{"id":3995,"date":"2025-05-27T16:26:14","date_gmt":"2025-05-27T08:56:14","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=3995"},"modified":"2025-05-28T14:22:53","modified_gmt":"2025-05-28T06:52:53","slug":"luat-mica-chau-au-can-nhac-55-chinh-sach-luu-ky-tai-san-du-tru-de-bao-ve-gia-tri-token-tham-chieu-tai-san","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=3995","title":{"rendered":"Lu\u1eadt Mica Ch\u00e2u \u00c2u: C\u00e2n nh\u1eafc 55 Ch\u00ednh s\u00e1ch l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef \u0111\u1ec3 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb token tham chi\u1ebfu t\u00e0i s\u1ea3n"},"content":{"rendered":"
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Lu\u1eadt Mica Ch\u00e2u \u00c2u: C\u00e2n nh\u1eafc (55) Ch\u00ednh s\u00e1ch l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef \u0111\u1ec3 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb token tham chi\u1ebfu t\u00e0i s\u1ea3n<\/strong><\/span><\/h2>\n

C\u00e2n nh\u1eafc (55) nh\u1ea5n m\u1ea1nh y\u1ebfu t\u1ed1 an to\u00e0n t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef<\/strong> \u2014 c\u1ed1t l\u00f5i \u0111\u1ec3 duy tr\u00ec gi\u00e1 tr\u1ecb token v\u00e0 ni\u1ec1m tin th\u1ecb tr\u01b0\u1eddng. N\u00f3 \u0111\u1eb7t ra ti\u00eau chu\u1ea9n l\u01b0u k\u00fd nh\u01b0 m\u1ed9t l\u1edbp \u201cb\u1ea3o hi\u1ec3m v\u1eadt l\u00fd\u201d cho c\u01a1 ch\u1ebf ph\u00e1t h\u00e0nh.<\/p>\n

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T\u00f3m t\u1eaft nhanh<\/span><\/strong><\/span><\/h2>\n

C\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token tham chi\u1ebfu t\u00e0i s\u1ea3n ph\u1ea3i c\u00f3 ch\u00ednh s\u00e1ch l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef r\u00f5 r\u00e0ng, nh\u1eb1m ng\u0103n ng\u1eeba r\u1ee7i ro m\u1ea5t m\u00e1t v\u00e0 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb token. T\u00e0i s\u1ea3n d\u1ef1 tr\u1eef ph\u1ea3i \u0111\u01b0\u1ee3c l\u01b0u k\u00fd ri\u00eang bi\u1ec7t, d\u1ec5 ti\u1ebfp c\u1eadn v\u00e0 do \u0111\u01a1n v\u1ecb \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p \u0111\u1ea3m nh\u1eadn, \u0111\u1ed3ng th\u1eddi h\u1ea1n ch\u1ebf s\u1ef1 t\u1eadp trung h\u00f3a ng\u01b0\u1eddi l\u01b0u k\u00fd.<\/span><\/p>\n

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

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

(55) Con el fin de prevenir el riesgo de p\u00e9rdida en relaci\u00f3n con las fichas referenciadas a activos y preservar su valor, los emisores deben adoptar una pol\u00edtica adecuada para la custodia de sus activos de reserva. Dicha pol\u00edtica ha de garantizar que los activos de reserva se mantengan totalmente separados de los activos propios del emisor en todo momento, que los activos de reserva est\u00e9n libres de cargas y no se pignoren para servir de garant\u00eda, y que el emisor de las fichas referenciadas a activos pueda acceder con rapidez a los activos de reserva. Es necesario que, en funci\u00f3n de su naturaleza, los activos de reserva est\u00e9n custodiados por un proveedor de servicios de criptoactivos, por una entidad de cr\u00e9dito autorizada con arreglo a la Directiva 2013\/36\/UE o por una empresa de servicios de inversi\u00f3n autorizada con arreglo a la Directiva 2014\/65\/UE. Ello no debe excluir la posibilidad de delegar la titularidad de los activos f\u00edsicos en otra entidad. Los proveedores de servicios de criptoactivos, las entidades de cr\u00e9dito o las empresas de servicios de inversi\u00f3n que act\u00faen como custodios de los activos de reserva deben responder de la p\u00e9rdida de esos activos de reserva ante el emisor o los titulares de las fichas referenciadas a activos, salvo que puedan demostrar que la p\u00e9rdida se ha producido como resultado de un acontecimiento externo que escape a su control razonable. Deben evitarse las concentraciones de custodios de activos de reserva. Sin embargo, en determinadas situaciones, ello podr\u00eda no ser posible debido a la falta de alternativas adecuadas. En tales casos, una concentraci\u00f3n temporal debe considerarse aceptable.<\/em><\/span><\/p>\n<\/section>\n

