{"id":4104,"date":"2025-07-12T23:58:02","date_gmt":"2025-07-12T16:28:02","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=4104"},"modified":"2025-07-12T23:58:02","modified_gmt":"2025-07-12T16:28:02","slug":"nguyen-tac-87-luat-mica-chau-au-ve-crypto-lam-ro-phan-biet-phap-ly-giua-hai-loai-hoat-dong-tuong-tu-nhung-co-ban-chat-khac-nhau-dich-vu-trao-doi-exchange-va-dich-vu-thuc-hien-lenh-thay-mat","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=4104","title":{"rendered":"Nguy\u00ean t\u1eafc 87 Lu\u1eadt Mica Ch\u00e2u \u00c2u v\u1ec1 Crypto\u2013 l\u00e0m r\u00f5 ph\u00e2n bi\u1ec7t ph\u00e1p l\u00fd gi\u1eefa hai lo\u1ea1i ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng c\u00f3 b\u1ea3n ch\u1ea5t kh\u00e1c nhau: D\u1ecbch v\u1ee5 trao \u0111\u1ed5i (exchange) v\u00e0 D\u1ecbch v\u1ee5 th\u1ef1c hi\u1ec7n l\u1ec7nh thay m\u1eb7t kh\u00e1ch h\u00e0ng (order execution)"},"content":{"rendered":"

Nguy\u00ean t\u1eafc 87 Lu\u1eadt Mica Ch\u00e2u \u00c2u v\u1ec1 Crypto\u2013 MiCA (EU Regulation 2023\/1114)<\/strong><\/span><\/h3>\n

\ud83d\udcd8 Nguy\u00ean v\u0103n ti\u1ebfng Anh:<\/em><\/span><\/h4>\n

When a crypto-asset service provider executing orders for crypto-assets on behalf of clients is the client\u2019s counterparty, there might be similarities with the services of exchanging crypto-assets for funds or other crypto-assets. However, in exchanging crypto-assets for funds or other crypto-assets, the price for such exchanges is freely determined by the crypto-asset service provider as a currency exchange. Yet in the execution of orders for crypto-assets on behalf of clients, the crypto-asset service provider should always ensure that it obtains the best possible result for its client, including when it acts as the client\u2019s counterparty, in line with its best execution policy. The exchange of crypto-assets for funds or other crypto-assets when made by the issuer or offeror should not be a crypto-asset service.<\/span><\/p>\n

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\ud83d\udcd9 D\u1ecbch ti\u1ebfng Vi\u1ec7t ch\u00ednh x\u00e1c:<\/em><\/span><\/h4>\n

Khi m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a (CASP) th\u1ef1c hi\u1ec7n l\u1ec7nh \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n m\u00e3 h\u00f3a thay m\u1eb7t kh\u00e1ch h\u00e0ng, m\u00e0 \u0111\u1ed3ng th\u1eddi l\u00e0 \u0111\u1ed1i t\u00e1c \u0111\u1ed1i \u1ee9ng (counterparty)<\/strong> trong giao d\u1ecbch \u0111\u00f3, th\u00ec c\u00f3 th\u1ec3 c\u00f3 s\u1ef1 t\u01b0\u01a1ng \u0111\u1ed3ng v\u1edbi d\u1ecbch v\u1ee5 trao \u0111\u1ed5i t\u00e0i s\u1ea3n m\u00e3 h\u00f3a l\u1ea5y ti\u1ec1n ho\u1eb7c t\u00e0i s\u1ea3n m\u00e3 h\u00f3a kh\u00e1c<\/strong>.<\/span><\/p>\n

Tuy nhi\u00ean, trong ho\u1ea1t \u0111\u1ed9ng trao \u0111\u1ed5i n\u00e0y, gi\u00e1 c\u1ea3 \u0111\u01b0\u1ee3c CASP t\u1ef1 do quy\u1ebft \u0111\u1ecbnh<\/strong> gi\u1ed1ng nh\u01b0 trong giao d\u1ecbch ngo\u1ea1i t\u1ec7.<\/span><\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i, khi th\u1ef1c hi\u1ec7n l\u1ec7nh thay m\u1eb7t kh\u00e1ch h\u00e0ng, CASP lu\u00f4n ph\u1ea3i \u0111\u1ea3m b\u1ea3o \u0111\u1ea1t k\u1ebft qu\u1ea3 t\u1ed1t nh\u1ea5t cho kh\u00e1ch h\u00e0ng<\/strong>, k\u1ec3 c\u1ea3 khi h\u1ecd l\u00e0 \u0111\u1ed1i t\u00e1c \u0111\u1ed1i \u1ee9ng \u2013 \u0111i\u1ec1u n\u00e0y ph\u1ea3i tu\u00e2n th\u1ee7 theo ch\u00ednh s\u00e1ch th\u1ef1c hi\u1ec7n l\u1ec7nh t\u1ed1i \u01b0u (best execution policy)<\/strong>.<\/span><\/p>\n

