Khung ph\u00e1p l\u00fd v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u1ee7a Ch\u00e2u \u00c2u \u0111ang b\u01b0\u1edbc v\u00e0o m\u1ed9t giai \u0111o\u1ea1n m\u1edbi trong vi\u1ec7c gi\u00e1m s\u00e1t, khi c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u00e2n nh\u1eafc xem vi\u1ec7c th\u1ef1c thi quy \u0111\u1ecbnh Markets in Crypto-Assets (MiCA)<\/strong> n\u00ean \u0111\u01b0\u1ee3c gi\u1eef l\u1ea1i cho c\u00e1c c\u01a1 quan qu\u1ed1c gia hay n\u00ean t\u1eadp trung d\u01b0\u1edbi s\u1ef1 qu\u1ea3n l\u00fd c\u1ee7a C\u01a1 quan Ch\u1ee9ng kho\u00e1n v\u00e0 Th\u1ecb tr\u01b0\u1eddng Ch\u00e2u \u00c2u (ESMA)<\/strong>. MiCA, quy \u0111\u1ecbnh ch\u1ee7 y\u1ebfu c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb \u0111\u1ea7u n\u0103m 2025, \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 t\u1ea1o ra m\u1ed9t b\u1ed9 quy t\u1eafc th\u1ed1ng nh\u1ea5t cho c\u00e1c nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed tr\u00ean to\u00e0n Li\u00ean minh Ch\u00e2u \u00c2u. Tuy nhi\u00ean, khi vi\u1ec7c th\u1ef1c hi\u1ec7n ti\u1ebfn tri\u1ec3n, nh\u1eefng kh\u00e1c bi\u1ec7t gi\u1eefa c\u00e1c qu\u1ed1c gia th\u00e0nh vi\u00ean ng\u00e0y c\u00e0ng tr\u1edf n\u00ean kh\u00f3 b\u1ecf qua. M\u1ed9t s\u1ed1 nh\u00e0 qu\u1ea3n l\u00fd \u0111\u00e3 ph\u00ea duy\u1ec7t h\u00e0ng ch\u1ee5c gi\u1ea5y ph\u00e9p, trong khi nh\u1eefng ng\u01b0\u1eddi kh\u00e1c ch\u1ec9 c\u1ea5p m\u1ed9t v\u00e0i gi\u1ea5y ph\u00e9p, d\u1eabn \u0111\u1ebfn lo ng\u1ea1i v\u1ec1 s\u1ef1 gi\u00e1m s\u00e1t kh\u00f4ng \u0111\u1ed3ng nh\u1ea5t v\u00e0 vi\u1ec7c t\u1eadn d\u1ee5ng quy \u0111\u1ecbnh.<\/p>\n Trong t\u1eadp n\u00e0y c\u1ee7a Byte-Sized Insight<\/strong>, Cointelegraph \u0111\u00e3 kh\u00e1m ph\u00e1 nh\u1eefng kh\u00f3 kh\u0103n n\u00e0y c\u00f3 \u00fd ngh\u0129a g\u00ec \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u1ee7a Ch\u00e2u \u00c2u v\u1edbi Lewin Boehnke<\/strong>, gi\u00e1m \u0111\u1ed1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a Crypto Finance Group<\/strong> \u2014 m\u1ed9t c\u00f4ng ty t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Th\u1ee5y S\u0129 v\u1edbi ho\u1ea1t \u0111\u1ed9ng tr\u00ean to\u00e0n EU.<\/p>\n “C\u00f3 m\u1ed9t s\u1ef1 \u00e1p d\u1ee5ng quy \u0111\u1ecbnh r\u1ea5t, r\u1ea5t kh\u00f4ng \u0111\u1ed3ng \u0111\u1ec1u,” \u00f4ng n\u00f3i, ch\u1ec9 ra nh\u1eefng kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t gi\u1eefa c\u00e1c qu\u1ed1c gia th\u00e0nh vi\u00ean.