{"id":4429,"date":"2026-03-02T13:38:01","date_gmt":"2026-03-02T06:08:01","guid":{"rendered":"https:\/\/luatsu911.vn\/?p=4429"},"modified":"2026-03-02T13:38:01","modified_gmt":"2026-03-02T06:08:01","slug":"phan-tich-chuyen-sau-nguyen-tac-113-trong-luat-mica","status":"publish","type":"post","link":"https:\/\/luatsu911.vn\/?p=4429","title":{"rendered":"Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u nguy\u00ean t\u1eafc 113 trong Lu\u1eadt Mica"},"content":{"rendered":"

Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u c\u00f3 tr\u00edch d\u1eabn l\u1ea1i t\u1eebng c\u1ee5m n\u1ed9i dung, v\u00e0 cu\u1ed1i c\u00f9ng l\u00e0 ph\u1ea7n gi\u1edbi thi\u1ec7u d\u1ecbch v\u1ee5 c\u1ee7a C\u00f4ng ty Lu\u1eadt 911.<\/span><\/p>\n

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I. TR\u00cdCH NGUY\u00caN V\u0102N TI\u1ebeNG ANH (RECITAL 113)<\/span><\/h1>\n

“(113) In order to avoid disrupting market participants that provide services and activities in relation to crypto-assets other than asset-referenced tokens and e-money tokens that have been issued before the date of application of this Regulation, issuers of such crypto-assets should be exempt from the obligation to publish a crypto-asset white paper and certain other requirements of this Regulation. However, certain obligations should apply when such crypto-assets were admitted to trading before the date of application of this Regulation. In order to avoid disruption to existing market participants, transitional provisions are necessary for issuers of asset-referenced tokens that were in operation at the time of entry into application of this Regulation.”<\/span><\/p>\n

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II. D\u1ecaCH NGUY\u00caN V\u0102N TI\u1ebeNG VI\u1ec6T<\/span><\/h1>\n

(113) Nh\u1eb1m tr\u00e1nh g\u00e2y gi\u00e1n \u0111o\u1ea1n \u0111\u1ed1i v\u1edbi c\u00e1c ch\u1ee7 th\u1ec3 th\u1ecb tr\u01b0\u1eddng \u0111ang cung c\u1ea5p d\u1ecbch v\u1ee5 v\u00e0 ho\u1ea1t \u0111\u1ed9ng li\u00ean quan \u0111\u1ebfn c\u00e1c crypto-assets kh\u00e1c v\u1edbi asset-referenced tokens v\u00e0 e-money tokens \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u01b0\u1edbc ng\u00e0y Quy \u0111\u1ecbnh n\u00e0y b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng, c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh c\u00e1c crypto-assets \u0111\u00f3 n\u00ean \u0111\u01b0\u1ee3c mi\u1ec5n ngh\u0129a v\u1ee5 c\u00f4ng b\u1ed1 crypto-asset white paper v\u00e0 m\u1ed9t s\u1ed1 y\u00eau c\u1ea7u kh\u00e1c c\u1ee7a Quy \u0111\u1ecbnh n\u00e0y.<\/span><\/p>\n

Tuy nhi\u00ean, m\u1ed9t s\u1ed1 ngh\u0129a v\u1ee5 nh\u1ea5t \u0111\u1ecbnh v\u1eabn ph\u1ea3i \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng khi c\u00e1c crypto-assets \u0111\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ea5p nh\u1eadn giao d\u1ecbch tr\u01b0\u1edbc ng\u00e0y Quy \u0111\u1ecbnh n\u00e0y b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng.<\/span><\/p>\n

\u0110\u1ec3 tr\u00e1nh g\u00e2y gi\u00e1n \u0111o\u1ea1n cho c\u00e1c ch\u1ee7 th\u1ec3 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n h\u1eefu, c\u1ea7n thi\u1ebft ph\u1ea3i c\u00f3 c\u00e1c quy \u0111\u1ecbnh chuy\u1ec3n ti\u1ebfp \u0111\u1ed1i v\u1edbi c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh asset-referenced tokens \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng t\u1ea1i th\u1eddi \u0111i\u1ec3m Quy \u0111\u1ecbnh n\u00e0y b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng.<\/span><\/p>\n

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III. PH\u00c2N T\u00cdCH CHUY\u00caN S\u00c2U (C\u00d3 TR\u00cdCH D\u1eaaN)<\/span><\/h1>\n

