{"id":61150,"date":"2023-12-08T20:24:55","date_gmt":"2023-12-08T11:24:55","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61150"},"modified":"2024-03-30T23:18:04","modified_gmt":"2024-03-30T14:18:04","slug":"defi-dex-regulations","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations","title":{"rendered":"Jak\u00e9 jsou t\u0159i pr\u00e1vn\u00ed probl\u00e9my DeFi? Vysv\u011btlen\u00ed pr\u00e1vn\u00edch p\u0159edpis\u016f t\u00fdkaj\u00edc\u00edch se vyd\u00e1v\u00e1n\u00ed token\u016f DEX"},"content":{"rendered":"\n<p>Technologie blockchainu se vyu\u017e\u00edv\u00e1 v r\u016fzn\u00fdch oblastech. V oblasti kryptom\u011bn (virtu\u00e1ln\u00edch m\u011bn) umo\u017e\u0148uje realizaci m\u011bny (majetku) bez z\u00e1sahu centr\u00e1ln\u00ed banky a byly vyd\u00e1ny r\u016fzn\u00e9 NFT, od obchodu po um\u011bn\u00ed. Nav\u00edc, v decentralizovan\u00e9m financov\u00e1n\u00ed pomoc\u00ed technologie blockchainu je mo\u017en\u00e9 realizovat pln\u00e9 P2P (Peer to Peer) finan\u010dn\u00ed transakce bez zprost\u0159edkovatele.<\/p>\n\n\n\n<p>Tyto takzvan\u00e9 oblasti &#8220;Web3&#8221; jsou v sou\u010dasn\u00e9 dob\u011b v situaci, kdy pr\u00e1vn\u00ed p\u0159edpisy je\u0161t\u011b nedok\u00e1zaly dohnat. Proto je p\u0159i provozov\u00e1n\u00ed podnik\u00e1n\u00ed v oblasti Web3 nutn\u00e9 pe\u010dliv\u011b zv\u00e1\u017eit pr\u00e1vn\u00ed p\u0159edpisy, jako je Japonsk\u00fd z\u00e1kon o platebn\u00edch slu\u017eb\u00e1ch nebo Japonsk\u00fd z\u00e1kon o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, a vytvo\u0159it obchodn\u00ed model.<\/p>\n\n\n\n<p>Zde vysv\u011btl\u00edme pr\u00e1vn\u00ed p\u0159edpisy t\u00fdkaj\u00edc\u00ed se DeFi (decentralizovan\u00e9ho financov\u00e1n\u00ed) a DEX (decentralizovan\u00fdch burz) pomoc\u00ed technologie blockchainu.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Co_je_DeFi_Decentralizovane_finance\" title=\"Co je DeFi (Decentralizovan\u00e9 finance)\">Co je DeFi (Decentralizovan\u00e9 finance)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#DeFi_a_DEX_Decentralizovane_burzy\" title=\"DeFi a DEX (Decentralizovan\u00e9 burzy)\">DeFi a DEX (Decentralizovan\u00e9 burzy)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Pravni_problemy_DeFi_Decentralizovane_finance\" title=\"Pr\u00e1vn\u00ed probl\u00e9my DeFi (Decentralizovan\u00e9 finance)\">Pr\u00e1vn\u00ed probl\u00e9my DeFi (Decentralizovan\u00e9 finance)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Pravni_otazky_tykajici_se_LP_tokenu\" title=\"Pr\u00e1vn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se LP token\u016f\">Pr\u00e1vn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se LP token\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Pravni_otazky_tykajici_se_Governance_Tokenu\" title=\"Pr\u00e1vn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se Governance Token\u016f\">Pr\u00e1vn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se Governance