<\/p>\n<\/blockquote>\n Theo Boehnke, th\u00e1ch th\u1ee9c c\u1ed1t l\u00f5i m\u00e0 Ch\u00e2u \u00c2u \u0111ang \u0111\u1ed1i m\u1eb7t kh\u00f4ng ph\u1ea3i l\u00e0 khung MiCA m\u00e0 l\u00e0 c\u00e1ch m\u00e0 n\u00f3 \u0111ang \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng kh\u00e1c nhau gi\u1eefa c\u00e1c khu v\u1ef1c ph\u00e1p l\u00fd. \u0110\u1ee9c, ch\u1eb3ng h\u1ea1n, \u0111\u00e3 c\u1ea5p kho\u1ea3ng 30 gi\u1ea5y ph\u00e9p ti\u1ec1n \u0111i\u1ec7n t\u1eed, nhi\u1ec1u gi\u1ea5y ph\u00e9p cho c\u00e1c ng\u00e2n h\u00e0ng \u0111\u00e3 th\u00e0nh l\u1eadp, trong khi Luxembourg ch\u1ec9 ph\u00ea duy\u1ec7t ba gi\u1ea5y ph\u00e9p, t\u1ea5t c\u1ea3 \u0111\u1ec1u cho c\u00e1c c\u00f4ng ty l\u1edbn, n\u1ed5i ti\u1ebfng. ESMA \u0111\u00e3 c\u00f4ng b\u1ed1 m\u1ed9t \u0111\u00e1nh gi\u00e1 \u0111\u1ed3ng c\u1ea5p v\u1ec1 vi\u1ec7c C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh Malta c\u1ea5p ph\u00e9p cho m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ti\u1ec1n \u0111i\u1ec7n t\u1eed, cho th\u1ea5y r\u1eb1ng c\u01a1 quan qu\u1ea3n l\u00fd ch\u1ec9 “\u0111\u00e1p \u1ee9ng m\u1ed9t ph\u1ea7n mong \u0111\u1ee3i.” Nh\u1eefng kh\u00e1c bi\u1ec7t \u0111\u00f3 \u0111\u00e3 th\u00fac \u0111\u1ea9y s\u1ef1 \u1ee7ng h\u1ed9 t\u1eeb m\u1ed9t s\u1ed1 nh\u00e0 qu\u1ea3n l\u00fd v\u00e0 nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch cho vi\u1ec7c chuy\u1ec3n giao quy\u1ec1n gi\u00e1m s\u00e1t cho ESMA, \u0111i\u1ec1u n\u00e0y s\u1ebd t\u1ea1o ra m\u1ed9t m\u00f4 h\u00ecnh th\u1ef1c thi t\u1eadp trung h\u01a1n, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3<\/strong>. Ph\u00e1p, \u00c1o v\u00e0 \u00dd \u0111\u1ec1u \u0111\u00e3 b\u00e0y t\u1ecf s\u1ef1 \u1ee7ng h\u1ed9 cho \u0111\u1ed9ng th\u00e1i n\u00e0y, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong b\u1ed1i c\u1ea3nh ch\u1ec9 tr\u00edch v\u1ec1 c\u00e1c ch\u1ebf \u0111\u1ed9 cho ph\u00e9p h\u01a1n \u1edf nh\u1eefng n\u01a1i kh\u00e1c trong kh\u1ed1i.<\/p>\n T\u1eeb g\u00f3c nh\u00ecn c\u1ee7a Boehnke, s\u1ef1 t\u1eadp trung c\u00f3 th\u1ec3 \u00edt li\u00ean quan \u0111\u1ebfn ki\u1ec3m so\u00e1t v\u00e0 nhi\u1ec1u h\u01a1n v\u1ec1 hi\u1ec7u qu\u1ea3. “T\u1eeb g\u00f3c \u0111\u1ed9 th\u1ef1c ti\u1ec5n, t\u00f4i ngh\u0129 r\u1eb1ng s\u1ebd l\u00e0 m\u1ed9t \u00fd t\u01b0\u1edfng t\u1ed1t \u0111\u1ec3 c\u00f3 m\u1ed9t s\u1ef1 \u00e1p d\u1ee5ng th\u1ed1ng nh\u1ea5t… c\u1ee7a quy \u0111\u1ecbnh,” \u00f4ng n\u00f3i, th\u00eam r\u1eb1ng vi\u1ec7c t\u01b0\u01a1ng t\u00e1c tr\u1ef1c ti\u1ebfp v\u1edbi ESMA c\u00f3 th\u1ec3 gi\u1ea3m thi\u1ec3u s\u1ef1 ch\u1eadm tr\u1ec5 do vi\u1ec7c qua l\u1ea1i gi\u1eefa c\u00e1c c\u01a1 quan qu\u1ed1c gia g\u00e2y ra.<\/p>\n M\u1eb7c d\u00f9 b\u1ecb ch\u1ec9 tr\u00edch t\u1eeb m\u1ed9t s\u1ed1 g\u00f3c \u0111\u1ed9 trong ng\u00e0nh ti\u1ec1n \u0111i\u1ec7n t\u1eed, Boehnke cho bi\u1ebft c\u1ea5u tr\u00fac t\u1ed5ng th\u1ec3 c\u1ee7a MiCA l\u00e0 h\u1ee3p l\u00fd, \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ef1 t\u1eadp trung v\u00e0o vi\u1ec7c qu\u1ea3n l\u00fd c\u00e1c trung gian thay v\u00ec ho\u1ea1t \u0111\u1ed9ng ngang h\u00e0ng. “T\u00f4i th\u1ef1c s\u1ef1 th\u00edch quy \u0111\u1ecbnh MiCA… c\u00e1ch ti\u1ebfp c\u1eadn t\u1ed5ng