{"id":4061,"date":"2025-06-29T01:06:37","date_gmt":"2025-06-28T17:36:37","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=4061"},"modified":"2025-06-29T01:06:37","modified_gmt":"2025-06-28T17:36:37","slug":"nguyen-tac-70-cua-luat-mica-chau-au-nguyen-tac-dau-tu-tai-san-du-phong-cung-loai-tien-te-voi-token","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=4061","title":{"rendered":"Nguy\u00ean t\u1eafc 70 c\u1ee7a Lu\u1eadt MiCa Ch\u00e2u \u00c2u \u2013 Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng c\u00f9ng lo\u1ea1i ti\u1ec1n t\u1ec7 v\u1edbi token"},"content":{"rendered":"

Nguy\u00ean t\u1eafc 70 c\u1ee7a Lu\u1eadt MiCa Ch\u00e2u \u00c2u \u2013 Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng c\u00f9ng lo\u1ea1i ti\u1ec1n t\u1ec7 v\u1edbi token<\/strong><\/span><\/h2>\n
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\ud83d\udcd8 Tr\u00edch d\u1eabn g\u1ed1c ti\u1ebfng Anh (Recital 70 \u2013 MiCA)<\/strong><\/span><\/h3>\n

(70) <\/strong>Where an issuer of e-money tokens invests the funds received in exchange for the tokens, the investment should be made in assets denominated in the same official currency as the one referenced by the tokens in order to avoid foreign exchange risks.<\/span><\/p>\n

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\ud83c\uddfb\ud83c\uddf3 B\u1ea3n d\u1ecbch ti\u1ebfng Vi\u1ec7t ch\u00ednh x\u00e1c<\/strong><\/span><\/h3>\n

(70) <\/strong>Khi m\u1ed9t t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token ti\u1ec1n \u0111i\u1ec7n t\u1eed (e-money token)<\/strong> s\u1eed d\u1ee5ng c\u00e1c kho\u1ea3n ti\u1ec1n thu \u0111\u01b0\u1ee3c t\u1eeb vi\u1ec7c ph\u00e1t h\u00e0nh token \u0111\u1ec3 \u0111\u1ea7u t\u01b0, th\u00ec vi\u1ec7c \u0111\u1ea7u t\u01b0 \u0111\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u00e0o c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00f9ng lo\u1ea1i ti\u1ec1n t\u1ec7 ch\u00ednh th\u1ee9c m\u00e0 token tham chi\u1ebfu t\u1edbi<\/strong>, nh\u1eb1m tr\u00e1nh r\u1ee7i ro t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i<\/strong>.<\/span><\/p>\n

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\u2696\ufe0f Ph\u00e2n t\u00edch ph\u00e1p l\u00fd chuy\u00ean s\u00e2u<\/strong><\/span><\/h3>\n

\u2705 1. M\u1ee5c ti\u00eau l\u1eadp ph\u00e1p: Ki\u1ec3m so\u00e1t r\u1ee7i ro t\u1ef7 gi\u00e1 (FX risk)<\/strong><\/span><\/h4>\n

\u2013 Khi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh EMT thu \u0111\u01b0\u1ee3c ti\u1ec1n t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ed1 ti\u1ec1n n\u00e0y t\u1ea1o th\u00e0nh qu\u1ef9 d\u1ef1 ph\u00f2ng<\/strong>, ph\u1ee5c v\u1ee5 cho vi\u1ec7c ho\u00e0n tr\u1ea3 EMT b\u1ea5t c\u1ee9 l\u00fac n\u00e0o theo gi\u00e1 tr\u1ecb danh ngh\u0129a (\u0110i\u1ec1u 67 MiCA).<\/span><\/p>\n

\u2013 Tuy nhi\u00ean, n\u1ebfu t\u1ed5 ch\u1ee9c \u0111\u1ea7u t\u01b0 qu\u1ef9 \u0111\u00f3 v\u00e0o t\u00e0i s\u1ea3n kh\u00f4ng c\u00f9ng lo\u1ea1i ti\u1ec1n t\u1ec7 (v\u00ed d\u1ee5: ph\u00e1t h\u00e0nh EMT g\u1eafn v\u1edbi EUR nh\u01b0ng l\u1ea1i \u0111\u1ea7u t\u01b0 v\u00e0o tr\u00e1i phi\u1ebfu \u0111\u1ecbnh gi\u00e1 b\u1eb1ng USD), th\u00ec:<\/span><\/p>\n

\u26d4 S\u1ebd ph\u00e1t sinh r\u1ee7i ro t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i<\/strong>, g\u00e2y m\u1ea5t c\u00e2n b\u1eb1ng gi\u1eefa ngh\u0129a v\u1ee5 thanh to\u00e1n v\u00e0 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o.<\/span><\/p>\n

