{"id":3993,"date":"2025-05-27T16:21:51","date_gmt":"2025-05-27T08:51:51","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=3993"},"modified":"2025-05-27T16:21:51","modified_gmt":"2025-05-27T08:51:51","slug":"luat-mica-va-can-nhac-54-quy-du-tru-tai-san-va-nghia-vu-bao-ve-chu-so-huu-token-tham-chieu-tai-san","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=3993","title":{"rendered":"Lu\u1eadt Mica v\u00e0 c\u00e2n nh\u1eafc 54: Qu\u1ef9 d\u1ef1 tr\u1eef t\u00e0i s\u1ea3n v\u00e0 ngh\u0129a v\u1ee5 b\u1ea3o v\u1ec7 ch\u1ee7 s\u1edf h\u1eefu token tham chi\u1ebfu t\u00e0i s\u1ea3n"},"content":{"rendered":"
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Lu\u1eadt Mica v\u00e0 c\u00e2n nh\u1eafc (54) Qu\u1ef9 d\u1ef1 tr\u1eef t\u00e0i s\u1ea3n v\u00e0 ngh\u0129a v\u1ee5 b\u1ea3o v\u1ec7 ch\u1ee7 s\u1edf h\u1eefu token tham chi\u1ebfu t\u00e0i s\u1ea3n<\/span><\/h2>\n
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T\u00f3m t\u1eaft nhanh<\/span><\/strong><\/h2>\n

T\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token tham chi\u1ebfu t\u00e0i s\u1ea3n ph\u1ea3i duy tr\u00ec m\u1ed9t qu\u1ef9 d\u1ef1 tr\u1eef \u0111\u1ea7y \u0111\u1ee7, nh\u1eb1m b\u1ea3o v\u1ec7 ch\u1ee7 s\u1edf h\u1eefu token n\u1ebfu t\u1ed5 ch\u1ee9c m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n. Qu\u1ef9 n\u00e0y c\u1ea7n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd th\u1eadn tr\u1ecdng, ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 gi\u00e1 tr\u1ecb token l\u01b0u h\u00e0nh v\u00e0 ch\u1ecbu s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ef7 gi\u00e1.<\/span><\/p>\n

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N\u1ed9i dung g\u1ed1c<\/span><\/strong><\/h2>\n

Tr\u00edch Lu\u1eadt Mica:<\/strong><\/h3>\n

(54) Los emisores de fichas referenciadas a activos, a fin de cubrir su responsabilidad frente a los titulares de fichas referenciadas a activos, han de constituir y mantener una reserva de activos que se corresponda con los riesgos derivados de esa responsabilidad. La reserva de activos ha de utilizarse en beneficio de los titulares de las fichas referenciadas a activos cuando el emisor no pueda cumplir sus obligaciones frente a los titulares, por ejemplo, en caso de insolvencia. La reserva de activos debe estar compuesta y gestionada de manera que se cubran los riesgos de mercado y de tipo de cambio. Los emisores de fichas referenciadas a activos deben garantizar la gesti\u00f3n prudente de la reserva de activos y, en particular, que el valor de la reserva ascienda al menos al valor correspondiente de las fichas en circulaci\u00f3n, y que las variaciones de la reserva se gestionen debidamente para evitar efectos adversos en los mercados de los activos de reserva. Por ese motivo, se requiere que los emisores de fichas referenciadas a activos cuenten con pol\u00edticas claras y detalladas que describan, entre otros aspectos, la composici\u00f3n de la reserva de activos, la asignaci\u00f3n de los activos incluidos en la misma, una valoraci\u00f3n exhaustiva de los riesgos asociados a los activos de reserva, el procedimiento para la emisi\u00f3n y el reembolso de las fichas referenciadas a activos, el procedimiento para incrementar y reducir los activos de reserva y, en caso de invertirse los activos de reserva, la pol\u00edtica de inversi\u00f3n que sigan los emisores. Los emisores de fichas referenciadas a activos que se comercialicen tanto en la Uni\u00f3n como en terceros pa\u00edses deben garantizar que sus reservas de activos est\u00e9n disponibles para cubrir la responsabilidad de los emisores frente a los titulares de la Uni\u00f3n. Por consiguiente, el requisito de mantener la reserva de activos en empresas sujetas al Derecho de la Uni\u00f3n debe aplicarse en proporci\u00f3n al porcentaje de fichas referenciadas a activos que se prev\u00e9 comercializar en la Uni\u00f3n.<\/em><\/p>\n