Ngo\u00e0i ra, vi\u1ec7c trao \u0111\u1ed5i t\u00e0i s\u1ea3n m\u00e3 h\u00f3a l\u1ea5y ti\u1ec1n ho\u1eb7c t\u00e0i s\u1ea3n m\u00e3 h\u00f3a kh\u00e1c, n\u1ebfu \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi ch\u00ednh t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ho\u1eb7c ch\u00e0o b\u00e1n<\/strong>, th\u00ec kh\u00f4ng \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t d\u1ecbch v\u1ee5 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a<\/strong> theo quy \u0111\u1ecbnh c\u1ee7a MiCA.<\/span><\/p>\n

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\ud83d\udcda T\u00f3m t\u1eaft n\u1ed9i dung \u2013 300 t\u1eeb:<\/em><\/span><\/h3>\n

Recital (87) l\u00e0m r\u00f5 ph\u00e2n bi\u1ec7t ph\u00e1p l\u00fd gi\u1eefa hai lo\u1ea1i ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng c\u00f3 b\u1ea3n ch\u1ea5t kh\u00e1c nhau<\/strong>:<\/span><\/p>\n

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  • \n

    (1) D\u1ecbch v\u1ee5 trao \u0111\u1ed5i (exchange)<\/strong> t\u00e0i s\u1ea3n m\u00e3 h\u00f3a l\u1ea5y ti\u1ec1n ho\u1eb7c t\u00e0i s\u1ea3n m\u00e3 h\u00f3a kh\u00e1c (v\u00ed d\u1ee5: m\u1ed9t s\u00e0n giao d\u1ecbch \u0111\u1ecbnh gi\u00e1 b\u00e1n ETH l\u1ea5y USDT theo t\u1ef7 gi\u00e1 ri\u00eang), v\u00e0<\/span><\/p>\n<\/li>\n

  • \n

    (2) D\u1ecbch v\u1ee5 th\u1ef1c hi\u1ec7n l\u1ec7nh thay m\u1eb7t kh\u00e1ch h\u00e0ng (order execution)<\/strong>, n\u01a1i kh\u00e1ch h\u00e0ng \u0111\u1eb7t l\u1ec7nh v\u00e0 k\u1ef3 v\u1ecdng \u0111\u01b0\u1ee3c kh\u1edbp gi\u00e1 t\u1ed1t nh\u1ea5t theo th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n<\/li>\n<\/ul>\n

    MiCA nh\u1ea5n m\u1ea1nh r\u1eb1ng, m\u1eb7c d\u00f9 trong m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p, CASP v\u1eeba l\u00e0 b\u00ean kh\u1edbp l\u1ec7nh v\u1eeba l\u00e0 \u0111\u1ed1i t\u00e1c giao d\u1ecbch<\/strong>, nh\u01b0ng h\u1ecd kh\u00f4ng \u0111\u01b0\u1ee3c t\u1ef1 do \u0111\u1ecbnh gi\u00e1<\/strong> nh\u01b0 trong d\u1ecbch v\u1ee5 trao \u0111\u1ed5i. Thay v\u00e0o \u0111\u00f3, h\u1ecd ph\u1ea3i tu\u00e2n th\u1ee7 nguy\u00ean t\u1eafc \u201cbest execution\u201d<\/strong>, b\u1ea3o \u0111\u1ea3m kh\u00e1ch h\u00e0ng \u0111\u01b0\u1ee3c gi\u00e1 t\u1ed1t nh\u1ea5t c\u00f3 th\u1ec3, b\u1ea5t k\u1ec3 vai tr\u00f2 c\u1ee7a CASP trong giao d\u1ecbch l\u00e0 g\u00ec.<\/span><\/p>\n

