{"id":4063,"date":"2025-06-29T01:13:28","date_gmt":"2025-06-28T17:43:28","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=4063"},"modified":"2025-06-29T01:13:28","modified_gmt":"2025-06-28T17:43:28","slug":"nguyen-tac-71cua-luat-mica-chau-au-ve-tien-dien-tu-cac-nghia-vu-bo-sung-ap-dung-cho-token-tien-dien-tu-co-tinh-chat-quan-trong-significant-emt","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=4063","title":{"rendered":"Nguy\u00ean t\u1eafc 71c\u1ee7a Lu\u1eadt Mica Ch\u00e2u \u00e2u v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u2013 C\u00e1c ngh\u0129a v\u1ee5 b\u1ed5 sung \u00e1p d\u1ee5ng cho token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t \u201cquan tr\u1ecdng\u201d (significant EMT)"},"content":{"rendered":"<h2 style=\"text-align: justify;\" data-start=\"264\" data-end=\"375\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"269\" data-end=\"375\">Nguy\u00ean t\u1eafc 71c\u1ee7a Lu\u1eadt Mica Ch\u00e2u \u00e2u v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed: \u2013 C\u00e1c ngh\u0129a v\u1ee5 b\u1ed5 sung \u00e1p d\u1ee5ng cho token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t \u201cquan tr\u1ecdng\u201d (significant EMT)<\/strong><\/span><\/h2>\n<hr data-start=\"377\" data-end=\"380\" \/>\n<h3 style=\"text-align: justify;\" data-start=\"382\" data-end=\"436\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\ud83d\udcd8 <strong data-start=\"389\" data-end=\"436\">Tr\u00edch d\u1eabn g\u1ed1c ti\u1ebfng Anh (Recital 71 \u2013 MiCA)<\/strong><\/span><\/h3>\n<p data-start=\"440\" data-end=\"596\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"440\" data-end=\"448\">(71)<\/strong><\/span><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Significant e-money tokens may pose higher risks to financial stability than non-significant e-money tokens and traditional electronic money.<\/span><\/p>\n<p data-start=\"603\" data-end=\"752\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Therefore, it is necessary that issuers of significant e-money tokens that are electronic money institutions be subject to additional requirements.<\/span><\/p>\n<p data-start=\"759\" data-end=\"977\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">In particular, they should be subject to higher capital requirements than those applicable to other issuers of e-money tokens, interoperability requirements and the requirement to adopt a liquidity management policy.<\/span><\/p>\n<p data-start=\"984\" data-end=\"1209\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">They should also comply with some of the same requirements that apply to issuers of asset-referenced tokens with regard to the reserve of assets, such as those concerning the custody and investment of the reserve of assets.<\/span><\/p>\n<p data-start=\"1216\" data-end=\"1345\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Those requirements for issuers of significant e-money tokens should apply instead of Articles 5 and 7 of Directive 2009\/110\/EC.<\/span><\/p>\n<p data-start=\"1352\" data-end=\"1578\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Since those provisions do not apply to credit institutions when issuing electronic money, the additional requirements applicable to significant e-money tokens under this Regulation should also not apply to credit institutions.