D\u1ecbch Ngh\u0129a:<\/strong><\/span><\/h3>\n
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(55) \u0110\u1ec3 ng\u0103n ng\u1eeba r\u1ee7i ro m\u1ea5t m\u00e1t li\u00ean quan \u0111\u1ebfn token tham chi\u1ebfu t\u00e0i s\u1ea3n v\u00e0 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb token, t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea3i c\u00f3 ch\u00ednh s\u00e1ch ph\u00f9 h\u1ee3p v\u1ec1 l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef. Ch\u00ednh s\u00e1ch n\u00e0y ph\u1ea3i \u0111\u1ea3m b\u1ea3o t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef lu\u00f4n \u0111\u01b0\u1ee3c t\u00e1ch bi\u1ec7t ho\u00e0n to\u00e0n kh\u1ecfi t\u00e0i s\u1ea3n c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh, kh\u00f4ng b\u1ecb g\u00e1nh n\u1ee3 ho\u1eb7c d\u00f9ng l\u00e0m t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o, v\u00e0 t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh c\u00f3 th\u1ec3 truy c\u1eadp nhanh ch\u00f3ng t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef. T\u00f9y theo t\u00ednh ch\u1ea5t t\u00e0i s\u1ea3n, t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef ph\u1ea3i \u0111\u01b0\u1ee3c l\u01b0u k\u00fd b\u1edfi nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 crypto, t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111\u01b0\u1ee3c ph\u00e9p theo Ch\u1ec9 th\u1ecb 2013\/36\/UE ho\u1eb7c c\u00f4ng ty d\u1ecbch v\u1ee5 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ph\u00e9p theo Ch\u1ec9 th\u1ecb 2014\/65\/UE. Vi\u1ec7c \u1ee7y quy\u1ec1n quy\u1ec1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n v\u1eadt ch\u1ea5t cho b\u00ean th\u1ee9 ba kh\u00f4ng b\u1ecb lo\u1ea1i tr\u1eeb. C\u00e1c nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 crypto, t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng ho\u1eb7c c\u00f4ng ty d\u1ecbch v\u1ee5 \u0111\u1ea7u t\u01b0 l\u00e0m ng\u01b0\u1eddi l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef ph\u1ea3i ch\u1ecbu tr\u00e1ch nhi\u1ec7m v\u1ec1 m\u1ea5t m\u00e1t t\u00e0i s\u1ea3n \u0111\u00f3 v\u1edbi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ho\u1eb7c ch\u1ee7 s\u1edf h\u1eefu token, tr\u1eeb khi h\u1ecd ch\u1ee9ng minh \u0111\u01b0\u1ee3c m\u1ea5t m\u00e1t do s\u1ef1 ki\u1ec7n b\u00ean ngo\u00e0i ngo\u00e0i t\u1ea7m ki\u1ec3m so\u00e1t h\u1ee3p l\u00fd. C\u1ea7n tr\u00e1nh t\u1eadp trung h\u00f3a ng\u01b0\u1eddi l\u01b0u k\u00fd t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef; tuy nhi\u00ean, trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p thi\u1ebfu l\u1ef1a ch\u1ecdn, t\u1eadp trung t\u1ea1m th\u1eddi c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c.<\/span><\/em><\/span><\/p>\n