Recital (113) l\u00e0 m\u1ed9t \u0111i\u1ec1u kho\u1ea3n chuy\u1ec3n ti\u1ebfp (transitional recital), nh\u01b0ng v\u1ec1 b\u1ea3n ch\u1ea5t n\u00f3 th\u1ec3 hi\u1ec7n t\u01b0 duy l\u1eadp ph\u00e1p r\u1ea5t tinh vi c\u1ee7a Markets in Crypto-Assets Regulation<\/span><\/span>.<\/span><\/p>\n

Ta ph\u00e2n t\u00edch theo t\u1eebng c\u1ee5m n\u1ed9i dung \u0111\u01b0\u1ee3c tr\u00edch d\u1eabn.<\/span><\/p>\n

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1. \u201cIn order to avoid disrupting market participants\u2026\u201d<\/span><\/h2>\n

C\u1ee5m t\u1eeb n\u00e0y cho th\u1ea5y m\u1ee5c ti\u00eau l\u1eadp ph\u00e1p tr\u1ef1c ti\u1ebfp l\u00e0:<\/span><\/p>\n

Tr\u00e1nh g\u00e2y gi\u00e1n \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng (avoid disrupting).<\/span><\/p>\n

\u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh nguy\u00ean t\u1eafc \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh (financial stability) \u2013 m\u1ed9t trong nh\u1eefng m\u1ee5c ti\u00eau c\u1ed1t l\u00f5i c\u1ee7a MiCA.<\/span><\/p>\n

N\u1ebfu MiCA \u00e1p d\u1ee5ng h\u1ed3i t\u1ed1 to\u00e0n di\u1ec7n:<\/span><\/p>\n

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  • \n

    H\u00e0ng ngh\u00ecn token ph\u00e1t h\u00e0nh tr\u01b0\u1edbc \u0111\u00f3 ph\u1ea3i l\u1eadp t\u1ee9c tu\u00e2n th\u1ee7 white paper m\u1edbi.<\/span><\/p>\n<\/li>\n

  • \n

    S\u00e0n giao d\u1ecbch c\u00f3 th\u1ec3 bu\u1ed9c ph\u1ea3i h\u1ee7y ni\u00eam y\u1ebft.<\/span><\/p>\n<\/li>\n

  • \n

    Thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m \u0111\u1ed9t ng\u1ed9t.<\/span><\/p>\n<\/li>\n

  • \n

    R\u1ee7i ro lan truy\u1ec1n (contagion risk) xu\u1ea5t hi\u1ec7n.<\/span><\/p>\n<\/li>\n<\/ul>\n

    EU l\u1ef1a ch\u1ecdn \u0111i\u1ec1u ti\u1ebft nh\u01b0ng kh\u00f4ng g\u00e2y \u201cregulatory shock\u201d.<\/span><\/p>\n

    \n

    2. \u201cissuers of such crypto-assets should be exempt from the obligation to publish a crypto-asset white paper\u2026\u201d<\/span><\/h2>\n

    \u0110\u00e2y l\u00e0 \u0111i\u1ec3m quan tr\u1ecdng nh\u1ea5t:<\/span><\/p>\n

    Mi\u1ec5n ngh\u0129a v\u1ee5 c\u00f4ng b\u1ed1 white paper cho:<\/span><\/p>\n

      \n
    • \n

      Crypto-assets \u0111\u00e3 ph\u00e1t h\u00e0nh tr\u01b0\u1edbc ng\u00e0y \u00e1p d\u1ee5ng<\/span><\/p>\n<\/li>\n

    • \n

      Kh\u00f4ng ph\u1ea3i ART (asset-referenced tokens)<\/span><\/p>\n<\/li>\n

    • \n

      Kh\u00f4ng ph\u1ea3i EMT (e-money tokens)<\/span><\/p>\n<\/li>\n<\/ul>\n

      \u0110i\u1ec1u n\u00e0y th\u1ec3 hi\u1ec7n nguy\u00ean t\u1eafc:<\/span><\/p>\n

      \u00a0Kh\u00f4ng h\u1ed3i t\u1ed1 to\u00e0n ph\u1ea7n (No Full Retroactivity)<\/span><\/h3>\n

      MiCA kh\u00f4ng y\u00eau c\u1ea7u:<\/span><\/p>\n

        \n
      • \n

        C\u00e1c d\u1ef1 \u00e1n c\u0169 ph\u1ea3i quay l\u1ea1i t\u1eeb \u0111\u1ea7u<\/span><\/p>\n<\/li>\n