<\/span><\/p>\n<hr data-start=\"1580\" data-end=\"1583\" \/>\n<h3 style=\"text-align: justify;\" data-start=\"1585\" data-end=\"1627\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\ud83c\uddfb\ud83c\uddf3 <strong data-start=\"1594\" data-end=\"1627\">B\u1ea3n d\u1ecbch ti\u1ebfng Vi\u1ec7t ch\u00ednh x\u00e1c<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"1629\" data-end=\"1863\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"1629\" data-end=\"1637\">(71)<\/strong><\/span><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"1640\" data-end=\"1721\">C\u00e1c token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t \u201cquan tr\u1ecdng\u201d (significant e-money tokens)<\/strong> c\u00f3 th\u1ec3 g\u00e2y ra <strong data-start=\"1736\" data-end=\"1783\">r\u1ee7i ro l\u1edbn h\u01a1n \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh<\/strong> so v\u1edbi c\u00e1c token ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u00f4ng th\u01b0\u1eddng v\u00e0 so v\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed truy\u1ec1n th\u1ed1ng.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"1865\" data-end=\"2052\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Do \u0111\u00f3, c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t quan tr\u1ecdng \u2013 n\u1ebfu l\u00e0 <strong data-start=\"1946\" data-end=\"2007\">t\u1ed5 ch\u1ee9c ti\u1ec1n \u0111i\u1ec7n t\u1eed (electronic money institution \u2013 EMI)<\/strong> \u2013 c\u1ea7n ph\u1ea3i <strong data-start=\"2019\" data-end=\"2051\">tu\u00e2n th\u1ee7 c\u00e1c y\u00eau c\u1ea7u b\u1ed5 sung<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"2054\" data-end=\"2069\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">C\u1ee5 th\u1ec3, h\u1ecd c\u1ea7n:<\/span><\/p>\n<ul style=\"text-align: justify;\" data-start=\"2071\" data-end=\"2446\">\n<li data-start=\"2071\" data-end=\"2156\">\n<p data-start=\"2073\" data-end=\"2156\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"2073\" data-end=\"2109\">Tu\u00e2n th\u1ee7 c\u00e1c y\u00eau c\u1ea7u v\u1ed1n cao h\u01a1n<\/strong> so v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh EMT th\u00f4ng th\u01b0\u1eddng;<\/span><\/p>\n<\/li>\n<li data-start=\"2157\" data-end=\"2218\">\n<p data-start=\"2159\" data-end=\"2218\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"2159\" data-end=\"2217\">\u0110\u1ea3m b\u1ea3o kh\u1ea3 n\u0103ng t\u01b0\u01a1ng t\u00e1c h\u1ec7 th\u1ed1ng (interoperability)<\/strong>;<\/span><\/p>\n<\/li>\n<li data-start=\"2219\" data-end=\"2274\">\n<p data-start=\"2221\" data-end=\"2274\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u00c1p d\u1ee5ng <strong data-start=\"2229\" data-end=\"2273\">ch\u00ednh s\u00e1ch qu\u1ea3n l\u00fd thanh kho\u1ea3n minh b\u1ea1ch<\/strong>;<\/span><\/p>\n<\/li>\n<li data-start=\"2275\" data-end=\"2446\">\n<p data-start=\"2277\" data-end=\"2446\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Tu\u00e2n th\u1ee7 m\u1ed9t s\u1ed1 quy \u0111\u1ecbnh t\u01b0\u01a1ng t\u1ef1 t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh <strong data-start=\"2329\" data-end=\"2368\">token tham chi\u1ebfu t\u1edbi t\u00e0i s\u1ea3n (ARTs)<\/strong>, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c y\u00eau c\u1ea7u li\u00ean quan \u0111\u1ebfn <strong data-start=\"2408\" data-end=\"2445\">l\u01b0u k\u00fd v\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-start=\"2448\" data-end=\"2530\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">C\u00e1c y\u00eau c\u1ea7u b\u1ed5 sung n\u00e0y <strong data-start=\"2472\" data-end=\"2529\">thay th\u1ebf cho \u0110i\u1ec1u 5 v\u00e0 \u0110i\u1ec1u 7 c\u1ee7a Ch\u1ec9 th\u1ecb 2009\/110\/EC<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"2532\" data-end=\"2740\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Tuy