Token\u016f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Pravni_problemy_spojene_s_obchodovanim_s_kryptomenami\" title=\"Pr\u00e1vn\u00ed probl\u00e9my spojen\u00e9 s obchodov\u00e1n\u00edm s kryptom\u011bnami\">Pr\u00e1vn\u00ed probl\u00e9my spojen\u00e9 s obchodov\u00e1n\u00edm s kryptom\u011bnami<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Shrnuti_Konzultujte_pravnika_ohledne_decentralizovanych_financi_DeFi\" title=\"Shrnut\u00ed: Konzultujte pr\u00e1vn\u00edka ohledn\u011b decentralizovan\u00fdch financ\u00ed (DeFi)\">Shrnut\u00ed: Konzultujte pr\u00e1vn\u00edka ohledn\u011b decentralizovan\u00fdch financ\u00ed (DeFi)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/it\/defi-dex-regulations\/#Predstaveni_opatreni_nasi_kancelare\" title=\"P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e\">P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_DeFi_Decentralizovane_finance\"><\/span>Co je DeFi (Decentralizovan\u00e9 finance)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>DeFi je zkratka pro Decentralized Finance, co\u017e je ozna\u010den\u00ed pro decentralizovan\u00fd finan\u010dn\u00ed syst\u00e9m vyu\u017e\u00edvaj\u00edc\u00ed technologii ve\u0159ejn\u00e9ho blockchainu. V DeFi nen\u00ed z\u00e1vislost na centr\u00e1ln\u00edch bank\u00e1ch nebo finan\u010dn\u00edch instituc\u00edch, d\u00edky technologi\u00edm blockchainu, jako jsou chytr\u00e9 smlouvy, je mo\u017en\u00e9 prov\u00e1d\u011bt finan\u010dn\u00ed transakce autonomn\u011b a P2P.<\/p>\n\n\n\n<p>Proti pojmu decentralizovan\u00e9 finance se \u010dasto pou\u017e\u00edv\u00e1 term\u00edn &#8220;centralizovan\u00e9 finance&#8221; pro tradi\u010dn\u00ed finan\u010dn\u00ed instituce. Centralizovan\u00e9 finance, zkr\u00e1cen\u011b CeFi, je koncept, kde centr\u00e1ln\u00ed banka \u0159\u00edd\u00ed vyd\u00e1v\u00e1n\u00ed a spr\u00e1vu m\u011bny a finan\u010dn\u00ed instituce spravuj\u00ed transakce.<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.fsa.go.jp\/policy\/bgin\/information.html\" target=\"_blank\" rel=\"noreferrer noopener\">Japonsk\u00e1 finan\u010dn\u00ed slu\u017eba | Iniciativy t\u00fdkaj\u00edc\u00ed se decentralizovan\u00fdch financ\u00ed[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"DeFi_a_DEX_Decentralizovane_burzy\"><\/span>DeFi a DEX (Decentralizovan\u00e9 burzy)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/01\/shutterstock_2179252753.jpg\" alt=\"Typy DeFi\" class=\"wp-image-57252\" \/><\/figure>\n\n\n\n<p>Existuje n\u011bkolik typ\u016f DeFi.<\/p>\n\n\n\n<ul>\n<li>DEX<\/li>\n\n\n\n<li>P\u016fj\u010dov\u00e1n\u00ed<\/li>\n\n\n\n<li>Poji\u0161t\u011bn\u00ed<\/li>\n\n\n\n<li>Derivativn\u00ed projekty<\/li>\n<\/ul>\n\n\n\n<p>Z t\u011bchto typ\u016f DeFi se DEX roz\u0161i\u0159uje.<\/p>\n\n\n\n<p>DEX je zkratka pro Decentralized Exchange, co\u017e znamen\u00e1 decentralizovanou burzu. Na DEXu se pomoc\u00ed blockchainov\u00e9 technologie a chytr\u00fdch kontrakt\u016f prov\u00e1d\u011bj\u00ed obchody s kryptom\u011bnami a tokeny. Chytr\u00fd kontrakt je syst\u00e9m, kter\u00fd automaticky prov\u00e1d\u00ed ur\u010den\u00e9 operace, kdy\u017e jsou spln\u011bny ur\u010dit\u00e9 podm\u00ednky.