    B\u00ean c\u1ea1nh \u0111\u00f3, n\u1ebfu vi\u1ec7c trao \u0111\u1ed5i t\u00e0i s\u1ea3n m\u00e3 h\u00f3a \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi ch\u00ednh t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ho\u1eb7c ng\u01b0\u1eddi ch\u00e0o b\u00e1n<\/strong>, th\u00ec kh\u00f4ng b\u1ecb coi l\u00e0 m\u1ed9t \u201cd\u1ecbch v\u1ee5 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a\u201d<\/strong> v\u00e0 do \u0111\u00f3 kh\u00f4ng thu\u1ed9c ph\u1ea1m vi \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a MiCA<\/strong>, tr\u1eeb khi h\u1ecd cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 kh\u00e1c nh\u01b0 ni\u00eam y\u1ebft, t\u01b0 v\u1ea5n hay m\u00f4i gi\u1edbi.<\/span><\/p>\n

    T\u00f3m l\u1ea1i, Recital (87) c\u1ee7ng c\u1ed1 nguy\u00ean t\u1eafc b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 minh b\u1ea1ch th\u1ecb tr\u01b0\u1eddng<\/strong>, th\u00f4ng qua vi\u1ec7c ph\u00e2n bi\u1ec7t r\u00f5 vai tr\u00f2 d\u1ecbch v\u1ee5, y\u00eau c\u1ea7u tu\u00e2n th\u1ee7 ch\u00ednh s\u00e1ch gi\u00e1 kh\u00e1ch quan v\u00e0 tr\u00e1nh tr\u1ed9n l\u1eabn gi\u1eefa h\u00e0nh vi \u0111\u1ecbnh gi\u00e1 ch\u1ee7 quan v\u00e0 ngh\u0129a v\u1ee5 th\u1ef1c hi\u1ec7n trung gian.<\/span><\/p>\n

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    \u2696\ufe0f Ph\u00e2n t\u00edch ph\u00e1p l\u00fd chuy\u00ean s\u00e2u:<\/em><\/span><\/h3>\n
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      Ph\u00e2n bi\u1ec7t Exchange vs. Execution<\/strong>: MiCA kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng vi\u1ec7c th\u1ef1c hi\u1ec7n l\u1ec7nh thay m\u1eb7t kh\u00e1ch h\u00e0ng kh\u00f4ng \u0111\u01b0\u1ee3c v\u1eadn h\u00e0nh nh\u01b0 m\u1ed9t d\u1ecbch v\u1ee5 trao \u0111\u1ed5i th\u00f4ng th\u01b0\u1eddng<\/strong>. D\u00f9 c\u00f3 th\u1ec3 l\u00e0 \u0111\u1ed1i t\u00e1c, CASP v\u1eabn ph\u1ea3i \u0111\u1ea3m b\u1ea3o l\u1ee3i \u00edch t\u1ed1t nh\u1ea5t cho kh\u00e1ch h\u00e0ng, tr\u00e1nh tr\u1ee5c l\u1ee3i t\u1eeb quy\u1ec1n \u0111\u1ecbnh gi\u00e1.<\/span><\/p>\n<\/li>\n

    • \n

      Mi\u1ec5n tr\u1eeb v\u1edbi t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh<\/strong>: C\u00e1c issuer ho\u1eb7c offeror kh\u00f4ng b\u1ecb xem l\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 crypto<\/strong> khi t\u1ef1 m\u00ecnh trao \u0111\u1ed5i t\u00e0i s\u1ea3n m\u00e3 h\u00f3a. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra s\u1ef1 linh ho\u1ea1t cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh nh\u01b0ng c\u0169ng \u0111\u1eb7t ra c\u00e2u h\u1ecfi v\u1ec1 ranh gi\u1edbi gi\u1eefa ph\u00e1t h\u00e0nh v\u00e0 d\u1ecbch v\u1ee5 trung gian.<\/span><\/p>\n<\/li>\n

    • \n

      T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn h\u1ec7 sinh th\u00e1i crypto<\/strong>: Quy \u0111\u1ecbnh n\u00e0y c\u00f3 th\u1ec3 khi\u1ebfn nhi\u1ec1u s\u00e0n ho\u1eb7c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh ph\u1ea3i c\u01a1 c\u1ea5u l\u1ea1i m\u00f4 h\u00ecnh giao d\u1ecbch<\/strong> \u0111\u1ec3 tr\u00e1nh b\u1ecb xem l\u00e0 CASP tr\u00e1i lu\u1eadt n\u1ebfu t\u1ef1 \u00fd \u0111\u1ecbnh gi\u00e1 trong giao d\u1ecbch \u0111\u1ed1i \u1ee9ng v\u1edbi kh\u00e1ch h\u00e0ng.<\/span><\/p>\n<\/li>\n<\/ul>\n