nhi\u00ean, <strong data-start=\"2543\" data-end=\"2639\">do c\u00e1c quy \u0111\u1ecbnh \u0111\u00f3 kh\u00f4ng \u00e1p d\u1ee5ng cho t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng (ng\u00e2n h\u00e0ng) khi ph\u00e1t h\u00e0nh ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/strong>, n\u00ean c\u00e1c y\u00eau c\u1ea7u b\u1ed5 sung n\u00e0y <strong data-start=\"2669\" data-end=\"2716\">c\u0169ng kh\u00f4ng \u00e1p d\u1ee5ng \u0111\u1ed1i v\u1edbi t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng<\/strong> theo quy \u0111\u1ecbnh c\u1ee7a MiCA.<\/span><\/p>\n<hr data-start=\"2742\" data-end=\"2745\" \/>\n<h3 style=\"text-align: justify;\" data-start=\"2747\" data-end=\"2786\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2696\ufe0f <strong data-start=\"2754\" data-end=\"2786\">Ph\u00e2n t\u00edch ph\u00e1p l\u00fd chuy\u00ean s\u00e2u<\/strong><\/span><\/h3>\n<h4 style=\"text-align: justify;\" data-start=\"2788\" data-end=\"2854\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 1. <strong data-start=\"2798\" data-end=\"2854\">Kh\u00e1i ni\u1ec7m \u201csignificant EMT\u201d v\u00e0 c\u01a1 s\u1edf r\u1ee7i ro h\u1ec7 th\u1ed1ng<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\" data-start=\"2856\" data-end=\"2928\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2013 <strong data-start=\"2858\" data-end=\"2904\">Significant e-money token (EMT quan tr\u1ecdng)<\/strong> l\u00e0 EMT c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m nh\u01b0:<\/span><\/p>\n<div class=\"_tableContainer_16hzy_1\" style=\"text-align: justify;\">\n<div class=\"_tableWrapper_16hzy_14 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"2930\" data-end=\"3232\">\n<thead data-start=\"2930\" data-end=\"2988\">\n<tr data-start=\"2930\" data-end=\"2988\">\n<th data-start=\"2930\" data-end=\"2967\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng (\u0110i\u1ec1u 48 MiCA)<\/span><\/th>\n<th data-start=\"2967\" data-end=\"2988\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ng\u01b0\u1ee1ng \u0111\u00e1ng ch\u00fa \u00fd<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3048\" data-end=\"3232\">\n<tr data-start=\"3048\" data-end=\"3097\">\n<td data-start=\"3048\" data-end=\"3075\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Tr\u00ean 10 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng<\/span><\/td>\n<td data-start=\"3075\" data-end=\"3097\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 R\u1ee7i ro \u0111\u1ea1i ch\u00fang<\/span><\/td>\n<\/tr>\n<tr data-start=\"3098\" data-end=\"3171\">\n<td data-start=\"3098\" data-end=\"3144\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Gi\u00e1 tr\u1ecb giao d\u1ecbch h\u00e0ng ng\u00e0y &gt; 200 tri\u1ec7u EUR<\/span><\/td>\n<td data-start=\"3144\" data-end=\"3171\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 \u1ea2nh h\u01b0\u1edfng thanh kho\u1ea3n<\/span><\/td>\n<\/tr>\n<tr data-start=\"3172\" data-end=\"3232\">\n<td data-start=\"3172\" data-end=\"3203\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u0110\u01b0\u1ee3c s\u1eed d\u1ee5ng xuy\u00ean bi\u00ean gi\u1edbi<\/span><\/td>\n<td data-start=\"3203\" data-end=\"3232\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 G\u00e2y lan truy\u1ec1n h\u1ec7 th\u1ed1ng<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"sticky end-(--thread-content-margin) h-0 self-end select-none\">\n<div class=\"absolute end-0 flex items-end\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: justify;\" data-start=\"3234\" data-end=\"3393\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2192 C\u00e1c EMT n\u00e0y <strong data-start=\"3248\" data-end=\"3311\">ti\u1ec1m \u1ea9n nguy c\u01a1 nh\u01b0 m\u1ed9t stablecoin qu\u1ed1c gia kh\u00f4ng ki\u1ec3m so\u00e1t<\/strong>, c\u00f3 th\u1ec3 l\u00e0m <strong data-start=\"3324\" data-end=\"3392\">x\u00f3i m\u00f2n ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, g\u00e2y hi\u1ec7u \u1ee9ng l\u00e2y lan n\u1ebfu m\u1ea5t gi\u00e1 tr\u1ecb<\/strong>.