<\/p>\n\n\n\n<p>Na druhou stranu, na rozd\u00edl od DEXu, burzy \u0159\u00edzen\u00e9 spr\u00e1vci, zn\u00e1m\u00e9 jako Centralized Exchange (CEX), jsou ji\u017e dlouho v provozu a jsou v sou\u010dasn\u00e9 dob\u011b v\u00edce roz\u0161\u00ed\u0159en\u00e9 ne\u017e DEX.<\/p>\n\n\n\n<p>Na DEXu je mo\u017en\u00e9 prov\u00e1d\u011bt obchody s kryptom\u011bnami a tokeny automaticky pomoc\u00ed chytr\u00fdch kontrakt\u016f. Jednou z v\u00fdhod DEXu je, \u017ee obchody lze prov\u00e1d\u011bt rychle.<\/p>\n\n\n\n<p>Dal\u0161\u00ed v\u00fdhodou DEXu je, \u017ee d\u00edky vyu\u017eit\u00ed chytr\u00fdch kontrakt\u016f m\u016f\u017ee b\u00fdt n\u00e1klady na transak\u010dn\u00ed poplatky atd. ni\u017e\u0161\u00ed ne\u017e u CEXu, kde existuje spr\u00e1vce.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/nft-smartcontract\" target=\"_blank\" rel=\"noreferrer noopener\">Co je nezbytn\u00e9 pro obchodov\u00e1n\u00ed s NFT? Vysv\u011btlen\u00ed 4 vlastnost\u00ed a nev\u00fdhod chytr\u00fdch kontrakt\u016f[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_problemy_DeFi_Decentralizovane_finance\"><\/span>Pr\u00e1vn\u00ed probl\u00e9my DeFi (Decentralizovan\u00e9 finance)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/01\/shutterstock_2097018502.jpg\" alt=\"Pr\u00e1vn\u00ed probl\u00e9my DeFi\" class=\"wp-image-57250\" \/><\/figure>\n\n\n\n<p>DeFi je relativn\u011b nov\u00fd koncept, kter\u00fd p\u0159in\u00e1\u0161\u00ed \u0159adu pr\u00e1vn\u00edch probl\u00e9m\u016f. V n\u00e1sleduj\u00edc\u00edm textu se zam\u011b\u0159\u00edme na DEX a vysv\u011btl\u00edme pr\u00e1vn\u00ed probl\u00e9my spojen\u00e9 s DeFi.<\/p>\n\n\n\n<p>Pr\u00e1vn\u00ed probl\u00e9my DeFi lze rozd\u011blit do n\u00e1sleduj\u00edc\u00edch kategori\u00ed:<\/p>\n\n\n\n<ul>\n<li>Pr\u00e1vn\u00ed probl\u00e9my t\u00fdkaj\u00edc\u00ed se LP token\u016f<\/li>\n\n\n\n<li>Pr\u00e1vn\u00ed probl\u00e9my t\u00fdkaj\u00edc\u00ed se governance token\u016f<\/li>\n\n\n\n<li>Pr\u00e1vn\u00ed probl\u00e9my t\u00fdkaj\u00edc\u00ed se obchodov\u00e1n\u00ed s kryptom\u011bnami<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_otazky_tykajici_se_LP_tokenu\"><\/span>Pr\u00e1vn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se LP token\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>LP tokeny jsou zkratkou pro tokeny poskytovatel\u016f likvidity (Liquidity Provider). Jedn\u00e1 se o tokeny, kter\u00e9 rozd\u011bluj\u00ed ur\u010ditou hodnotu u\u017eivatel\u016fm, kte\u0159\u00ed p\u0159isp\u011bli k mechanismu DEX. U t\u011bchto LP token\u016f je t\u0159eba zv\u00e1\u017eit jejich vztah k &#8220;pod\u00edl\u016fm v kolektivn\u00edch investi\u010dn\u00edch sch\u00e9matech&#8221; a &#8220;elektronick\u00fdm z\u00e1znam\u016fm o p\u0159evoditeln\u00fdch pr\u00e1vech&#8221;, jak jsou definov\u00e1ny v Japonsk\u00e9m z\u00e1kon\u011b o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty.