{"id":4132,"date":"2025-08-24T00:35:26","date_gmt":"2025-08-23T17:05:26","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=4132"},"modified":"2025-08-24T00:35:26","modified_gmt":"2025-08-23T17:05:26","slug":"luat-mica-chau-au-nguyen-tac-97-cua-mica-dieu-chinh-cac-san-pham-phai-sinh-tai-san-ma-hoa-theo-quy-dinh-chong-lam-dung-thi-truong-tai-chinh","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=4132","title":{"rendered":"Lu\u1eadt MiCa Ch\u00e2u \u00c2u: Nguy\u00ean t\u1eafc 97 c\u1ee7a MiCA \u2013 \u0110i\u1ec1u ch\u1ec9nh c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh t\u00e0i s\u1ea3n m\u00e3 h\u00f3a theo quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh"},"content":{"rendered":"

Nguy\u00ean t\u1eafc 97 c\u1ee7a MiCA \u2013 \u0110i\u1ec1u ch\u1ec9nh c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh t\u00e0i s\u1ea3n m\u00e3 h\u00f3a theo quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh<\/span><\/h3>\n

\ud83d\udcd8 Tr\u00edch d\u1eabn nguy\u00ean b\u1ea3n ti\u1ebfng Anh (Recital 97 \u2013 MiCA)<\/strong><\/span><\/p>\n

(97) Derivatives that qualify as financial instruments under Directive 2014\/65\/EU, the underlying assets of which are crypto-assets, should be subject to Regulation (EU) No 596\/2014 when traded on a trading venue. The crypto-assets falling within the scope of this Regulation that are the underlying assets of those derivatives should also be subject to market abuse requirements.<\/span><\/p>\n

\ud83d\udcd8 B\u1ea3n d\u1ecbch ti\u1ebfng Vi\u1ec7t ch\u00ednh x\u00e1c<\/strong><\/span>
(97) C\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh theo Ch\u1ec9 th\u1ecb 2014\/65\/EU (MiFID II), m\u00e0 trong \u0111\u00f3 t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a, ph\u1ea3i tu\u00e2n th\u1ee7 Quy \u0111\u1ecbnh (EU) s\u1ed1 596\/2014 v\u1ec1 l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng khi \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch c\u00f3 t\u1ed5 ch\u1ee9c. C\u00e1c t\u00e0i s\u1ea3n m\u00e3 h\u00f3a \u2013 n\u1ebfu thu\u1ed9c ph\u1ea1m vi \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a Quy \u0111\u1ecbnh n\u00e0y v\u00e0 l\u00e0 t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 ph\u00e1i sinh \u0111\u00f3 \u2013 c\u0169ng ph\u1ea3i ch\u1ecbu s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh b\u1edfi c\u00e1c quy \u0111\u1ecbnh v\u1ec1 ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

\ud83d\udcd8 T\u00f3m l\u01b0\u1ee3c h\u1ecdc thu\u1eadt<\/strong><\/span>
C\u00e1c ph\u00e1i sinh t\u00e0i s\u1ea3n m\u00e3 h\u00f3a \u2013 n\u1ebfu \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh theo MiFID II \u2013 s\u1ebd b\u1ecb \u0111i\u1ec1u ch\u1ec9nh b\u1edfi quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng (Regulation 596\/2014) khi giao d\u1ecbch t\u1ea1i s\u00e0n t\u1eadp trung. \u0110\u1ed3ng th\u1eddi, token c\u01a1 s\u1edf<\/strong> c\u0169ng ch\u1ecbu tr\u00e1ch nhi\u1ec7m tu\u00e2n th\u1ee7 c\u00e1c quy t\u1eafc v\u1ec1 minh b\u1ea1ch v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin nh\u01b0 m\u1ed9t ph\u1ea7n c\u1ee7a chu\u1ed7i gi\u00e1 tr\u1ecb t\u00e0i ch\u00ednh.<\/span><\/p>\n