<\/span><\/p>\n<hr data-start=\"3395\" data-end=\"3398\" \/>\n<h4 style=\"text-align: justify;\" data-start=\"3400\" data-end=\"3480\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 2. <strong data-start=\"3410\" data-end=\"3480\">C\u00e1c ngh\u0129a v\u1ee5 b\u1ed5 sung \u00e1p d\u1ee5ng cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh significant EMT<\/strong><\/span><\/h4>\n<div class=\"_tableContainer_16hzy_1\" style=\"text-align: justify;\">\n<div class=\"_tableWrapper_16hzy_14 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"3482\" data-end=\"3950\">\n<thead data-start=\"3482\" data-end=\"3519\">\n<tr data-start=\"3482\" data-end=\"3519\">\n<th data-start=\"3482\" data-end=\"3501\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ngh\u0129a v\u1ee5 b\u1ed5 sung<\/span><\/th>\n<th data-start=\"3501\" data-end=\"3519\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">M\u1ee5c ti\u00eau ch\u00ednh<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"3558\" data-end=\"3950\">\n<tr data-start=\"3558\" data-end=\"3633\">\n<td data-start=\"3558\" data-end=\"3591\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"3560\" data-end=\"3590\">T\u0103ng y\u00eau c\u1ea7u v\u1ed1n t\u1ed1i thi\u1ec3u<\/strong><\/span><\/td>\n<td data-start=\"3591\" data-end=\"3633\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">T\u0103ng kh\u1ea3 n\u0103ng h\u1ea5p th\u1ee5 r\u1ee7i ro t\u00e0i ch\u00ednh<\/span><\/td>\n<\/tr>\n<tr data-start=\"3634\" data-end=\"3736\">\n<td data-start=\"3634\" data-end=\"3689\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"3636\" data-end=\"3688\">Y\u00eau c\u1ea7u v\u1ec1 kh\u1ea3 n\u0103ng t\u01b0\u01a1ng t\u00e1c (interoperability)<\/strong><\/span><\/td>\n<td data-start=\"3689\" data-end=\"3736\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u0110\u1ea3m b\u1ea3o k\u1ebft n\u1ed1i v\u1edbi h\u1ea1 t\u1ea7ng thanh to\u00e1n kh\u00e1c<\/span><\/td>\n<\/tr>\n<tr data-start=\"3737\" data-end=\"3823\">\n<td data-start=\"3737\" data-end=\"3774\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"3739\" data-end=\"3773\">Ch\u00ednh s\u00e1ch qu\u1ea3n l\u00fd thanh kho\u1ea3n<\/strong><\/span><\/td>\n<td data-start=\"3774\" data-end=\"3823\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ph\u00f2ng ng\u1eeba bank-run, duy tr\u00ec thanh kho\u1ea3n 24\/7<\/span><\/td>\n<\/tr>\n<tr data-start=\"3824\" data-end=\"3950\">\n<td data-start=\"3824\" data-end=\"3897\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"3826\" data-end=\"3896\">Tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh v\u1ec1 l\u01b0u k\u00fd v\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i s\u1ea3n d\u1ef1 ph\u00f2ng (gi\u1ed1ng ART)<\/strong><\/span><\/td>\n<td data-start=\"3897\" data-end=\"3950\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u0110\u1ea3m b\u1ea3o t\u00ednh an to\u00e0n \u2013 minh b\u1ea1ch \u2013 ki\u1ec3m to\u00e1n \u0111\u01b0\u1ee3c<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"sticky end-(--thread-content-margin) h-0 self-end select-none\">\n<div class=\"absolute end-0 flex items-end\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: