadt to\u00e1n \u0111i\u1ec1u ch\u1ec9nh cung \u2013 c\u1ea7u.<\/span><\/li>\n
    • Ph\u1ea3i c\u00f4ng khai ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef<\/strong>: Token c\u00f3 \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n r\u1ee7i ro cao kh\u00f4ng?<\/span><\/li>\n
    • Ph\u1ea3i ch\u1ec9 r\u00f5 ph\u01b0\u01a1ng th\u1ee9c l\u01b0u k\u00fd<\/strong>: Ai l\u00e0 ng\u01b0\u1eddi gi\u00e1m s\u00e1t t\u00e0i s\u1ea3n, c\u01a1 ch\u1ebf ph\u00e1p l\u00fd n\u1ebfu x\u1ea3y ra r\u1ee7i ro?<\/span><\/li>\n
    • Quy\u1ec1n c\u1ee7a ng\u01b0\u1eddi s\u1edf h\u1eefu<\/strong>: C\u00f3 quy\u1ec1n \u0111\u1ed5i l\u1ea1i t\u00e0i s\u1ea3n, quy\u1ec1n nh\u1eadn l\u00e3i, ho\u1eb7c quy\u1ec1n bi\u1ec3u quy\u1ebft g\u00ec kh\u00f4ng?<\/span><\/li>\n<\/ul>\n<\/li>\n
    • Th\u00f4ng tin li\u00ean t\u1ee5c v\u00e0 minh b\u1ea1ch sau khi ph\u00e1t h\u00e0nh<\/strong>:<\/span>\n
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      • Ph\u1ea3i c\u1eadp nh\u1eadt s\u1ed1 l\u01b0\u1ee3ng token \u0111ang l\u01b0u h\u00e0nh<\/strong> v\u00e0 gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf c\u1ee7a t\u00e0i s\u1ea3n b\u1ea3o ch\u1ee9ng<\/strong> tr\u00ean website ch\u00ednh th\u1ee9c.<\/span><\/li>\n
      • Ph\u1ea3i c\u00f4ng b\u1ed1 c\u00e1c s\u1ef1 ki\u1ec7n tr\u1ecdng y\u1ebfu<\/strong> c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn gi\u00e1 tr\u1ecb token, v\u00ed d\u1ee5:<\/span>\n
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        • S\u1ee5t gi\u1ea3m m\u1ea1nh gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef<\/span><\/li>\n
        • Thay \u0111\u1ed5i ng\u00e2n h\u00e0ng l\u01b0u k\u00fd ho\u1eb7c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n<\/span><\/li>\n
        • Can thi\u1ec7p t\u1eeb c\u01a1 quan gi\u00e1m s\u00e1t t\u00e0i ch\u00ednh<\/span><\/li>\n<\/ul>\n<\/li>\n
        • Th\u00f4ng b\u00e1o \u00e1p d\u1ee5ng ngay c\u1ea3 khi token ch\u01b0a \u0111\u01b0\u1ee3c ch\u1ea5p thu\u1eadn ni\u00eam y\u1ebft \u2013 th\u1ec3 hi\u1ec7n s\u1ef1 nh\u1ea5t qu\u00e1n trong tr\u00e1ch nhi\u1ec7m.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
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          T\u1ea7m quan tr\u1ecdng c\u1ee7a quy \u0111\u1ecbnh:(47)\u2013(48) B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb th\u00f4ng qua minh b\u1ea1ch h\u00f3a th\u00f4ng tin c\u1ee7a token tham chi\u1ebfu t\u00e0i s\u1ea3n<\/span><\/strong><\/h2>\n
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          • Ch\u1ed1ng gian l\u1eadn v\u00e0 thao t\u00fang<\/strong>: C\u00e1c y\u00eau c\u1ea7u minh b\u1ea1ch gi\u00fap h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng che gi\u1ea5u th\u00f4ng tin t\u00e0i ch\u00ednh th\u1eadt, t\u1eeb \u0111\u00f3 ng\u0103n ch\u1eb7n h\u00e0nh vi l\u1eeba \u0111\u1ea3o th\u01b0\u1eddng th\u1ea5y trong c\u00e1c v\u1ee5 s\u1ee5p \u0111\u1ed5 stablecoin (v\u00ed d\u1ee5: Terra\/Luna).<\/span><\/li>\n
          • Gia t\u0103ng ni\u1ec1m tin v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n m\u00e3 h\u00f3a<\/strong>: Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ki\u1ec3m tra th\u00f4ng tin th\u1eadt, n\u00e2ng cao t\u00ednh chuy\u00ean nghi\u1ec7p v\u00e0 uy t\u00edn cho to\u00e0n ng\u00e0nh.<\/span><\/li>\n
          • \u0110\u1eb7t n\u1ec1n m\u00f3ng cho ti\u00eau chu\u1ea9n b\u00e1o c\u00e1o t\u00e0i ch\u00ednh ri\u00eang c\u1ee7a crypto<\/strong>: C\u00e1c y\u00eau c\u1ea7u th\u00f4ng tin n\u00e0y t\u1ea1o ti\u1ec1n \u0111\u1ec1 cho vi\u1ec7c thi\u1ebft l\u1eadp b\u1ed9 chu\u1ea9n k\u1ebf to\u00e1n v\u00e0 b\u00e1o c\u00e1o \u0111\u1ecbnh k\u1ef3 cho t\u00e0i s\u1ea3n s\u1ed1 trong t\u01b0\u01a1ng lai.<\/span><\/li>\n
          • Th\u00fac \u0111\u1ea9y c\u1ea1nh tranh l\u00e0nh m\u1ea1nh<\/strong>: C\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea3i minh b\u1ea1ch, c\u00f4ng b\u1eb1ng v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 \u2013 t\u1eeb \u0111\u00f3 t\u1ea1o s\u00e2n ch\u01a1i c\u00f4ng b\u1eb1ng v\u00e0 lo\u1ea1i b\u1ecf c\u00e1c th\u1ef1c th\u1ec3 thi\u1ebfu \u0111\u1ea1o \u0111\u1ee9c.<\/span>
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