\u2705 Do \u0111\u00f3, Recital 70<\/strong> b\u1eaft bu\u1ed9c vi\u1ec7c \u0111\u1ea7u t\u01b0 ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ecbnh danh b\u1eb1ng c\u00f9ng lo\u1ea1i ti\u1ec1n ph\u00e1p \u0111\u1ecbnh<\/strong> v\u1edbi EMT, nh\u1eb1m duy tr\u00ec t\u00ednh \u1ed5n \u0111\u1ecbnh v\u00e0 kh\u1ea3 n\u0103ng ho\u00e0n tr\u1ea3 1:1.<\/span><\/p>\n

\n

\u2705 2. K\u1ef9 thu\u1eadt ki\u1ec3m so\u00e1t: g\u1eafn token \u2013 g\u1eafn t\u00e0i s\u1ea3n<\/strong><\/span><\/h4>\n
\n
\n\n\n\n\n\n\n\n
Ti\u00eau ch\u00ed<\/span><\/th>\nQuy \u0111\u1ecbnh c\u1ee7a MiCA (Recital 70)<\/span><\/th>\n\u00dd ngh\u0129a<\/span><\/th>\n<\/tr>\n<\/thead>\n
Lo\u1ea1i ti\u1ec1n g\u1eafn v\u1edbi EMT (v\u00ed d\u1ee5: EUR)<\/span><\/td>\n\u2705 Ph\u1ea3i \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 trong s\u00e1ch tr\u1eafng<\/span><\/td>\nC\u1ed1 \u0111\u1ecbnh ngh\u0129a v\u1ee5 ho\u00e0n tr\u1ea3<\/span><\/td>\n<\/tr>\n
Lo\u1ea1i ti\u1ec1n t\u1ec7 c\u1ee7a t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0<\/span><\/td>\n\u2705 Ph\u1ea3i tr\u00f9ng kh\u1edbp v\u1edbi ti\u1ec1n tham chi\u1ebfu<\/span><\/td>\nLo\u1ea1i tr\u1eeb r\u1ee7i ro ch\u00eanh l\u1ec7ch FX<\/span><\/td>\n<\/tr>\n
\u0110\u1ea7u t\u01b0 tr\u00e1i lo\u1ea1i ti\u1ec1n<\/span><\/td>\n\u274c Kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e9p<\/span><\/td>\nD\u1eabn \u0111\u1ebfn m\u1ea5t kh\u1ea3 n\u0103ng thanh to\u00e1n \u0111\u00fang h\u1ea1n, \u0111\u00fang gi\u00e1 tr\u1ecb<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\ud83d\udccc C\u01a1 s\u1edf b\u1ed5 sung: \u0110i\u1ec1u 62\u201363 MiCA y\u00eau c\u1ea7u t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng c\u1ee7a EMT ph\u1ea3i an to\u00e0n, thanh kho\u1ea3n v\u00e0 kh\u00f4ng b\u1ecb bi\u1ebfn \u0111\u1ed9ng cao<\/strong> \u2013 Recital 70 b\u1ed5 sung th\u00eam r\u1eb1ng t\u00e0i s\u1ea3n \u0111\u00f3 ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng c\u00f9ng lo\u1ea1i ti\u1ec1n<\/strong>.<\/span><\/p>\n

\n

\u2705 3. \u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn c\u01a1 ch\u1ebf \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh<\/strong><\/span><\/h4>\n

\u2013 T\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh EMT kh\u00f4ng th\u1ec3:<\/span><\/p>\n

    \n
  • \n

    \u0110\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n sinh l\u1eddi cao nh\u01b0ng mang r\u1ee7i ro ngo\u1ea1i t\u1ec7 (ex: crypto, c\u1ed5 phi\u1ebfu qu\u1ed1c t\u1ebf, stablecoin USD n\u1ebfu EMT g\u1eafn v\u1edbi EUR);<\/span><\/p>\n<\/li>\n

  • \n

    T\u1eadn d\u1ee5ng ch\u00eanh l\u1ec7ch t\u1ef7 gi\u00e1 \u0111\u1ec3 thu l\u1ee3i trong khi v\u1eabn cam k\u1ebft ho\u00e0n tr\u1ea3 c\u1ed1 \u0111\u1ecbnh.<\/span><\/p>\n<\/li>\n<\/ul>\n

    \u2192 Gi\u00fap EMT gi\u1eef \u0111\u00fang ch\u1ee9c n\u0103ng l\u00e0 ph\u01b0\u01a1ng ti\u1ec7n thanh to\u00e1n \u1ed5n \u0111\u1ecbnh<\/strong>, kh\u00f4ng b\u1ecb bi\u1ebfn t\u01b0\u1edbng th\u00e0nh c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 ti\u1ec1n t\u1ec7.<\/span><\/p>\n