justify;\" data-start=\"3952\" data-end=\"4000\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\ud83d\udccc \u0110i\u1ec1u n\u00e0y gi\u00fap MiCA duy tr\u00ec <strong data-start=\"3982\" data-end=\"3999\">chu\u1ea9n m\u1ef1c k\u00e9p<\/strong>:<\/span><\/p>\n<ul style=\"text-align: justify;\" data-start=\"4001\" data-end=\"4073\">\n<li data-start=\"4001\" data-end=\"4024\">\n<p data-start=\"4003\" data-end=\"4024\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">EMT nh\u1ecf: th\u1ee7 t\u1ee5c nh\u1eb9;<\/span><\/p>\n<\/li>\n<li data-start=\"4025\" data-end=\"4073\">\n<p data-start=\"4027\" data-end=\"4073\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">EMT quan tr\u1ecdng: qu\u1ea3n tr\u1ecb h\u1ec7 th\u1ed1ng nghi\u00eam ng\u1eb7t.<\/span><\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"4075\" data-end=\"4078\" \/>\n<h4 style=\"text-align: justify;\" data-start=\"4080\" data-end=\"4142\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 3. <strong data-start=\"4090\" data-end=\"4142\">Ngo\u1ea1i l\u1ec7 \u0111\u1ed1i v\u1edbi ng\u00e2n h\u00e0ng (credit institutions)<\/strong><\/span><\/h4>\n<p style=\"text-align: justify;\" data-start=\"4144\" data-end=\"4280\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2013 <strong data-start=\"4146\" data-end=\"4207\">C\u00e1c t\u1ed5 ch\u1ee9c t\u00edn d\u1ee5ng \u0111\u00e3 ch\u1ecbu s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a CRR\/CRD IV<\/strong> n\u00ean \u0111\u01b0\u1ee3c mi\u1ec5n tr\u1eeb c\u00e1c y\u00eau c\u1ea7u b\u1ed5 sung theo MiCA \u0111\u1ed1i v\u1edbi significant EMT.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"4282\" data-end=\"4368\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2192 Tr\u00e1nh tr\u00f9ng l\u1eb7p quy \u0111\u1ecbnh v\u00e0 duy tr\u00ec t\u00ednh th\u1ed1ng nh\u1ea5t c\u1ee7a h\u1ec7 th\u1ed1ng gi\u00e1m s\u00e1t ng\u00e2n h\u00e0ng.<\/span><\/p>\n<hr data-start=\"4370\" data-end=\"4373\" \/>\n<h4 style=\"text-align: justify;\" data-start=\"4375\" data-end=\"4437\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 4. <strong data-start=\"4385\" data-end=\"4437\">So s\u00e1nh v\u1edbi Vi\u1ec7t Nam (ch\u01b0a c\u00f3 khung t\u01b0\u01a1ng \u0111\u01b0\u01a1ng)<\/strong><\/span><\/h4>\n<div class=\"_tableContainer_16hzy_1\" style=\"text-align: justify;\">\n<div class=\"_tableWrapper_16hzy_14 group flex w-fit flex-col-reverse\" tabindex=\"-1\">\n<table class=\"w-fit min-w-(--thread-content-width)\" data-start=\"4439\" data-end=\"4922\">\n<thead data-start=\"4439\" data-end=\"4502\">\n<tr data-start=\"4439\" data-end=\"4502\">\n<th data-start=\"4439\" data-end=\"4450\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">N\u1ed9i dung<\/span><\/th>\n<th data-start=\"4450\" data-end=\"4470\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">MiCA \u2013 Recital 71<\/span><\/th>\n<th data-start=\"4470\" data-end=\"4502\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ph\u00e1p lu\u1eadt Vi\u1ec7t Nam hi\u1ec7n h\u00e0nh<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody data-start=\"4569\" data-end=\"4922\">\n<tr data-start=\"4569\" data-end=\"4706\">\n<td data-start=\"4569\" data-end=\"4623\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ph\u00e2n lo\u1ea1i token thanh to\u00e1n theo m\u1ee9c \u0111\u1ed9 \u201cquan tr\u1ecdng\u201d<\/span><\/td>\n<td data-start=\"4623\" data-end=\"4672\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 C\u00f3 ti\u00eau ch\u00ed \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 h\u1eadu qu\u1ea3 ph\u00e1p l\u00fd