<\/p>\n\n\n\n<p>Jak je stanoveno v \u010dl\u00e1nku 2 odstavec 2 bod 5 Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, n\u00e1sleduj\u00edc\u00ed situace jsou pova\u017eov\u00e1ny za kolektivn\u00ed investi\u010dn\u00ed sch\u00e9ma:<\/p>\n\n\n\n<ul>\n<li>Osoba s pr\u00e1vy p\u0159isp\u00edv\u00e1 pen\u011bzi nebo jin\u00fdmi prost\u0159edky<\/li>\n\n\n\n<li>Podnik\u00e1n\u00ed (c\u00edlov\u00fd podnik pro investice) je provozov\u00e1no s vyu\u017eit\u00edm p\u0159isp\u011bl\u00fdch pen\u011bz nebo jin\u00fdch prost\u0159edk\u016f<\/li>\n\n\n\n<li>Osoba s pr\u00e1vy m\u00e1 pr\u00e1vo na p\u0159ijet\u00ed dividendy z v\u00fdnos\u016f vznikl\u00fdch z c\u00edlov\u00e9ho podniku pro investice nebo na distribuci majetku souvisej\u00edc\u00edho s t\u00edmto c\u00edlov\u00fdm podnikem pro investice<\/li>\n<\/ul>\n\n\n\n<p>Pod\u00edly v kolektivn\u00edch investi\u010dn\u00edch sch\u00e9matech jsou obecn\u011b p\u0159edstavov\u00e1ny jako pod\u00edly ve fondu, ale je mo\u017en\u00e9, \u017ee LP tokeny mohou b\u00fdt tak\u00e9 pova\u017eov\u00e1ny za kolektivn\u00ed investi\u010dn\u00ed sch\u00e9ma. Pokud jsou LP tokeny hodnoceny jako pod\u00edly v kolektivn\u00edch investi\u010dn\u00edch sch\u00e9matech, budou podl\u00e9hat regulaci podle Japonsk\u00e9ho z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty.<\/p>\n\n\n\n<p>Elektronick\u00e9 z\u00e1znamy o p\u0159evoditeln\u00fdch pr\u00e1vech jsou takov\u00e9, kter\u00e9 &#8220;mohou b\u00fdt p\u0159evedeny pomoc\u00ed elektronick\u00e9ho informa\u010dn\u00edho zpracov\u00e1n\u00ed a jsou zobrazeny jako majetkov\u00e1 hodnota&#8221;, a jsou navr\u017eeny tak, aby byly distribuov\u00e1ny v\u00fdnosy z podnik\u00e1n\u00ed dr\u017eitel\u016fm. Pokud LP tokeny odpov\u00eddaj\u00ed elektronick\u00fdm z\u00e1znam\u016fm o p\u0159evoditeln\u00fdch pr\u00e1vech, je t\u0159eba dodr\u017eovat pr\u00e1vn\u00ed regulace, jako je registrace obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, povinnost zve\u0159ejn\u011bn\u00ed atd., aby mohly b\u00fdt vyd\u00e1ny.<\/p>\n\n\n\n<p>Proto je d\u016fle\u017eit\u00e9 zv\u00e1\u017eit, zda LP tokeny odpov\u00eddaj\u00ed pod\u00edl\u016fm v kolektivn\u00edch investi\u010dn\u00edch sch\u00e9matech nebo elektronick\u00fdm z\u00e1znam\u016fm o p\u0159evoditeln\u00fdch pr\u00e1vech v souvislosti s hodnotou, kterou budou p\u0159ij\u00edmat prost\u0159ednictv\u00edm LP token\u016f, p\u0159i vyd\u00e1v\u00e1n\u00ed LP token\u016f.<\/p>\n\n\n\n<p>Podrobn\u011bj\u0161\u00ed vysv\u011btlen\u00ed pod\u00edl\u016f v kolektivn\u00edch investi\u010dn\u00edch sch\u00e9matech a elektronick\u00fdch z\u00e1znam\u016f o p\u0159evoditeln\u00fdch pr\u00e1vech naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/cryptoassets-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">Co je regulace kryptom\u011bn? Vysv\u011btlen\u00ed vztahu mezi z\u00e1konem o platebn\u00edch slu\u017eb\u00e1ch a z\u00e1konem o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_otazky_tykajici_se_Governance_Tokenu\"><\/span>Pr\u00e1vn\u00ed