    \n

    \u2705 4. So s\u00e1nh v\u1edbi ph\u00e1p lu\u1eadt Vi\u1ec7t Nam (ch\u01b0a c\u00f3 t\u01b0\u01a1ng \u1ee9ng)<\/strong><\/span><\/h4>\n
    \n
    \n\n\n\n\n\n\n\n
    N\u1ed9i dung<\/span><\/th>\nMiCA \u2013 Recital 70<\/span><\/th>\nVi\u1ec7t Nam hi\u1ec7n h\u00e0nh<\/span><\/th>\n<\/tr>\n<\/thead>\n
    Qu\u1ef9 d\u1ef1 ph\u00f2ng cho token thanh to\u00e1n ph\u1ea3i \u0111\u1ea7u t\u01b0 c\u00f9ng lo\u1ea1i ti\u1ec1n<\/span><\/td>\n\u2705 C\u00f3 quy \u0111\u1ecbnh r\u00f5<\/span><\/td>\n\u274c Ch\u01b0a \u0111i\u1ec1u ch\u1ec9nh<\/span><\/td>\n<\/tr>\n
    R\u00e0ng bu\u1ed9c ph\u00e1p l\u00fd nh\u1eb1m lo\u1ea1i tr\u1eeb r\u1ee7i ro t\u1ef7 gi\u00e1<\/span><\/td>\n\u2705 C\u00f3<\/span><\/td>\n\u274c Ch\u01b0a c\u00f3 khung ki\u1ec3m so\u00e1t<\/span><\/td>\n<\/tr>\n
    C\u01a1 quan gi\u00e1m s\u00e1t c\u00f3 quy\u1ec1n ki\u1ec3m tra danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/span><\/td>\n\u2705 Theo \u0110i\u1ec1u 63 MiCA<\/span><\/td>\n\u274c Kh\u00f4ng c\u00f3 c\u01a1 ch\u1ebf t\u01b0\u01a1ng \u0111\u01b0\u01a1ng<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
    \n
    <\/div>\n<\/div>\n<\/div>\n<\/div>\n

    \u27a1 Vi\u1ec7t Nam c\u1ea7n b\u1ed5 sung trong lu\u1eadt\/d\u1ef1 th\u1ea3o Lu\u1eadt T\u00e0i s\u1ea3n s\u1ed1:<\/span><\/p>\n

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    • \n

      Ph\u00e2n lo\u1ea1i r\u00f5 token g\u1eafn ti\u1ec1n ph\u00e1p \u0111\u1ecbnh,<\/span><\/p>\n<\/li>\n

    • \n

      Ki\u1ec3m so\u00e1t t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m cho stablecoin,<\/span><\/p>\n<\/li>\n

    • \n

      Lo\u1ea1i tr\u1eeb kh\u1ea3 n\u0103ng \u0111\u1ea7u c\u01a1 ti\u1ec1n t\u1ec7 tr\u00e1 h\u00ecnh qua stablecoin.<\/span><\/p>\n<\/li>\n<\/ul>\n

      \n

      \ud83d\udccc K\u1ebft lu\u1eadn<\/strong><\/span><\/h3>\n

      Recital 70<\/strong> quy \u0111\u1ecbnh r\u00f5:<\/span><\/p>\n

      T\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh EMT ph\u1ea3i b\u1ea3o \u0111\u1ea3m \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng b\u1eb1ng c\u00f9ng lo\u1ea1i ti\u1ec1n ph\u00e1p \u0111\u1ecbnh m\u00e0 token g\u1eafn v\u1edbi<\/strong>, nh\u1eb1m duy tr\u00ec kh\u1ea3 n\u0103ng ho\u00e0n tr\u1ea3 1:1<\/strong>, tr\u00e1nh r\u1ee7i ro t\u1ef7 gi\u00e1 v\u00e0 b\u1ea3o v\u1ec7 ng\u01b0\u1eddi ti\u00eau d\u00f9ng.<\/span><\/p>\n

      \u0110\u00e2y l\u00e0 nguy\u00ean t\u1eafc ki\u1ec3m so\u00e1t r\u1ee7i ro t\u00e0i ch\u00ednh tr\u1ecdng y\u1ebfu<\/strong>, gi\u00fap ph\u00e2n bi\u1ec7t stablecoin c\u00f3 tr\u00e1ch nhi\u1ec7m v\u1edbi m\u00f4 h\u00ecnh DeFi m\u1ea1o hi\u1ec3m, g\u00f3p ph\u1ea7n duy tr\u00ec \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 l\u00f2ng tin v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n s\u1ed1<\/strong>.<\/span><\/p>\n