r\u00f5<\/span><\/td>\n<td data-start=\"4672\" data-end=\"4706\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u274c Ch\u01b0a c\u00f3 b\u1ea5t k\u1ef3 ph\u00e2n t\u1ea7ng n\u00e0o<\/span><\/td>\n<\/tr>\n<tr data-start=\"4707\" data-end=\"4813\">\n<td data-start=\"4707\" data-end=\"4759\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Ngh\u0129a v\u1ee5 v\u1ed1n, qu\u1ea3n tr\u1ecb thanh kho\u1ea3n cho stablecoin<\/span><\/td>\n<td data-start=\"4759\" data-end=\"4775\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 C\u00f3 quy \u0111\u1ecbnh<\/span><\/td>\n<td data-start=\"4775\" data-end=\"4813\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u274c Ch\u01b0a c\u00f3 quy chu\u1ea9n ho\u1eb7c ki\u1ec3m so\u00e1t<\/span><\/td>\n<\/tr>\n<tr data-start=\"4814\" data-end=\"4922\">\n<td data-start=\"4814\" data-end=\"4866\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">Mi\u1ec5n tr\u1eeb \u0111\u1ed1i v\u1edbi ng\u00e2n h\u00e0ng ph\u00e1t h\u00e0nh ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/span><\/td>\n<td data-start=\"4866\" data-end=\"4891\" data-col-size=\"md\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u2705 C\u00f3, tr\u00e1nh ch\u1ed3ng ch\u00e9o<\/span><\/td>\n<td data-start=\"4891\" data-end=\"4922\" data-col-size=\"sm\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u274c Kh\u00f4ng c\u00f3 khung \u0111i\u1ec1u ch\u1ec9nh<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"sticky end-(--thread-content-margin) h-0 self-end select-none\">\n<div class=\"absolute end-0 flex items-end\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: justify;\" data-start=\"4924\" data-end=\"5119\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\u27a1 N\u1ebfu Vi\u1ec7t Nam mu\u1ed1n cho ph\u00e9p c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh stablecoin, c\u1ea7n x\u00e2y d\u1ef1ng <strong data-start=\"5000\" data-end=\"5040\">b\u1ed9 ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1 t\u00ednh quan tr\u1ecdng<\/strong> c\u1ee7a token v\u00e0 <strong data-start=\"5054\" data-end=\"5118\">giao quy\u1ec1n gi\u00e1m s\u00e1t ph\u00e2n t\u1ea7ng cho NHNN v\u00e0 \u1ee6y ban Ch\u1ee9ng kho\u00e1n<\/strong>.<\/span><\/p>\n<hr data-start=\"5121\" data-end=\"5124\" \/>\n<h3 style=\"text-align: justify;\" data-start=\"5126\" data-end=\"5145\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\ud83d\udccc <strong data-start=\"5133\" data-end=\"5145\">K\u1ebft lu\u1eadn<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"5147\" data-end=\"5490\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"5147\" data-end=\"5163\">Recital (71)<\/strong> \u0111\u1eb7t ra <strong data-start=\"5171\" data-end=\"5247\">nguy\u00ean t\u1eafc ph\u00e2n t\u1ea7ng r\u1ee7i ro v\u00e0 \u0111i\u1ec1u ch\u1ec9nh theo m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng h\u1ec7 th\u1ed1ng<\/strong>. EMT \u201cquan tr\u1ecdng\u201d c\u1ea7n ch\u1ecbu tr\u00e1ch nhi\u1ec7m cao h\u01a1n v\u1ec1 v\u1ed1n, thanh kho\u1ea3n, v\u00e0 tu\u00e2n th\u1ee7 chu\u1ea9n m\u1ef1c nh\u01b0 v\u1edbi ART. \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh \u0111i\u1ec1u ch\u1ec9nh linh ho\u1ea1t, ph\u00f9 h\u1ee3p v\u1edbi xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n stablecoin xuy\u00ean qu\u1ed1c gia nh\u01b0ng v\u1eabn b\u1ea3o v\u1ec7 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh qu\u1ed1c gia.