ot\u00e1zky t\u00fdkaj\u00edc\u00ed se Governance Token\u016f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Governance tokeny, jednodu\u0161e \u0159e\u010deno, jsou tokeny, kter\u00e9 umo\u017e\u0148uj\u00ed jejich dr\u017eitel\u016fm zapojit se do \u0159\u00edzen\u00ed decentralizovan\u00e9ho protokolu DEX. Dr\u017een\u00ed governance token\u016f m\u016f\u017ee ovlivnit zm\u011bny v samotn\u00e9m syst\u00e9mu \u0159\u00edzen\u00ed.<\/p>\n\n\n\n<p>Tyto governance tokeny lze \u010dasto vym\u011bnit za jin\u00e9 kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny), a v takov\u00fdch p\u0159\u00edpadech se m\u016f\u017ee p\u0159edpokl\u00e1dat, \u017ee governance tokeny odpov\u00eddaj\u00ed &#8220;kryptom\u011bn\u011b&#8221; (japonsk\u00fd z\u00e1kon o platebn\u00edch slu\u017eb\u00e1ch, \u010dl\u00e1nek 2, odstavec 5) a \u017ee vyd\u00e1n\u00ed governance token\u016f odpov\u00edd\u00e1 &#8220;kryptom\u011bnov\u00e9mu sm\u011bn\u00e1renstv\u00ed&#8221; (japonsk\u00fd z\u00e1kon o platebn\u00edch slu\u017eb\u00e1ch, \u010dl\u00e1nek 2, odstavec 7).<\/p>\n\n\n\n<p>Co se t\u00fd\u010de vyd\u00e1n\u00ed governance token\u016f, v z\u00e1vislosti na tom, zda je za z\u00edsk\u00e1n\u00ed governance token\u016f \u00fa\u010dtov\u00e1na cena, m\u016f\u017ee b\u00fdt hodnocen\u00ed jako &#8220;kryptom\u011bnov\u00e9 sm\u011bn\u00e1renstv\u00ed&#8221; (japonsk\u00fd z\u00e1kon o platebn\u00edch slu\u017eb\u00e1ch, \u010dl\u00e1nek 2, odstavec 7) mo\u017en\u00e1 odli\u0161n\u00e9.<\/p>\n\n\n\n<p>Proto je d\u016fle\u017eit\u00e9 p\u0159i vyd\u00e1n\u00ed governance token\u016f zv\u00e1\u017eit, zda odpov\u00eddaj\u00ed kryptom\u011bnov\u00e9mu sm\u011bn\u00e1renstv\u00ed v souvislosti s cenou za z\u00edsk\u00e1n\u00ed governance token\u016f.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pravni_problemy_spojene_s_obchodovanim_s_kryptomenami\"><\/span>Pr\u00e1vn\u00ed probl\u00e9my spojen\u00e9 s obchodov\u00e1n\u00edm s kryptom\u011bnami<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2023\/01\/shutterstock_158369042.jpg\" alt=\"Pr\u00e1vn\u00ed probl\u00e9my spojen\u00e9 s obchodov\u00e1n\u00edm s kryptom\u011bnami\" class=\"wp-image-57247\" \/><\/figure>\n\n\n\n<p>V n\u011bkter\u00fdch DEX existuj\u00ed p\u0159\u00edpady, kdy je pou\u017eit mechanismus z\u00edsk\u00e1v\u00e1n\u00ed kryptom\u011bn prost\u0159ednictv\u00edm jejich v\u00fdm\u011bny. Pokud je tento mechanismus pou\u017eit, m\u016f\u017ee b\u00fdt mo\u017en\u00e9, \u017ee to bude pova\u017eov\u00e1no za &#8220;obchod s v\u00fdm\u011bnou kryptom\u011bn&#8221; (japonsk\u00fd z\u00e1kon o platebn\u00edch slu\u017eb\u00e1ch, \u010dl\u00e1nek 2, odstavec 7).<\/p>\n\n\n\n<p>Av\u0161ak, jak bylo uvedeno v\u00fd\u0161e, DEX obecn\u011b pou\u017e\u00edvaj\u00ed mechanismus tzv. chytr\u00fdch kontrakt\u016f.