      \n

      Tuy\u00ean b\u1ed1 b\u1ea3n quy\u1ec1n v\u00e0 gi\u1edbi thi\u1ec7u Lu\u1eadt s\u01b0 911<\/strong><\/span><\/h3>\n

      Ph\u00e2n t\u00edch thu\u1ed9c b\u1ea3n quy\u1ec1n c\u1ee7a Lu\u1eadt s\u01b0 V\u0169 Ng\u1ecdc D\u0169ng \u2013 C\u00f4ng ty Lu\u1eadt 911<\/strong><\/span>
      C\u00f4ng ty Lu\u1eadt 911<\/strong> l\u00e0 \u0111\u01a1n v\u1ecb t\u01b0 v\u1ea5n ph\u00e1p l\u00fd chuy\u00ean s\u00e2u trong l\u0129nh v\u1ef1c t\u00e0i s\u1ea3n s\u1ed1, stablecoin, fintech v\u00e0 c\u00f4ng ngh\u1ec7 m\u1edbi n\u1ed5i. D\u01b0\u1edbi s\u1ef1 \u0111i\u1ec1u h\u00e0nh c\u1ee7a Lu\u1eadt s\u01b0 V\u0169 Ng\u1ecdc D\u0169ng<\/strong>, C\u00f4ng ty Lu\u1eadt 911 \u0111\u00e3 tham gia h\u1ed7 tr\u1ee3 chi\u1ebfn l\u01b0\u1ee3c tu\u00e2n th\u1ee7 cho c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh stablecoin, token h\u00f3a t\u00e0i s\u1ea3n v\u00e0 d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh Web3<\/strong> t\u1ea1i nhi\u1ec1u khu v\u1ef1c ph\u00e1p l\u00fd, \u0111\u1eb7c bi\u1ec7t l\u00e0 Li\u00ean minh ch\u00e2u \u00c2u (theo Lu\u1eadt MiCA), Hoa K\u1ef3 (SEC\u2013FinCEN), v\u00e0 Singapore (MAS)<\/strong>.<\/span><\/p>\n

      Ch\u00fang t\u00f4i \u0111\u1ed3ng h\u00e0nh c\u00f9ng doanh nghi\u1ec7p c\u00f4ng ngh\u1ec7, startup v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh<\/strong> trong vi\u1ec7c x\u00e2y d\u1ef1ng m\u00f4 h\u00ecnh ho\u1ea1t \u0111\u1ed9ng h\u1ee3p ph\u00e1p, t\u01b0 v\u1ea5n gi\u1ea5y ph\u00e9p, ki\u1ec3m so\u00e1t r\u1ee7i ro, v\u00e0 ph\u00e1t tri\u1ec3n ch\u00ednh s\u00e1ch b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/strong> trong h\u1ec7 sinh th\u00e1i blockchain, t\u00e0i s\u1ea3n s\u1ed1, AI v\u00e0 ng\u00e2n h\u00e0ng s\u1ed1.<\/span><\/p>\n

      Vui l\u00f2ng kh\u00f4ng sao ch\u00e9p ho\u1eb7c s\u1eed d\u1ee5ng l\u1ea1i n\u1ebfu ch\u01b0a c\u00f3 s\u1ef1 \u0111\u1ed3ng \u00fd b\u1eb1ng v\u0103n b\u1ea3n.<\/strong><\/span>
      Khi tr\u00edch d\u1eabn, b\u1eaft bu\u1ed9c ghi r\u00f5:<\/strong><\/span>
      Ngu\u1ed3n: Lu\u1eadt s\u01b0 V\u0169 Ng\u1ecdc D\u0169ng \u2013 C\u00f4ng ty Lu\u1eadt 911<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      Nguy\u00ean t\u1eafc 70 c\u1ee7a Lu\u1eadt MiCa Ch\u00e2u \u00c2u \u2013 Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng c\u00f9ng lo\u1ea1i ti\u1ec1n t\u1ec7 v\u1edbi token \ud83d\udcd8 Tr\u00edch d\u1eabn g\u1ed1c ti\u1ebfng Anh (Recital 70 \u2013 MiCA) (70) Where an issuer of e-money tokens invests the funds received in exchange for the tokens, the investment should be made in […]<\/p>\n","protected":false},"author":1,"featured_media":4312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[140,132],"tags":[],"class_list":["post-4061","post","type-post","status-publish","format-standard","has-post-thumbnail","category-luat-mica-chau-au-ve-crypto","category-tai-san-so"],"yoast_head":"\nNguy\u00ean t\u1eafc 70 c\u1ee7a Lu\u1eadt MiCa Ch\u00e2u \u00c2u \u2013 Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng c\u00f9ng lo\u1ea1i ti\u1ec1n t\u1ec7 v\u1edbi token - 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