{"id":4427,"date":"2026-03-02T13:30:49","date_gmt":"2026-03-02T06:00:49","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=4427"},"modified":"2026-03-02T13:30:49","modified_gmt":"2026-03-02T06:00:49","slug":"nguyen-tac-so-112-ve-thi-truong-tien-dien-tu-mica","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=4427","title":{"rendered":"Nguy\u00ean t\u1eafc s\u1ed1 112 v\u1ec1 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed Mica"},"content":{"rendered":"

Ph\u00e2n t\u00edch nguy\u00ean t\u1eafc ph\u00e1p l\u00fd<\/strong> c\u1ee7a \u0111o\u1ea1n (112) trong Markets in Crypto-Assets Regulation<\/span><\/span> (MiCA).<\/span><\/p>\n

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I. D\u1ecaCH NGUY\u00caN NGH\u0128A<\/span><\/h1>\n

(112)<\/strong> V\u00ec c\u00e1c m\u1ee5c ti\u00eau c\u1ee7a Quy \u0111\u1ecbnh n\u00e0y \u2013 c\u1ee5 th\u1ec3 l\u00e0:<\/span><\/p>\n

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  • \n

    Gi\u1ea3i quy\u1ebft t\u00ecnh tr\u1ea1ng ph\u00e2n m\u1ea3nh c\u1ee7a khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd \u00e1p d\u1ee5ng \u0111\u1ed1i v\u1edbi:<\/span><\/p>\n

      \n
    • \n

      T\u1ed5 ch\u1ee9c ch\u00e0o b\u00e1n ho\u1eb7c xin ni\u00eam y\u1ebft crypto-assets (ngo\u1ea1i tr\u1eeb asset-referenced tokens v\u00e0 e-money tokens),<\/span><\/p>\n<\/li>\n

    • \n

      T\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh asset-referenced tokens v\u00e0 e-money tokens,<\/span><\/p>\n<\/li>\n

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      Nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 crypto-asset;<\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      B\u1ea3o \u0111\u1ea3m th\u1ecb tr\u01b0\u1eddng crypto-assets v\u1eadn h\u00e0nh \u0111\u00fang \u0111\u1eafn;<\/span><\/p>\n<\/li>\n

    • \n

      \u0110\u1ed3ng th\u1eddi b\u1ea3o v\u1ec7 ng\u01b0\u1eddi n\u1eafm gi\u1eef crypto-assets v\u00e0 kh\u00e1ch h\u00e0ng c\u1ee7a nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 crypto-asset, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb;<\/span><\/p>\n<\/li>\n

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      V\u00e0 b\u1ea3o v\u1ec7 t\u00ednh to\u00e0n v\u1eb9n th\u1ecb tr\u01b0\u1eddng c\u0169ng nh\u01b0 s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh;<\/span><\/p>\n<\/li>\n<\/ul>\n

      \u2014 nh\u1eefng m\u1ee5c ti\u00eau n\u00e0y kh\u00f4ng th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111\u1ea7y \u0111\u1ee7 n\u1ebfu t\u1eebng qu\u1ed1c gia th\u00e0nh vi\u00ean t\u1ef1 th\u1ef1c hi\u1ec7n ri\u00eang l\u1ebb, m\u00e0 ch\u1ec9 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1ed1t h\u01a1n \u1edf c\u1ea5p \u0111\u1ed9 Li\u00ean minh, th\u00f4ng qua vi\u1ec7c thi\u1ebft l\u1eadp m\u1ed9t khu\u00f4n kh\u1ed5 chung \u0111\u1ec3 ph\u00e1t tri\u1ec3n th\u1ecb tr\u01b0\u1eddng crypto-asset v\u00e0 d\u1ecbch v\u1ee5 crypto xuy\u00ean bi\u00ean gi\u1edbi quy m\u00f4 l\u1edbn \u2014<\/span><\/p>\n

      Do \u0111\u00f3, Li\u00ean minh c\u00f3 th\u1ec3 ban h\u00e0nh bi\u1ec7n ph\u00e1p theo nguy\u00ean t\u1eafc b\u1ed5 tr\u1ee3 (subsidiarity)<\/strong> \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh t\u1ea1i \u0110i\u1ec1u 5 Hi\u1ec7p \u01b0\u1edbc v\u1ec1 Li\u00ean minh Ch\u00e2u \u00c2u (TEU).<\/span><\/p>\n