D\u1ecbch Lu\u1eadt Mica:<\/strong><\/h3>\n

(54) \u0110\u1ec3 b\u1ea3o \u0111\u1ea3m tr\u00e1ch nhi\u1ec7m \u0111\u1ed1i v\u1edbi ch\u1ee7 s\u1edf h\u1eefu token tham chi\u1ebfu t\u00e0i s\u1ea3n, c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea3i th\u00e0nh l\u1eadp v\u00e0 duy tr\u00ec qu\u1ef9 d\u1ef1 tr\u1eef t\u00e0i s\u1ea3n t\u01b0\u01a1ng \u1ee9ng v\u1edbi r\u1ee7i ro ph\u00e1t sinh t\u1eeb tr\u00e1ch nhi\u1ec7m \u0111\u00f3. Qu\u1ef9 d\u1ef1 tr\u1eef n\u00e0y \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 b\u1ea3o v\u1ec7 quy\u1ec1n l\u1ee3i c\u1ee7a ch\u1ee7 s\u1edf h\u1eefu trong tr\u01b0\u1eddng h\u1ee3p t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n ngh\u0129a v\u1ee5, v\u00ed d\u1ee5 khi m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n. Qu\u1ef9 d\u1ef1 tr\u1eef ph\u1ea3i \u0111\u01b0\u1ee3c th\u00e0nh ph\u1ea7n v\u00e0 qu\u1ea3n l\u00fd nh\u1eb1m gi\u1ea3m thi\u1ec3u r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng v\u00e0 t\u1ef7 gi\u00e1. C\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea3i qu\u1ea3n l\u00fd qu\u1ef9 m\u1ed9t c\u00e1ch th\u1eadn tr\u1ecdng, \u0111\u1ea3m b\u1ea3o gi\u00e1 tr\u1ecb qu\u1ef9 \u00edt nh\u1ea5t b\u1eb1ng gi\u00e1 tr\u1ecb token \u0111ang l\u01b0u h\u00e0nh v\u00e0 \u0111i\u1ec1u ch\u1ec9nh bi\u1ebfn \u0111\u1ed9ng qu\u1ef9 \u0111\u1ec3 tr\u00e1nh \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef. Do \u0111\u00f3, c\u1ea7n c\u00f3 c\u00e1c ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng chi ti\u1ebft v\u1ec1 th\u00e0nh ph\u1ea7n, ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef, \u0111\u00e1nh gi\u00e1 r\u1ee7i ro, quy tr\u00ecnh ph\u00e1t h\u00e0nh v\u00e0 ho\u00e0n tr\u1ea3 token, t\u0103ng gi\u1ea3m t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef v\u00e0 ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 n\u1ebfu c\u00f3. C\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token \u0111\u01b0\u1ee3c b\u00e1n \u1edf c\u1ea3 Li\u00ean minh v\u00e0 c\u00e1c n\u01b0\u1edbc th\u1ee9 ba ph\u1ea3i \u0111\u1ea3m b\u1ea3o qu\u1ef9 d\u1ef1 tr\u1eef c\u00f3 s\u1eb5n \u0111\u1ec3 b\u1ea3o v\u1ec7 ch\u1ee7 s\u1edf h\u1eefu trong Li\u00ean minh. Y\u00eau c\u1ea7u v\u1ec1 vi\u1ec7c duy tr\u00ec qu\u1ef9 d\u1ef1 tr\u1eef trong c\u00f4ng ty theo lu\u1eadt Li\u00ean minh \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1ef7 l\u1ec7 v\u1edbi ph\u1ea7n tr\u0103m token d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh t\u1ea1i Li\u00ean minh.<\/span><\/p>\n