      • \n

        Ph\u1ea3i t\u00e1i c\u1ea5u tr\u00fac ph\u00e1p l\u00fd t\u1ee9c th\u1eddi<\/span><\/p>\n<\/li>\n<\/ul>\n

        \u0110\u00e2y l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn c\u00e2n b\u1eb1ng gi\u1eefa:<\/span><\/p>\n

          \n
        • \n

          B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/span><\/p>\n<\/li>\n

        • \n

          B\u1ea3o v\u1ec7 t\u00ednh li\u00ean t\u1ee5c c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/span><\/p>\n<\/li>\n<\/ul>\n

          \n

          3. \u201cHowever, certain obligations should apply\u2026\u201d<\/span><\/h2>\n

          Tuy mi\u1ec5n white paper, nh\u01b0ng Recital n\u00f3i r\u00f5:<\/span><\/p>\n

          \u201ccertain obligations should apply\u201d<\/span><\/p>\n

          T\u1ee9c l\u00e0:<\/span><\/p>\n

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          • \n

            Kh\u00f4ng ph\u1ea3i mi\u1ec5n ho\u00e0n to\u00e0n.<\/span><\/p>\n<\/li>\n

          • \n

            Ngh\u0129a v\u1ee5 v\u1eabn k\u00edch ho\u1ea1t n\u1ebfu token \u0111\u00e3 \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft.<\/span><\/p>\n<\/li>\n<\/ul>\n

            \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh nguy\u00ean t\u1eafc:<\/span><\/p>\n

            \u00a0\u0110i\u1ec1u ti\u1ebft theo tr\u1ea1ng th\u00e1i ho\u1ea1t \u0111\u1ed9ng (Activity-Based Regulation)<\/span><\/h3>\n

            N\u1ebfu token:<\/span><\/p>\n

              \n
            • \n

              \u0110\u00e3 \u0111\u01b0\u1ee3c admitted to trading<\/span>
              \u2192 Th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p t\u1ed3n t\u1ea1i<\/span>
              \u2192 Nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang giao d\u1ecbch<\/span><\/p>\n<\/li>\n<\/ul>\n

              Th\u00ec l\u1ee3i \u00edch c\u00f4ng ch\u00fang \u0111\u00f2i h\u1ecfi v\u1eabn ph\u1ea3i \u00e1p d\u1ee5ng m\u1ed9t s\u1ed1 chu\u1ea9n b\u1ea3o v\u1ec7.<\/span><\/p>\n

              \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh \u201csoft landing compliance\u201d.<\/span><\/p>\n

              \n

              4. \u201ctransitional provisions are necessary for issuers of asset-referenced tokens\u2026\u201d<\/span><\/h2>\n

              \u0110\u00e2y l\u00e0 ph\u1ea7n quan tr\u1ecdng nh\u1ea5t v\u1ec1 ch\u00ednh s\u00e1ch.<\/span><\/p>\n

              T\u1ea1i sao ART kh\u00f4ng \u0111\u01b0\u1ee3c mi\u1ec5n?<\/span><\/p>\n

              V\u00ec:<\/span><\/p>\n

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              • \n

                ART c\u00f3 th\u1ec3 v\u1eadn h\u00e0nh nh\u01b0 stablecoin<\/span><\/p>\n<\/li>\n

              • \n

                C\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng thanh kho\u1ea3n<\/span><\/p>\n<\/li>\n

              • \n

                C\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng h\u1ec7 th\u1ed1ng thanh to\u00e1n<\/span><\/p>\n<\/li>\n<\/ul>\n

                EU kh\u00f4ng th\u1ec3 \u0111\u1ec3 ART c\u0169 ho\u1ea1t \u0111\u1ed9ng v\u00f4 th\u1eddi h\u1ea1n ngo\u00e0i khu\u00f4n kh\u1ed5 c\u1ea5p ph\u00e9p.<\/span><\/p>\n

                Do \u0111\u00f3:<\/span><\/p>\n

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                • \n

                  Ph\u1ea3i c\u00f3 transitional provisions<\/span><\/p>\n<\/li>\n

                • \n

                  Nh\u01b0ng kh\u00f4ng mi\u1ec5n to\u00e0n ph\u1ea7n<\/span><\/p>\n<\/li>\n<\/ul>\n