      Ph\u00f9 h\u1ee3p v\u1edbi nguy\u00ean t\u1eafc t\u01b0\u01a1ng x\u1ee9ng (proportionality)<\/strong> c\u0169ng t\u1ea1i \u0110i\u1ec1u \u0111\u00f3, Quy \u0111\u1ecbnh n\u00e0y kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 nh\u1eefng g\u00ec c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau n\u00eau tr\u00ean.<\/span><\/p>\n

      \n

      II. TR\u00cdCH \u0110O\u1ea0N SONG NG\u1eee QUAN TR\u1eccNG<\/span><\/h1>\n

      1. V\u1ec1 ph\u00e2n m\u1ea3nh ph\u00e1p l\u00fd<\/span><\/h3>\n

      English:<\/strong><\/span><\/p>\n

      “addressing the fragmentation of the legal framework applicable to offerors…”<\/span><\/p>\n

      Ti\u1ebfng Vi\u1ec7t:<\/strong><\/span><\/p>\n

      “gi\u1ea3i quy\u1ebft t\u00ecnh tr\u1ea1ng ph\u00e2n m\u1ea3nh c\u1ee7a khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd \u00e1p d\u1ee5ng \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c ch\u00e0o b\u00e1n…”<\/span><\/p>\n

      \n

      2. V\u1ec1 nguy\u00ean t\u1eafc subsidiarity<\/span><\/h3>\n

      English:<\/strong><\/span><\/p>\n

      “the Union may adopt measures, in accordance with the principle of subsidiarity…”<\/span><\/p>\n

      Ti\u1ebfng Vi\u1ec7t:<\/strong><\/span><\/p>\n

      “Li\u00ean minh c\u00f3 th\u1ec3 ban h\u00e0nh bi\u1ec7n ph\u00e1p theo nguy\u00ean t\u1eafc b\u1ed5 tr\u1ee3…”<\/span><\/p>\n

      \n

      3. V\u1ec1 nguy\u00ean t\u1eafc proportionality<\/span><\/h3>\n

      English:<\/strong><\/span><\/p>\n

      “this Regulation does not go beyond what is necessary…”<\/span><\/p>\n

      Ti\u1ebfng Vi\u1ec7t:<\/strong><\/span><\/p>\n

      “Quy \u0111\u1ecbnh n\u00e0y kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 nh\u1eefng g\u00ec c\u1ea7n thi\u1ebft…”<\/span><\/p>\n

      \n

      III. PH\u00c2N T\u00cdCH NGUY\u00caN T\u1eaeC PH\u00c1P L\u00dd<\/span><\/h1>\n

      \u0110i\u1ec1u (112) l\u00e0 \u0111i\u1ec1u kho\u1ea3n \u201cl\u1eadp hi\u1ebfn h\u00f3a\u201d MiCA.<\/span>
      N\u00f3 gi\u1ea3i th\u00edch v\u00ec sao EU c\u00f3 th\u1ea9m quy\u1ec1n ban h\u00e0nh Regulation n\u00e0y.<\/span><\/p>\n

      N\u00f3 d\u1ef1a tr\u00ean hai nguy\u00ean t\u1eafc hi\u1ebfn \u0111\u1ecbnh c\u1ee7a EU:<\/span><\/p>\n

      \n

      1 Nguy\u00ean t\u1eafc B\u1ed4 TR\u1ee2 (Subsidiarity)<\/span><\/h1>\n

      Theo \u0110i\u1ec1u 5 c\u1ee7a Treaty on European Union<\/span><\/span>:<\/span><\/p>\n

      Li\u00ean minh ch\u1ec9 h\u00e0nh \u0111\u1ed9ng khi:<\/span><\/p>\n

      M\u1ee5c ti\u00eau kh\u00f4ng th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c \u0111\u1ea7y \u0111\u1ee7 \u1edf c\u1ea5p qu\u1ed1c gia<\/span>
      Nh\u01b0ng c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c t\u1ed1t h\u01a1n \u1edf c\u1ea5p Li\u00ean minh<\/span><\/p>\n