th\u1ec3 l\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n, kh\u00f4ng ph\u1ea3i vi\u1ec7c s\u1eed d\u1ee5ng ngang h\u00e0ng, m\u00e0 l\u00e0 c\u00e1c ng\u01b0\u1eddi gi\u1eef t\u00e0i s\u1ea3n v\u00e0 nh\u1eefng ng\u01b0\u1eddi cung c\u1ea5p d\u1ecbch v\u1ee5… \u0111\u00f3 l\u00e0 c\u00e1ch ti\u1ebfp c\u1eadn \u0111\u00fang \u0111\u1eafn.” Tuy nhi\u00ean, \u00f4ng c\u0169ng l\u01b0u \u00fd r\u1eb1ng nh\u1eefng c\u00e2u h\u1ecfi k\u1ef9 thu\u1eadt ch\u01b0a \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft \u0111ang l\u00e0m ch\u1eadm qu\u00e1 tr\u00ecnh \u00e1p d\u1ee5ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng.<\/p>\n “\u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 r\u00fat ti\u1ec1n \u0111i\u1ec7n t\u1eed? Hay c\u00f3 \u0111\u1ee7 kh\u00f4ng khi b\u00e1n ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 r\u00fat ti\u1ec1n fiat ngay l\u1eadp t\u1ee9c?” Boehnke h\u1ecfi, l\u01b0u \u00fd r\u1eb1ng nh\u1eefng s\u1ef1 m\u01a1 h\u1ed3 nh\u01b0 v\u1eady v\u1eabn \u0111ang \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft v\u00e0 \u0111ang ch\u1edd s\u1ef1 r\u00f5 r\u00e0ng t\u1eeb ESMA.<\/p>\n<\/blockquote>\n \u0110\u1ec3 nghe cu\u1ed9c tr\u00f2 chuy\u1ec7n \u0111\u1ea7y \u0111\u1ee7 tr\u00ean Byte-Sized Insight, h\u00e3y nghe t\u1eadp \u0111\u1ea7y \u0111\u1ee7 tr\u00ean trang Podcasts c\u1ee7a Cointelegraph, Apple Podcasts ho\u1eb7c Spotify. V\u00e0 \u0111\u1eebng qu\u00ean ki\u1ec3m tra danh s\u00e1ch \u0111\u1ea7y \u0111\u1ee7 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh kh\u00e1c c\u1ee7a Cointelegraph!<\/p>\n","protected":false},"excerpt":{"rendered":" Khung Ph\u00e1p L\u00fd v\u1ec1 Ti\u1ec1n \u0110i\u1ec7n T\u1eed t\u1ea1i Ch\u00e2u \u00c2u Khung ph\u00e1p l\u00fd v\u1ec1 ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u1ee7a Ch\u00e2u \u00c2u \u0111ang b\u01b0\u1edbc v\u00e0o m\u1ed9t giai \u0111o\u1ea1n m\u1edbi trong vi\u1ec7c gi\u00e1m s\u00e1t, khi c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u00e2n nh\u1eafc xem vi\u1ec7c th\u1ef1c thi quy \u0111\u1ecbnh Markets in Cr…<\/p>\n","protected":false},"author":3,"featured_media":16071,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,48],"tags":[9473,4225,8761,4362,5650,4421,4631,5489,4217,5741,5381,4363,5853],"class_list":["post-16072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-legal","tag-austria","tag-bitcoin","tag-esma","tag-eu","tag-european-securities-and-markets-authority","tag-france","tag-germany","tag-italy","tag-legal","tag-luxembourg","tag-malta-financial-services-authority","tag-mica","tag-switzerland"],"yoast_head":"\nKh\u00f3 Kh\u0103n trong Th\u1ef1c Thi v\u00e0 Gi\u00e1m S\u00e1t<\/h2>\n
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\u0110\u00e1nh Gi\u00e1 v\u1ec1 MiCA<\/h2>\n
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