<\/p>\n\n\n\n<p>Pokud je v\u00fdm\u011bna kryptom\u011bn automaticky provedena pomoc\u00ed chytr\u00e9ho kontraktu, v DEX neexistuje subjekt prov\u00e1d\u011bj\u00edc\u00ed obchod s v\u00fdm\u011bnou kryptom\u011bn, a proto se m\u016f\u017ee p\u0159edpokl\u00e1dat, \u017ee DEX jako takov\u00fd nen\u00ed regulov\u00e1n, proto\u017ee neexistuje subjekt, kter\u00fd by podl\u00e9hal regulaci podle japonsk\u00e9ho z\u00e1kona o platebn\u00edch slu\u017eb\u00e1ch.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti_Konzultujte_pravnika_ohledne_decentralizovanych_financi_DeFi\"><\/span>Shrnut\u00ed: Konzultujte pr\u00e1vn\u00edka ohledn\u011b decentralizovan\u00fdch financ\u00ed (DeFi)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Zde jsme vysv\u011btlili pr\u00e1vn\u00ed p\u0159edpisy t\u00fdkaj\u00edc\u00ed se DeFi vyu\u017e\u00edvaj\u00edc\u00edch technologii blockchain. V p\u0159\u00edpad\u011b DeFi se povaha vyd\u00e1van\u00fdch token\u016f li\u0161\u00ed podle regulace, tak\u017ee je t\u0159eba m\u00edt znalosti nejen o pr\u00e1vu, ale tak\u00e9 o blockchainu a chytr\u00fdch smlouv\u00e1ch. Nav\u00edc, v t\u00e9to oblasti se pr\u00e1vn\u00ed \u00fapravy st\u00e1le vyv\u00edjej\u00ed a \u010dasto doch\u00e1z\u00ed k legislativn\u00edm zm\u011bn\u00e1m.<\/p>\n\n\n\n<p>Doporu\u010dujeme konzultovat pr\u00e1vn\u00edka s odborn\u00fdmi znalostmi a zku\u0161enostmi v oblasti decentralizovan\u00fdch financ\u00ed vyu\u017e\u00edvaj\u00edc\u00edch technologii blockchain.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Predstaveni_opatreni_nasi_kancelare\"><\/span>P\u0159edstaven\u00ed opat\u0159en\u00ed na\u0161\u00ed kancel\u00e1\u0159e<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith je pr\u00e1vn\u00ed kancel\u00e1\u0159 s vysokou odbornost\u00ed v oblasti IT, zejm\u00e9na internetu a pr\u00e1va. Na\u0161e kancel\u00e1\u0159 poskytuje komplexn\u00ed podporu pro podnik\u00e1n\u00ed souvisej\u00edc\u00ed s kryptom\u011bnami a blockchainem. Podrobnosti jsou uvedeny v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Obory, kter\u00fdmi se zab\u00fdv\u00e1 pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith: <a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">Kryptom\u011bny a blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technologie blockchainu se vyu\u017e\u00edv\u00e1 v r\u016fzn\u00fdch oblastech. V oblasti kryptom\u011bn (virtu\u00e1ln\u00edch m\u011bn) umo\u017e\u0148uje realizaci m\u011bny (majetku) bez z\u00e1sahu centr\u00e1ln\u00ed banky a byly vyd\u00e1ny r\u016fzn\u00e9 NFT, od obchodu po um\u011bn\u00ed. [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":64235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[20,19],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61150"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61150"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61150\/revisions"}],"predecessor-version":[{"id":64236,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61150\/revisions\/64236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/64235"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}