      Trong b\u1ed1i c\u1ea3nh crypto:<\/span><\/p>\n

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      • \n

        Th\u1ecb tr\u01b0\u1eddng mang t\u00ednh xuy\u00ean bi\u00ean gi\u1edbi<\/span><\/p>\n<\/li>\n

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        S\u00e0n giao d\u1ecbch ho\u1ea1t \u0111\u1ed9ng to\u00e0n EU<\/span><\/p>\n<\/li>\n

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        Token l\u01b0u h\u00e0nh \u0111a qu\u1ed1c gia<\/span><\/p>\n<\/li>\n

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        Nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb \u1edf nhi\u1ec1u n\u01b0\u1edbc<\/span><\/p>\n<\/li>\n<\/ul>\n

        N\u1ebfu m\u1ed7i n\u01b0\u1edbc c\u00f3 lu\u1eadt ri\u00eang:<\/span><\/p>\n

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        • \n

          Doanh nghi\u1ec7p s\u1ebd \u201cforum shopping\u201d<\/span><\/p>\n<\/li>\n

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          Nh\u00e0 \u0111\u1ea7u t\u01b0 thi\u1ebfu b\u1ea3o v\u1ec7 \u0111\u1ed3ng b\u1ed9<\/span><\/p>\n<\/li>\n

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          R\u1ee7i ro h\u1ec7 th\u1ed1ng kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t<\/span><\/p>\n<\/li>\n<\/ul>\n

          \u00a0V\u00ec v\u1eady, ch\u1ec9 Regulation \u1edf c\u1ea5p EU m\u1edbi x\u1eed l\u00fd \u0111\u01b0\u1ee3c.<\/span><\/p>\n

          \n

          2. Nguy\u00ean t\u1eafc T\u01af\u01a0NG X\u1ee8NG (Proportionality)<\/span><\/h1>\n

          EU kh\u00f4ng \u0111\u01b0\u1ee3c:<\/span><\/p>\n

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          • \n

            Can thi\u1ec7p qu\u00e1 m\u1ee9c<\/span><\/p>\n<\/li>\n

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            \u00c1p \u0111\u1eb7t ngh\u0129a v\u1ee5 v\u01b0\u1ee3t m\u1ee9c c\u1ea7n thi\u1ebft<\/span><\/p>\n<\/li>\n<\/ul>\n

            MiCA ph\u1ea3i ch\u1ee9ng minh:<\/span><\/p>\n

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            • \n

              Ch\u1ec9 \u0111i\u1ec1u ch\u1ec9nh nh\u1eefng g\u00ec li\u00ean quan \u0111\u1ebfn \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 th\u1ecb tr\u01b0\u1eddng<\/span><\/p>\n<\/li>\n

            • \n

              Kh\u00f4ng c\u1ea5m crypto<\/span><\/p>\n<\/li>\n

            • \n

              Kh\u00f4ng ki\u1ec3m so\u00e1t c\u00f4ng ngh\u1ec7 blockchain \u1edf m\u1ee9c k\u1ef9 thu\u1eadt l\u00f5i<\/span><\/p>\n<\/li>\n<\/ul>\n

              \u0110i\u1ec1u (112) ch\u00ednh l\u00e0 l\u1eddi kh\u1eb3ng \u0111\u1ecbnh:<\/span><\/p>\n

              MiCA kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 m\u1ee9c c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u1ea1t m\u1ee5c ti\u00eau b\u1ea3o v\u1ec7 th\u1ecb tr\u01b0\u1eddng.<\/span><\/p>\n

              \n

              IV. \u00dd NGH\u0128A CHI\u1ebeN L\u01af\u1ee2C<\/span><\/h1>\n

              \u0110i\u1ec1u (112) c\u00f3 3 \u00fd ngh\u0129a l\u1edbn:<\/span><\/p>\n

              1. H\u1ee3p ph\u00e1p h\u00f3a th\u1ea9m quy\u1ec1n \u0111i\u1ec1u ti\u1ebft crypto \u1edf c\u1ea5p EU<\/span><\/h3>\n

              Crypto kh\u00f4ng c\u00f2n l\u00e0 v\u1ea5n \u0111\u1ec1 \u201cqu\u1ed1c gia t\u1ef1 x\u1eed l\u00fd\u201d.<\/span><\/p>\n