                  \u0110\u00e2y l\u00e0 ph\u00e2n t\u1ea7ng r\u1ee7i ro:<\/span><\/p>\n

                  \n
                  \n\n\n\n\n\n\n\n
                  Nh\u00f3m t\u00e0i s\u1ea3n<\/span><\/th>\nC\u00e1ch ti\u1ebfp c\u1eadn<\/span><\/th>\n<\/tr>\n<\/thead>\n
                  Utility token c\u0169<\/span><\/td>\nMi\u1ec5n white paper<\/span><\/td>\n<\/tr>\n
                  Token \u0111\u00e3 ni\u00eam y\u1ebft<\/span><\/td>\n\u00c1p d\u1ee5ng m\u1ed9t s\u1ed1 ngh\u0129a v\u1ee5<\/span><\/td>\n<\/tr>\n
                  ART<\/span><\/td>\nChuy\u1ec3n ti\u1ebfp nh\u01b0ng ph\u1ea3i ti\u1ebfn t\u1edbi tu\u00e2n th\u1ee7 \u0111\u1ea7y \u0111\u1ee7<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                  \n

                  IV. LI\u00caN H\u1ec6 V\u1edaI NGUY\u00caN T\u1eaeC HI\u1ebeN \u0110\u1ecaNH EU<\/span><\/h1>\n

                  Recital (113) c\u00f2n g\u1eafn v\u1edbi:<\/span><\/p>\n

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                  • \n

                    Nguy\u00ean t\u1eafc proportionality (\u0110i\u1ec1u 5 TEU)<\/span><\/p>\n<\/li>\n

                  • \n

                    Nguy\u00ean t\u1eafc legal certainty<\/span><\/p>\n<\/li>\n

                  • \n

                    Nguy\u00ean t\u1eafc protection of legitimate expectations<\/span><\/p>\n<\/li>\n<\/ul>\n

                    C\u00e1c ch\u1ee7 th\u1ec3 \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng h\u1ee3p ph\u00e1p tr\u01b0\u1edbc \u0111\u00f3:<\/span><\/p>\n

                    \u2192 Kh\u00f4ng th\u1ec3 b\u1ecb \u0111\u1eb7t v\u00e0o t\u00ecnh tr\u1ea1ng b\u1ea5t l\u1ee3i \u0111\u1ed9t ng\u1ed9t.<\/span><\/p>\n

                    \u0110\u00e2y l\u00e0 m\u1ed9t nguy\u00ean t\u1eafc c\u1ed1t l\u00f5i trong lu\u1eadt h\u00e0nh ch\u00ednh EU.<\/span><\/p>\n

                    \n

                    V. \u00dd NGH\u0128A TH\u1ef0C TI\u1ec4N CHO DOANH NGHI\u1ec6P<\/span><\/h1>\n

                    Doanh nghi\u1ec7p c\u1ea7n t\u1ef1 \u0111\u00e1nh gi\u00e1:<\/span><\/p>\n

                      \n
                    1. \n

                      Token ph\u00e1t h\u00e0nh tr\u01b0\u1edbc ng\u00e0y MiCA \u00e1p d\u1ee5ng?<\/span><\/p>\n<\/li>\n

                    2. \n

                      C\u00f3 ph\u1ea3i ART ho\u1eb7c EMT kh\u00f4ng?<\/span><\/p>\n<\/li>\n

                    3. \n

                      C\u00f3 \u0111ang \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft t\u1ea1i EU?<\/span><\/p>\n<\/li>\n

                    4. \n

                      C\u00f3 ti\u1ebfp t\u1ee5c ch\u00e0o b\u00e1n kh\u00f4ng?<\/span><\/p>\n<\/li>\n<\/ol>\n

                      N\u1ebfu l\u00e0 ART \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng:<\/span><\/p>\n

                      \u2192 Ph\u1ea3i chuy\u1ec3n sang regime MiCA trong th\u1eddi gian chuy\u1ec3n ti\u1ebfp.<\/span>
                      \u2192 Ph\u1ea3i chu\u1ea9n b\u1ecb v\u1ed1n, qu\u1ef9 d\u1ef1 tr\u1eef, h\u1ed3 s\u01a1 xin ph\u00e9p.<\/span><\/p>\n