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Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u<\/span><\/strong><\/span><\/h2>\n
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  • M\u1ee5c ti\u00eau:<\/strong><\/span>\n
      \n
    • \u0110\u1ea3m b\u1ea3o r\u1eb1ng t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef th\u1ef1c s\u1ef1 t\u1ed3n t\u1ea1i, \u0111\u01b0\u1ee3c l\u01b0u tr\u1eef an to\u00e0n v\u00e0 c\u00f3 th\u1ec3 truy c\u1eadp \u0111\u01b0\u1ee3c trong t\u00ecnh hu\u1ed1ng kh\u1ea9n c\u1ea5p.<\/span><\/li>\n
    • Ng\u0103n ch\u1eb7n tr\u01b0\u1eddng h\u1ee3p t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef v\u00e0o m\u1ee5c \u0111\u00edch kh\u00e1c ho\u1eb7c t\u00e0i s\u1ea3n b\u1ecb t\u1ecbch thu khi t\u1ed5 ch\u1ee9c v\u1ee1 n\u1ee3.<\/span><\/li>\n<\/ul>\n<\/li>\n
    • Y\u00eau c\u1ea7u c\u1ee5 th\u1ec3 \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch l\u01b0u k\u00fd:<\/strong><\/span>\n
        \n
      • T\u00e1ch bi\u1ec7t t\u00e0i s\u1ea3n:<\/em> Kh\u00f4ng \u0111\u01b0\u1ee3c h\u1ee3p nh\u1ea5t t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef v\u1edbi t\u00e0i s\u1ea3n n\u1ed9i b\u1ed9 c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh.<\/span><\/li>\n
      • Kh\u00f4ng d\u00f9ng l\u00e0m t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o:<\/em> T\u00e0i s\u1ea3n kh\u00f4ng \u0111\u01b0\u1ee3c mang \u0111i th\u1ebf ch\u1ea5p ho\u1eb7c g\u00e1nh tr\u00e1ch nhi\u1ec7m t\u00e0i ch\u00ednh kh\u00e1c.<\/span><\/li>\n
      • Kh\u1ea3 n\u0103ng truy c\u1eadp:<\/em> Ph\u1ea3i c\u00f3 quy\u1ec1n truy c\u1eadp t\u1ee9c th\u1eddi v\u00e0o t\u00e0i s\u1ea3n \u0111\u1ec3 ph\u1ee5c v\u1ee5 vi\u1ec7c ho\u00e0n tr\u1ea3 token.<\/span><\/li>\n<\/ul>\n<\/li>\n
      • Ng\u01b0\u1eddi l\u01b0u k\u00fd \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn:<\/strong><\/span>\n
          \n
        • Nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 crypto h\u1ee3p ph\u00e1p.<\/span><\/li>\n
        • T\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng theo Ch\u1ec9 th\u1ecb 2013\/36\/EU (Capital Requirements Directive IV).<\/span><\/li>\n
        • C\u00f4ng ty d\u1ecbch v\u1ee5 \u0111\u1ea7u t\u01b0 theo Ch\u1ec9 th\u1ecb 2014\/65\/EU (MiFID II).<\/span><\/li>\n
        • C\u00f3 th\u1ec3 \u1ee7y quy\u1ec1n quy\u1ec1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n v\u1eadt l\u00fd (v\u00ed d\u1ee5: kim lo\u1ea1i qu\u00fd) cho b\u00ean th\u1ee9 ba.<\/span><\/li>\n<\/ul>\n<\/li>\n
        • Tr\u00e1ch nhi\u1ec7m v\u00e0 b\u1ea3o hi\u1ec3m:<\/strong><\/span>\n
            \n
          • Ng\u01b0\u1eddi l\u01b0u k\u00fd ch\u1ecbu tr\u00e1ch nhi\u1ec7m n\u1ebfu t\u00e0i s\u1ea3n b\u1ecb m\u1ea5t, tr\u1eeb khi ch\u1ee9ng minh \u0111\u01b0\u1ee3c m\u1ea5t m\u00e1t l\u00e0 do s\u1ef1 ki\u1ec7n kh\u00e1ch quan ngo\u00e0i t\u1ea7m ki\u1ec3m so\u00e1t (force majeure).<\/span><\/li>\n<\/ul>\n<\/li>\n
          • H\u1ea1n ch\u1ebf t\u1eadp trung h\u00f3a:<\/strong><\/span>\n
              \n
            • Kh\u00f4ng n\u00ean ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ed9t ng\u01b0\u1eddi l\u01b0u k\u00fd duy nh\u1ea5t \u0111\u1ec3 gi\u1ea3m r\u1ee7i ro h\u1ec7 th\u1ed1ng.<\/span><\/li>\n
            • Tuy nhi\u00ean, n\u1ebfu th\u1ecb tr\u01b0\u1eddng thi\u1ebfu l\u1ef1a ch\u1ecdn, s\u1ef1 t\u1eadp trung h\u00f3a c\u00f3 th\u1ec3 t\u1ea1m ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c nh\u01b0ng c\u1ea7n c\u00f3 k\u1ebf ho\u1ea1ch chuy\u1ec3n \u0111\u1ed5i.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
              \n

              \u1ee8ng d\u1ee5ng th\u1ef1c ti\u1ec5n<\/span><\/strong><\/span><\/h2>\n

              V\u00ed d\u1ee5: N\u1ebfu m\u1ed9t t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh stablecoin n\u1eafm gi\u1eef 100 tri\u1ec7u EUR t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef, h\u1ecd kh\u00f4ng th\u1ec3 l\u01b0u tr\u1eef s\u1ed1 n\u00e0y trong t\u00e0i kho\u1ea3n n\u1ed9i b\u1ed9. Thay v\u00e0o \u0111\u00f3, c\u1ea7n g\u1eedi v\u00e0o ng\u00e2n h\u00e0ng ho\u1eb7c c\u00f4ng ty \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p theo lu\u1eadt EU. N\u1ebfu l\u01b0u tr\u1eef m\u1ed9t ph\u1ea7n b\u1eb1ng v\u00e0ng, h\u1ecd c\u00f3 th\u1ec3 k\u00fd h\u1ee3p \u0111\u1ed3ng v\u1edbi kho l\u01b0u tr\u1eef chuy\u00ean bi\u1ec7t (vault service) nh\u01b0ng v\u1eabn ph\u1ea3i \u0111\u1ea3m b\u1ea3o truy c\u1eadp nhanh v\u00e0 t\u00e1ch bi\u1ec7t quy\u1ec1n s\u1edf h\u1eefu.<\/span><\/p>\n<\/section>\n