              \n

              2. T\u1ea1o n\u1ec1n t\u1ea3ng th\u1ecb tr\u01b0\u1eddng th\u1ed1ng nh\u1ea5t<\/span><\/h3>\n

              MiCA l\u00e0 Regulation (\u00e1p d\u1ee5ng tr\u1ef1c ti\u1ebfp), kh\u00f4ng ph\u1ea3i Directive.<\/span><\/p>\n

              \u2192 Kh\u00f4ng c\u1ea7n chuy\u1ec3n h\u00f3a v\u00e0o lu\u1eadt qu\u1ed1c gia<\/span>
              \u2192 T\u1ea1o \u201cSingle Crypto Market\u201d c\u1ee7a EU<\/span><\/p>\n

              \n

              3. C\u00e2n b\u1eb1ng gi\u1eefa t\u1ef1 do th\u1ecb tr\u01b0\u1eddng v\u00e0 ki\u1ec3m so\u00e1t r\u1ee7i ro<\/span><\/h3>\n

              MiCA kh\u00f4ng:<\/span><\/p>\n

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                C\u1ea5m stablecoin<\/span><\/p>\n<\/li>\n

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                C\u1ea5m DeFi<\/span><\/p>\n<\/li>\n

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                C\u1ea5m blockchain<\/span><\/p>\n<\/li>\n<\/ul>\n

                Nh\u01b0ng \u0111\u1eb7t ra:<\/span><\/p>\n

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                  White paper b\u1eaft bu\u1ed9c<\/span><\/p>\n<\/li>\n

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                  C\u1ea5p ph\u00e9p<\/span><\/p>\n<\/li>\n

                • \n

                  Gi\u00e1m s\u00e1t v\u1ed1n<\/span><\/p>\n<\/li>\n

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                  Ch\u1ed1ng market abuse<\/span><\/p>\n<\/li>\n<\/ul>\n

                  \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh \u201cregulate to enable\u201d \u2013 \u0111i\u1ec1u ti\u1ebft \u0111\u1ec3 ph\u00e1t tri\u1ec3n.<\/span><\/p>\n

                  \n

                  V. K\u1ebeT LU\u1eacN<\/span><\/h1>\n

                  \u0110i\u1ec1u (112) l\u00e0 \u0111i\u1ec1u kho\u1ea3n x\u00e1c l\u1eadp n\u1ec1n t\u1ea3ng hi\u1ebfn \u0111\u1ecbnh c\u1ee7a MiCA.<\/span><\/p>\n

                  N\u00f3 tr\u1ea3 l\u1eddi 3 c\u00e2u h\u1ecfi:<\/span><\/p>\n

                    \n
                  1. \n

                    T\u1ea1i sao EU c\u00f3 quy\u1ec1n \u0111i\u1ec1u ti\u1ebft crypto?<\/span><\/p>\n<\/li>\n

                  2. \n

                    T\u1ea1i sao kh\u00f4ng \u0111\u1ec3 t\u1eebng n\u01b0\u1edbc t\u1ef1 l\u00e0m?<\/span><\/p>\n<\/li>\n

                  3. \n

                    EU c\u00f3 v\u01b0\u1ee3t qu\u00e1 gi\u1edbi h\u1ea1n quy\u1ec1n l\u1ef1c kh\u00f4ng?<\/span><\/p>\n<\/li>\n<\/ol>\n

                    C\u00e2u tr\u1ea3 l\u1eddi:<\/span><\/p>\n

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                    • \n

                      C\u00f3 quy\u1ec1n v\u00ec nguy\u00ean t\u1eafc subsidiarity<\/span><\/p>\n<\/li>\n

                    • \n

                      C\u1ea7n \u0111i\u1ec1u ti\u1ebft chung v\u00ec th\u1ecb tr\u01b0\u1eddng xuy\u00ean bi\u00ean gi\u1edbi<\/span><\/p>\n<\/li>\n