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Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u<\/span><\/strong><\/h2>\n
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  • B\u1ea3n ch\u1ea5t v\u00e0 ch\u1ee9c n\u0103ng c\u1ee7a qu\u1ef9 d\u1ef1 tr\u1eef:<\/strong><\/span>\n
      \n
    • L\u00e0 c\u01a1 ch\u1ebf t\u00e0i ch\u00ednh nh\u1eb1m \u0111\u1ea3m b\u1ea3o quy\u1ec1n l\u1ee3i c\u1ee7a ng\u01b0\u1eddi n\u1eafm gi\u1eef token trong tr\u01b0\u1eddng h\u1ee3p t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh kh\u00f4ng c\u00f2n kh\u1ea3 n\u0103ng thanh to\u00e1n.<\/span><\/li>\n
    • T\u01b0\u01a1ng t\u1ef1 nh\u01b0 \u201ct\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o\u201d (collateral) nh\u01b0ng c\u00f3 y\u1ebfu t\u1ed1 b\u1ea3o v\u1ec7 h\u1ec7 th\u1ed1ng v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng.<\/span><\/li>\n<\/ul>\n<\/li>\n
    • Y\u00eau c\u1ea7u v\u1ec1 gi\u00e1 tr\u1ecb v\u00e0 qu\u1ea3n l\u00fd qu\u1ef9:<\/strong><\/span>\n
        \n
      • Gi\u00e1 tr\u1ecb qu\u1ef9 t\u1ed1i thi\u1ec3u = t\u1ed5ng gi\u00e1 tr\u1ecb token \u0111ang l\u01b0u h\u00e0nh.<\/span><\/li>\n
      • Th\u00e0nh ph\u1ea7n t\u00e0i s\u1ea3n ph\u1ea3i h\u1ea1n ch\u1ebf r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng v\u00e0 r\u1ee7i ro t\u1ef7 gi\u00e1 (v\u00ed d\u1ee5: n\u00ean c\u00f3 t\u00e0i s\u1ea3n \u1ed5n \u0111\u1ecbnh nh\u01b0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ng\u1eafn h\u1ea1n, ti\u1ec1n m\u1eb7t, tr\u00e1nh crypto ho\u1eb7c t\u00e0i s\u1ea3n c\u00f3 t\u00ednh bi\u1ebfn \u0111\u1ed9ng cao).<\/span><\/li>\n
      • Ph\u1ea3i c\u00f3 c\u01a1 ch\u1ebf \u0111\u00e1nh gi\u00e1 r\u1ee7i ro, t\u00e1i c\u00e2n b\u1eb1ng v\u00e0 gi\u00e1m s\u00e1t bi\u1ebfn \u0111\u1ed9ng qu\u1ef9 theo th\u1eddi gian th\u1ef1c.<\/span><\/li>\n<\/ul>\n<\/li>\n
      • Ch\u00ednh s\u00e1ch n\u1ed9i b\u1ed9 b\u1eaft bu\u1ed9c:<\/strong><\/span>\n
          \n
        • Ch\u00ednh s\u00e1ch v\u1ec1: th\u00e0nh ph\u1ea7n & ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n, quy tr\u00ecnh ph\u00e1t h\u00e0nh & ho\u00e0n tr\u1ea3 token, quy \u0111\u1ecbnh \u0111i\u1ec1u ch\u1ec9nh t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 (n\u1ebfu c\u00f3).<\/span><\/li>\n
        • Vi\u1ec7c thi\u1ebfu ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng c\u00f3 th\u1ec3 khi\u1ebfn t\u1ed5 ch\u1ee9c b\u1ecb t\u1eeb ch\u1ed1i c\u1ea5p ph\u00e9p.<\/span><\/li>\n<\/ul>\n<\/li>\n
        • Y\u00eau c\u1ea7u v\u1edbi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh xuy\u00ean bi\u00ean gi\u1edbi:<\/strong><\/span>\n
            \n
          • Ph\u1ea3i \u0111\u1ea3m b\u1ea3o qu\u1ef9 d\u1ef1 tr\u1eef c\u00f3 th\u1ec3 b\u1ea3o v\u1ec7 ch\u1ee7 s\u1edf h\u1eefu trong Li\u00ean minh EU, b\u1ea5t k\u1ec3 token c\u0169ng \u0111\u01b0\u1ee3c b\u00e1n \u1edf n\u01b0\u1edbc th\u1ee9 ba.<\/span><\/li>\n
          • T\u1ef7 l\u1ec7 y\u00eau c\u1ea7u qu\u1ef9 d\u1ef1 tr\u1eef tu\u00e2n theo ph\u1ea7n tr\u0103m token d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh \u1edf Li\u00ean minh.<\/span><\/li>\n<\/ul>\n<\/li>\n
          • So s\u00e1nh th\u1ef1c ti\u1ec5n:<\/strong><\/span>\u0110\u00e2y l\u00e0 c\u00e1ch EU \u201clu\u1eadt h\u00f3a\u201d logic b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n \u2013 gi\u1ed1ng nh\u01b0 c\u00e1ch ng\u00e2n h\u00e0ng ph\u1ea3i c\u00f3 v\u1ed1n d\u1ef1 tr\u1eef ho\u1eb7c c\u00f4ng ty b\u1ea3o hi\u1ec3m ph\u1ea3i c\u00f3 qu\u1ef9 b\u1ed3i th\u01b0\u1eddng. V\u1edbi stablecoin, \u0111\u00e2y l\u00e0 ph\u1ea7n l\u00f5i \u0111\u1ea3m b\u1ea3o ni\u1ec1m tin th\u1ecb tr\u01b0\u1eddng.<\/span><\/li>\n<\/ul>\n
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            \u1ee8ng d\u1ee5ng th\u1ef1c ti\u1ec5n<\/span><\/strong><\/h2>\n

            N\u1ebfu m\u1ed9t t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token c\u00f3 t\u1ed5ng token \u0111ang l\u01b0u h\u00e0nh t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 1 t\u1ef7 EUR, th\u00ec qu\u1ef9 d\u1ef1 tr\u1eef ph\u1ea3i lu\u00f4n duy tr\u00ec t\u1ed1i thi\u1ec3u 1 t\u1ef7 EUR gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf (kh\u00f4ng t\u00ednh l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng). N\u1ebfu 70% token \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh trong EU, th\u00ec \u00edt nh\u1ea5t 70% gi\u00e1 tr\u1ecb qu\u1ef9 d\u1ef1 tr\u1eef c\u0169ng ph\u1ea3i \u0111\u01b0\u1ee3c c\u1ea5u tr\u00fac theo lu\u1eadt EU, v\u00ed d\u1ee5 g\u1eedi t\u1ea1i t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p trong EU.<\/span><\/p>\n<\/section>\n