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\ud83d\udcda Ph\u00e2n t\u00edch ph\u00e1p l\u00fd chuy\u00ean s\u00e2u \u2013 Lu\u1eadt s\u01b0 V\u0169 Ng\u1ecdc D\u0169ng, C\u00f4ng ty Lu\u1eadt 911<\/span><\/h3>\n

1. Ph\u00e2n bi\u1ec7t gi\u1eefa MiCA v\u00e0 MiFID II trong giao d\u1ecbch crypto<\/strong><\/span><\/h4>\n
\n
\n\n\n\n\n\n\n
Ti\u00eau ch\u00ed<\/span><\/th>\nMiCA<\/span><\/th>\nMiFID II<\/span><\/th>\n<\/tr>\n<\/thead>\n
\u0110i\u1ec1u ch\u1ec9nh token<\/span><\/td>\n\u2705 C\u00f3<\/span><\/td>\n\u274c Kh\u00f4ng n\u1ebfu kh\u00f4ng ph\u1ea3i ch\u1ee9ng kho\u00e1n<\/span><\/td>\n<\/tr>\n
\u0110i\u1ec1u ch\u1ec9nh ph\u00e1i sinh token<\/span><\/td>\n\u274c Kh\u00f4ng tr\u1ef1c ti\u1ebfp<\/span><\/td>\n\u2705 C\u00f3 n\u1ebfu \u0111\u00e1p \u1ee9ng \u0111\u1ecbnh ngh\u0129a c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

\u2192 Khi m\u1ed9t token tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n c\u01a1 s\u1edf cho h\u1ee3p \u0111\u1ed3ng ph\u00e1i sinh<\/strong>, th\u00ec c\u00e1c h\u1ee3p \u0111\u1ed3ng \u0111\u00f3 c\u00f3 th\u1ec3 r\u01a1i v\u00e0o ph\u1ea1m vi MiFID II<\/strong> (nh\u01b0 CFD, future, option), ch\u1ee9 kh\u00f4ng c\u00f2n \u0111\u01a1n thu\u1ea7n l\u00e0 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a phi t\u1eadp trung n\u1eefa.<\/span><\/p>\n

\n

2. Tr\u01b0\u1eddng h\u1ee3p th\u1ef1c t\u1ebf ph\u1ea3i \u00e1p d\u1ee5ng c\u1ea3 MiCA v\u00e0 596\/2014<\/strong><\/span><\/h4>\n

MiCA kh\u00f4ng \u0111i\u1ec1u ch\u1ec9nh ph\u00e1i sinh<\/strong>, nh\u01b0ng Recital 97 nh\u1ea5n m\u1ea1nh: n\u1ebfu c\u00f4ng c\u1ee5 ph\u00e1i sinh c\u00f3 t\u00e0i s\u1ea3n c\u01a1 s\u1edf l\u00e0 crypto<\/strong>, th\u00ec:<\/span><\/p>\n

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  • \n

    C\u00f4ng c\u1ee5 ph\u00e1i sinh ph\u1ea3i tu\u00e2n th\u1ee7 MiFID II v\u00e0 MAR (Market Abuse Regulation 596\/2014);<\/span><\/p>\n<\/li>\n

  • \n

    Crypto underlying (t\u00e0i s\u1ea3n m\u00e3 h\u00f3a l\u00e0m n\u1ec1n t\u1ea3ng) c\u0169ng ph\u1ea3i ch\u1ecbu quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n<\/li>\n<\/ul>\n

    \ud83d\udccc V\u00ed d\u1ee5 minh h\u1ecda<\/strong>:<\/span><\/p>\n

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    • \n

      \u2705 M\u1ed9t s\u00e0n t\u00e0i ch\u00ednh ch\u00e2u \u00c2u ph\u00e1t h\u00e0nh Bitcoin Options<\/strong> giao d\u1ecbch tr\u00ean n\u1ec1n t\u1ea3ng t\u1ed5 ch\u1ee9c \u2192 b\u1ecb \u0111i\u1ec1u ch\u1ec9nh b\u1edfi MiFID II & MAR;<\/span><\/p>\n<\/li>\n