                      N\u1ebfu l\u00e0 utility token c\u0169:<\/span><\/p>\n

                      \u2192 C\u00f3 th\u1ec3 mi\u1ec5n white paper, nh\u01b0ng kh\u00f4ng mi\u1ec5n to\u00e0n b\u1ed9 ngh\u0129a v\u1ee5.<\/span><\/p>\n

                      \n

                      VI. K\u1ebeT LU\u1eacN H\u1eccC THU\u1eacT<\/span><\/h1>\n

                      Recital (113) th\u1ec3 hi\u1ec7n 5 nguy\u00ean t\u1eafc \u0111i\u1ec1u ti\u1ebft:<\/span><\/p>\n

                        \n
                      1. \n

                        Tr\u00e1nh s\u1ed1c th\u1ecb tr\u01b0\u1eddng<\/span><\/p>\n<\/li>\n

                      2. \n

                        Kh\u00f4ng h\u1ed3i t\u1ed1 c\u1ee9ng nh\u1eafc<\/span><\/p>\n<\/li>\n

                      3. \n

                        Ph\u00e2n t\u1ea7ng r\u1ee7i ro<\/span><\/p>\n<\/li>\n

                      4. \n

                        B\u1ea3o v\u1ec7 k\u1ef3 v\u1ecdng h\u1ee3p ph\u00e1p<\/span><\/p>\n<\/li>\n

                      5. \n

                        \u0110i\u1ec1u ti\u1ebft th\u00f4ng qua c\u01a1 ch\u1ebf chuy\u1ec3n ti\u1ebfp<\/span><\/p>\n<\/li>\n<\/ol>\n

                        \u0110\u00e2y l\u00e0 m\u00f4 h\u00ecnh \u201cRegulatory Integration by Transition\u201d \u2013 m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p \u0111i\u1ec1u ti\u1ebft \u0111\u1eb7c tr\u01b0ng c\u1ee7a EU.<\/span><\/p>\n

                        \n

                        VII. D\u1ecaCH V\u1ee4 T\u01af V\u1ea4N CHUY\u1ec2N TI\u1ebeP 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 c\u00f3 hi\u1ec7u l\u1ef1c, c\u00e1c d\u1ef1 \u00e1n crypto \u0111ang ho\u1ea1t \u0111\u1ed9ng c\u1ea7n \u0111\u00e1nh gi\u00e1 l\u1ea1i to\u00e0n b\u1ed9 c\u1ea5u tr\u00fac ph\u00e1p l\u00fd c\u1ee7a m\u00ecnh.<\/span><\/p>\n

                        C\u00f4ng ty Lu\u1eadt 911 cung c\u1ea5p:<\/span><\/p>\n

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                        • \n

                          R\u00e0 so\u00e1t ngh\u0129a v\u1ee5 chuy\u1ec3n ti\u1ebfp theo Recital (113)<\/span><\/p>\n<\/li>\n

                        • \n

                          \u0110\u00e1nh gi\u00e1 token c\u00f3 thu\u1ed9c di\u1ec7n mi\u1ec5n hay ph\u1ea3i chuy\u1ec3n \u0111\u1ed5i<\/span><\/p>\n<\/li>\n

                        • \n

                          T\u01b0 v\u1ea5n chuy\u1ec3n \u0111\u1ed5i stablecoin sang regime ART<\/span><\/p>\n<\/li>\n

                        • \n

                          X\u00e2y d\u1ef1ng l\u1ed9 tr\u00ecnh c\u1ea5p ph\u00e9p MiCA<\/span><\/p>\n<\/li>\n

                        • \n

                          T\u01b0 v\u1ea5n duy tr\u00ec ni\u00eam y\u1ebft t\u1ea1i th\u1ecb tr\u01b0\u1eddng EU<\/span><\/p>\n<\/li>\n

                        • \n

                          Thi\u1ebft k\u1ebf h\u1ec7 th\u1ed1ng compliance ph\u00f9 h\u1ee3p giai \u0111o\u1ea1n chuy\u1ec3n ti\u1ebfp<\/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 trong qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i sang khu\u00f4n kh\u1ed5 MiCA m\u1ed9t c\u00e1ch chi\u1ebfn l\u01b0\u1ee3c, an to\u00e0n v\u00e0 b\u1ec1n v\u1eefng, \u0111\u1ea3m b\u1ea3o v\u1eeba tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt EU v\u1eeba duy tr\u00ec \u1ed5n \u0111\u1ecbnh ho\u1ea1t \u0111\u1ed9ng kinh doanh.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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