<\/span><\/p>\n<hr data-start=\"5492\" data-end=\"5495\" \/>\n<h3 style=\"text-align: justify;\" data-start=\"5497\" data-end=\"5553\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\">\ud83d\udd8b\ufe0f <strong data-start=\"5505\" data-end=\"5553\">Tuy\u00ean b\u1ed1 b\u1ea3n quy\u1ec1n v\u00e0 gi\u1edbi thi\u1ec7u Lu\u1eadt s\u01b0 911<\/strong><\/span><\/h3>\n<p style=\"text-align: justify;\" data-start=\"5555\" data-end=\"6066\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"5555\" data-end=\"5628\">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><br data-start=\"5628\" data-end=\"5631\" \/><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"5631\" data-end=\"5651\">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 <strong data-start=\"5779\" data-end=\"5803\">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 <strong data-start=\"5887\" data-end=\"5946\">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 <strong data-start=\"5986\" data-end=\"6065\">Li\u00ean minh ch\u00e2u \u00c2u (theo Lu\u1eadt MiCA), Hoa K\u1ef3 (SEC\u2013FinCEN), v\u00e0 Singapore (MAS)<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify;\" data-start=\"6068\" data-end=\"6347\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"6068\" data-end=\"6153\">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 <strong data-start=\"6252\" data-end=\"6284\">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<p style=\"text-align: justify;\" data-start=\"6349\" data-end=\"6520\"><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"6349\" data-end=\"6429\">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><br data-start=\"6429\" data-end=\"6432\" \/><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"6432\" data-end=\"6467\">Khi tr\u00edch d\u1eabn, b\u1eaft bu\u1ed9c ghi r\u00f5:<\/strong><\/span><br data-start=\"6467\" data-end=\"6470\" \/><span style=\"font-size: 14pt; font-family: 'times new roman', times, serif;\"><strong data-start=\"6470\" data-end=\"6520\">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":"<p>Nguy\u00ean t\u1eafc 71c\u1ee7a Lu\u1eadt Mica Ch\u00e2u \u00e2u v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed: \u2013 C\u00e1c ngh\u0129a v\u1ee5 b\u1ed5 sung \u00e1p d\u1ee5ng cho token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t \u201cquan tr\u1ecdng\u201d (significant EMT) \ud83d\udcd8 Tr\u00edch d\u1eabn g\u1ed1c ti\u1ebfng Anh (Recital 71 \u2013 MiCA) (71)Significant e-money tokens may pose higher risks to financial stability than non-significant e-money tokens [&hellip;]<\/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-4063","post","type-post","status-publish","format-standard","has-post-thumbnail","category-luat-mica-chau-au-ve-crypto","category-tai-san-so"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nguy\u00ean t\u1eafc 71c\u1ee7a Lu\u1eadt Mica Ch\u00e2u \u00e2u v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u2013 C\u00e1c ngh\u0129a v\u1ee5 b\u1ed5 sung \u00e1p d\u1ee5ng cho token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t \u201cquan tr\u1ecdng\u201d (significant EMT) - Lu\u1eadt S\u01b0 911- Lu\u1eadt s\u01b0 v\u1ec1 Blockchain, crypto, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, m&amp;a, h\u1ee3p \u0111\u1ed3ng kinh t\u1ebf<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/luatsu911.vn\/?p=4063\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nguy\u00ean t\u1eafc 71c\u1ee7a Lu\u1eadt Mica Ch\u00e2u \u00e2u v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed \u2013 C\u00e1c ngh\u0129a v\u1ee5 b\u1ed5 sung \u00e1p d\u1ee5ng cho token ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 t\u00ednh ch\u1ea5t \u201cquan tr\u1ecdng\u201d (significant EMT) - 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