      \n

      \ud83d\udd12 Tuy\u00ean b\u1ed1 b\u1ea3n quy\u1ec1n:<\/em><\/span><\/h3>\n

      C\u00f4ng ty Lu\u1eadt 911 \u2013 Chuy\u00ean s\u00e2u ph\u00e1p l\u00fd t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh v\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a t\u1ea1i EU, Hoa K\u1ef3 v\u00e0 Singapore. \u0110\u1ed3ng h\u00e0nh thi\u1ebft l\u1eadp chi\u1ebfn l\u01b0\u1ee3c tu\u00e2n th\u1ee7, qu\u1ea3n tr\u1ecb r\u1ee7i ro v\u00e0 x\u00e2y d\u1ef1ng ch\u00ednh s\u00e1ch b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch thu\u1ed9c b\u1ea3n quy\u1ec1n c\u1ee7a Lu\u1eadt s\u01b0 V\u0169 Ng\u1ecdc D\u0169ng.<\/strong><\/span>
      \ud83d\udccc 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. Khi tr\u00edch d\u1eabn, b\u1eaft bu\u1ed9c ghi r\u00f5: \u201cNgu\u1ed3n: Lu\u1eadt s\u01b0 V\u0169 Ng\u1ecdc D\u0169ng \u2013 C\u00f4ng ty Lu\u1eadt 911\u201d<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      Nguy\u00ean t\u1eafc 87 Lu\u1eadt Mica Ch\u00e2u \u00c2u v\u1ec1 Crypto\u2013 MiCA (EU Regulation 2023\/1114) \ud83d\udcd8 Nguy\u00ean v\u0103n ti\u1ebfng Anh: When a crypto-asset service provider executing orders for crypto-assets on behalf of clients is the client\u2019s counterparty, there might be similarities with the services of exchanging crypto-assets for funds or other crypto-assets. However, in exchanging crypto-assets for […]<\/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-4104","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 87 Lu\u1eadt Mica Ch\u00e2u \u00c2u v\u1ec1 Crypto\u2013 l\u00e0m r\u00f5 ph\u00e2n bi\u1ec7t ph\u00e1p l\u00fd gi\u1eefa hai lo\u1ea1i ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng c\u00f3 b\u1ea3n ch\u1ea5t kh\u00e1c nhau: D\u1ecbch v\u1ee5 trao \u0111\u1ed5i (exchange) v\u00e0 D\u1ecbch v\u1ee5 th\u1ef1c hi\u1ec7n l\u1ec7nh thay m\u1eb7t kh\u00e1ch h\u00e0ng (order execution) - Lu\u1eadt S\u01b0 911- Lu\u1eadt s\u01b0 v\u1ec1 Blockchain, crypto, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, m&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=4104\" \/>\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 87 Lu\u1eadt Mica Ch\u00e2u \u00c2u v\u1ec1 Crypto\u2013 l\u00e0m r\u00f5 ph\u00e2n bi\u1ec7t ph\u00e1p l\u00fd gi\u1eefa hai lo\u1ea1i ho\u1ea1t \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0ng c\u00f3 b\u1ea3n ch\u1ea5t kh\u00e1c nhau: D\u1ecbch v\u1ee5 trao \u0111\u1ed5i (exchange) v\u00e0 D\u1ecbch v\u1ee5 th\u1ef1c hi\u1ec7n l\u1ec7nh thay m\u1eb7t kh\u00e1ch h\u00e0ng (order execution) - Lu\u1eadt S\u01b0 911- Lu\u1eadt s\u01b0 v\u1ec1 Blockchain, crypto, b\u1ea5t \u0111\u1ed9ng s\u1ea3n, m&a, h\u1ee3p \u0111\u1ed3ng kinh t\u1ebf\" \/>\n<meta property=\"og:description\" content=\"Nguy\u00ean t\u1eafc 87 Lu\u1eadt Mica Ch\u00e2u \u00c2u v\u1ec1 Crypto\u2013 MiCA (EU Regulation 2023\/1114) \ud83d\udcd8 Nguy\u00ean v\u0103n ti\u1ebfng Anh: When a crypto-asset service provider executing orders for crypto-assets on behalf of clients is the client\u2019s counterparty, there might be similarities with the services of exchanging crypto-assets for funds or other crypto-assets. 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