    • \n

      \u2705 Token Bitcoin l\u00e0 underlying asset \u2192 ph\u1ea3i \u0111\u1ea3m b\u1ea3o th\u00f4ng tin minh b\u1ea1ch, kh\u00f4ng giao d\u1ecbch n\u1ed9i gi\u00e1n, kh\u00f4ng thao t\u00fang.<\/span><\/p>\n<\/li>\n<\/ul>\n

      \n

      3. \u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn doanh nghi\u1ec7p ph\u00e1t h\u00e0nh v\u00e0 s\u00e0n giao d\u1ecbch<\/strong><\/span><\/h4>\n

      Doanh nghi\u1ec7p ph\u00e1t h\u00e0nh token<\/strong>:<\/span><\/p>\n

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      • \n

        N\u1ebfu bi\u1ebft token c\u1ee7a m\u00ecnh \u0111ang \u0111\u01b0\u1ee3c d\u00f9ng l\u00e0m t\u00e0i s\u1ea3n c\u01a1 s\u1edf c\u1ee7a ph\u00e1i sinh<\/strong>, ph\u1ea3i:<\/span><\/p>\n

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        • \n

          C\u00f4ng b\u1ed1 minh b\u1ea1ch th\u00f4ng tin k\u1ef9 thu\u1eadt;<\/span><\/p>\n<\/li>\n

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          Tr\u00e1nh \u0111\u1ec3 x\u1ea3y ra h\u00e0nh vi r\u00f2 r\u1ec9 th\u00f4ng tin (insider);<\/span><\/p>\n<\/li>\n

        • \n

          Ph\u1ed1i h\u1ee3p cung c\u1ea5p th\u00f4ng tin v\u1edbi c\u00e1c s\u00e0n.<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

          S\u00e0n giao d\u1ecbch<\/strong>:<\/span><\/p>\n

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          • \n

            N\u1ebfu cung c\u1ea5p ph\u00e1i sinh d\u1ef1a tr\u00ean crypto (ex: perpetual contract), c\u1ea7n:<\/span><\/p>\n

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            • \n

              \u0110\u00e1nh gi\u00e1 li\u1ec7u s\u1ea3n ph\u1ea9m c\u00f3 r\u01a1i v\u00e0o \u0111\u1ecbnh ngh\u0129a c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh kh\u00f4ng;<\/span><\/p>\n<\/li>\n

            • \n

              N\u1ebfu c\u00f3, ph\u1ea3i xin ph\u00e9p theo MiFID II;<\/span><\/p>\n<\/li>\n

            • \n

              \u0110\u1ed3ng th\u1eddi \u00e1p d\u1ee5ng quy t\u1eafc MAR, \u0111\u1eb7c bi\u1ec7t v\u1ec1 gi\u00e1m s\u00e1t giao d\u1ecbch b\u1ea5t th\u01b0\u1eddng, th\u00f4ng tin n\u1ed9i b\u1ed9.<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

              \n

              4. Khuy\u1ebfn ngh\u1ecb cho Vi\u1ec7t Nam<\/strong><\/span><\/h4>\n

              Hi\u1ec7n nay:<\/span><\/p>\n

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              • \n

                Lu\u1eadt Ch\u1ee9ng kho\u00e1n<\/strong> ch\u01b0a c\u00f3 khung \u0111i\u1ec1u ch\u1ec9nh r\u00f5 ph\u00e1i sinh t\u00e0i s\u1ea3n s\u1ed1;<\/span><\/p>\n<\/li>\n

              • \n

                Kh\u00f4ng c\u00f3 quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng trong th\u1ecb tr\u01b0\u1eddng crypto<\/strong>.<\/span><\/p>\n<\/li>\n<\/ul>\n