                    • \n

                      Kh\u00f4ng v\u01b0\u1ee3t qu\u00e1 v\u00ec tu\u00e2n th\u1ee7 proportionality<\/span><\/p>\n<\/li>\n<\/ul>\n

                      \u0110\u00e2y l\u00e0 logic l\u1eadp ph\u00e1p c\u1ed1t l\u00f5i c\u1ee7a to\u00e0n b\u1ed9 MiCA.<\/span><\/p>\n

                      \n

                      VI. D\u1ecaCH V\u1ee4 T\u01af V\u1ea4N MICA \u2013 C\u00d4NG TY LU\u1eacT 911<\/span><\/h1>\n

                      Trong b\u1ed1i c\u1ea3nh Markets in Crypto-Assets Regulation<\/span><\/span> \u0111\u00e3 t\u1ea1o ra m\u1ed9t th\u1ecb tr\u01b0\u1eddng crypto th\u1ed1ng nh\u1ea5t t\u1ea1i EU, doanh nghi\u1ec7p Vi\u1ec7t Nam mu\u1ed1n ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng n\u00e0y c\u1ea7n:<\/span><\/p>\n

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                      • \n

                        Hi\u1ec3u r\u00f5 nguy\u00ean t\u1eafc subsidiarity v\u00e0 ph\u1ea1m vi \u00e1p d\u1ee5ng Regulation<\/span><\/p>\n<\/li>\n

                      • \n

                        C\u1ea5u tr\u00fac ho\u1ea1t \u0111\u1ed9ng xuy\u00ean bi\u00ean gi\u1edbi \u0111\u00fang chu\u1ea9n EU<\/span><\/p>\n<\/li>\n

                      • \n

                        Chu\u1ea9n b\u1ecb h\u1ed3 s\u01a1 white paper v\u00e0 xin ph\u00e9p theo MiCA<\/span><\/p>\n<\/li>\n

                      • \n

                        Thi\u1ebft k\u1ebf h\u1ec7 th\u1ed1ng tu\u00e2n th\u1ee7 th\u1ecb tr\u01b0\u1eddng & b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1ecf l\u1ebb<\/span><\/p>\n<\/li>\n

                      • \n

                        \u0110\u00e1nh gi\u00e1 r\u1ee7i ro \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 ngh\u0129a v\u1ee5 v\u1ed1n<\/span><\/p>\n<\/li>\n<\/ul>\n

                        C\u00f4ng ty Lu\u1eadt 911<\/strong> cung c\u1ea5p d\u1ecbch v\u1ee5:<\/span><\/p>\n

                          \n
                        • \n

                          T\u01b0 v\u1ea5n ph\u00e1p l\u00fd MiCA to\u00e0n di\u1ec7n<\/span><\/p>\n<\/li>\n

                        • \n

                          C\u1ea5p ph\u00e9p Crypto-Asset Service Provider<\/span><\/p>\n<\/li>\n

                        • \n

                          T\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh stablecoin (ART, EMT)<\/span><\/p>\n<\/li>\n

                        • \n

                          C\u1ea5u tr\u00fac ph\u00e1p l\u00fd xuy\u00ean bi\u00ean gi\u1edbi EU<\/span><\/p>\n<\/li>\n

                        • \n

                          X\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng compliance & qu\u1ea3n tr\u1ecb r\u1ee7i ro<\/span><\/p>\n<\/li>\n<\/ul>\n

                          Lu\u1eadt 911 \u0111\u1ed3ng h\u00e0nh c\u00f9ng doanh nghi\u1ec7p c\u00f4ng ngh\u1ec7 s\u1ed1 Vi\u1ec7t Nam trong chi\u1ebfn l\u01b0\u1ee3c m\u1edf r\u1ed9ng sang th\u1ecb tr\u01b0\u1eddng ch\u00e2u \u00c2u m\u1ed9t c\u00e1ch h\u1ee3p ph\u00e1p, b\u1ec1n v\u1eefng v\u00e0 an to\u00e0n.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

                          Ph\u00e2n t\u00edch nguy\u00ean t\u1eafc ph\u00e1p l\u00fd c\u1ee7a \u0111o\u1ea1n (112) trong Markets in Crypto-Assets Regulation (MiCA). I. 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