                \ud83d\udc49 C\u1ea7n nghi\u00ean c\u1ee9u x\u00e2y d\u1ef1ng quy \u0111\u1ecbnh t\u01b0\u01a1ng t\u1ef1 MiCA + MAR cho c\u00e1c tr\u01b0\u1eddng h\u1ee3p sau:<\/span><\/p>\n

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                • \n

                  Giao d\u1ecbch token tr\u00ean s\u00e0n c\u00f3 t\u1ed5 ch\u1ee9c;<\/span><\/p>\n<\/li>\n

                • \n

                  Ph\u00e1i sinh d\u1ef1a tr\u00ean t\u00e0i s\u1ea3n s\u1ed1 (CFD, future, option);<\/span><\/p>\n<\/li>\n

                • \n

                  C\u01a1 ch\u1ebf x\u1eed l\u00fd giao d\u1ecbch n\u1ed9i gi\u00e1n v\u00e0 thao t\u00fang th\u00f4ng qua m\u1ea1ng x\u00e3 h\u1ed9i ho\u1eb7c th\u00f4ng tin k\u1ef9 thu\u1eadt.<\/span><\/p>\n<\/li>\n<\/ul>\n

                  \n

                  \u2705 K\u1ebft lu\u1eadn<\/span><\/h3>\n

                  Nguy\u00ean t\u1eafc 97 c\u1ee7a MiCA cho th\u1ea5y m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ph\u1ed1i h\u1ee3p gi\u1eefa lu\u1eadt v\u1ec1 t\u00e0i s\u1ea3n m\u00e3 h\u00f3a (MiCA)<\/strong> v\u00e0 lu\u1eadt ch\u1ee9ng kho\u00e1n t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng (MiFID II, MAR)<\/strong>.<\/span>
                  \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh h\u1ee3p nh\u1ea5t c\u1ea7n thi\u1ebft \u0111\u1ec3 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u1ea3m b\u1ea3o kh\u00f4ng c\u00f3 “v\u00f9ng x\u00e1m ph\u00e1p l\u00fd” gi\u1eefa t\u00e0i s\u1ea3n s\u1ed1 v\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh t\u00e0i ch\u00ednh.<\/span><\/p>\n

                  \n

                  \ud83d\udccc 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>
                  \u0110\u01a1n v\u1ecb t\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh t\u00e0i s\u1ea3n s\u1ed1, thi\u1ebft l\u1eadp s\u00e0n giao d\u1ecbch, qu\u1ea3n tr\u1ecb r\u1ee7i ro v\u00e0 tu\u00e2n th\u1ee7 MiCA \u2013 t\u1ea1i EU, Singapore, M\u1ef9.<\/em><\/span>
                  Vui l\u00f2ng kh\u00f4ng sao ch\u00e9p n\u1ebfu ch\u01b0a \u0111\u01b0\u1ee3c cho ph\u00e9p 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<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

                  Nguy\u00ean t\u1eafc 97 c\u1ee7a MiCA \u2013 \u0110i\u1ec1u ch\u1ec9nh c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh t\u00e0i s\u1ea3n m\u00e3 h\u00f3a theo quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh \ud83d\udcd8 Tr\u00edch d\u1eabn nguy\u00ean b\u1ea3n ti\u1ebfng Anh (Recital 97 \u2013 MiCA) (97) Derivatives that qualify as financial instruments under Directive 2014\/65\/EU, the underlying assets of which are crypto-assets, […]<\/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-4132","post","type-post","status-publish","format-standard","has-post-thumbnail","category-luat-mica-chau-au-ve-crypto","category-tai-san-so"],"yoast_head":"\nLu\u1eadt MiCa Ch\u00e2u \u00c2u: Nguy\u00ean t\u1eafc 97 c\u1ee7a MiCA \u2013 \u0110i\u1ec1u ch\u1ec9nh c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh t\u00e0i s\u1ea3n m\u00e3 h\u00f3a theo quy \u0111\u1ecbnh ch\u1ed1ng l\u1ea1m d\u1ee5ng th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh - 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