{"id":66011,"date":"2025-07-29T19:55:08","date_gmt":"2025-07-29T10:55:08","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=66011"},"modified":"2025-08-21T14:52:18","modified_gmt":"2025-08-21T05:52:18","slug":"crypto-assets-securities","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities","title":{"rendered":"\u3010Nejnov\u011bj\u0161\u00ed edice 2025\u3011Pr\u00e1vn\u00ed interpretace kryptom\u011bn (virtu\u00e1ln\u00edch m\u011bn): Relevance cenn\u00fdch pap\u00edr\u016f a d\u016fle\u017eit\u00e9 aspekty pro podnikatele"},"content":{"rendered":"\n<p>Kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny) jsou vzhledem k r\u016fznorodosti jejich druh\u016f, zp\u016fsob\u016f vyu\u017eit\u00ed a v\u00fdvoje obchodn\u00edch metod p\u0159edm\u011btem neust\u00e1le se m\u011bn\u00edc\u00edch pr\u00e1vn\u00edch interpretac\u00ed. Zvl\u00e1\u0161t\u011b ot\u00e1zka, zda kryptom\u011bny spadaj\u00ed pod cenn\u00e9 pap\u00edry, je d\u016fle\u017eit\u00fdm bodem z\u00e1jmu.<\/p>\n\n\n\n<p>V tomto \u010dl\u00e1nku proto vysv\u011btl\u00edme pr\u00e1vn\u00ed interpretaci kryptom\u011bn, zejm\u00e9na jejich vztah k cenn\u00fdm pap\u00edr\u016fm, s ohledem na podnikatele provozuj\u00edc\u00ed \u010dinnosti souvisej\u00edc\u00ed s kryptom\u011bnami.<\/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\/crypto-assets-securities\/#Tradicni_pohledy_a_nove_trendy_v_oblasti_kryptomen_virtualnich_men_podle_japonskeho_prava\" title=\"Tradi\u010dn\u00ed pohledy a nov\u00e9 trendy v oblasti kryptom\u011bn (virtu\u00e1ln\u00edch m\u011bn) podle japonsk\u00e9ho pr\u00e1va\">Tradi\u010dn\u00ed pohledy a nov\u00e9 trendy v oblasti kryptom\u011bn (virtu\u00e1ln\u00edch m\u011bn) podle japonsk\u00e9ho pr\u00e1va<\/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\/crypto-assets-securities\/#Diskuse_o_zmene_konsensualniho_algoritmu_Ethereum_a_cennych_papirech_v_Japonsku\" title=\"Diskuse o zm\u011bn\u011b konsensu\u00e1ln\u00edho algoritmu Ethereum a cenn\u00fdch pap\u00edrech v Japonsku\">Diskuse o zm\u011bn\u011b konsensu\u00e1ln\u00edho algoritmu Ethereum a cenn\u00fdch pap\u00edrech v Japonsku<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Co_je_konsensualni_algoritmus\" title=\"Co je konsensu\u00e1ln\u00ed algoritmus\">Co je konsensu\u00e1ln\u00ed algoritmus<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Zmena_konsensualniho_algoritmu_Ethereum\" title=\"Zm\u011bna konsensu\u00e1ln\u00edho algoritmu Ethereum\">Zm\u011bna konsensu\u00e1ln\u00edho algoritmu Ethereum<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Nejnovejsi_nazory_americkych_uradu_na_kryptomeny_virtualni_meny\" title=\"Nejnov\u011bj\u0161\u00ed n\u00e1zory americk\u00fdch \u00fa\u0159ad\u016f na kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny)\">Nejnov\u011bj\u0161\u00ed n\u00e1zory americk\u00fdch \u00fa\u0159ad\u016f na kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Prichod_fyzickeho_ETF_na_Ethereum\" title=\"P\u0159\u00edchod fyzick\u00e9ho ETF na Ethereum\">P\u0159\u00edchod fyzick\u00e9ho ETF na Ethereum<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Urceni_zda_kryptomeny_spadaji_pod_cenne_papiry_Howey_test\" title=\"Ur\u010den\u00ed, zda kryptom\u011bny spadaj\u00ed pod cenn\u00e9 pap\u00edry: Howey test\">Ur\u010den\u00ed, zda kryptom\u011bny spadaj\u00ed pod cenn\u00e9 pap\u00edry: Howey test<\/a><\/li><\/ul><\/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\/crypto-assets-securities\/#Regulace_a_nejnovejsi_trendy_kryptomen_v_Japonsku\" title=\"Regulace a nejnov\u011bj\u0161\u00ed trendy kryptom\u011bn v Japonsku\">Regulace a nejnov\u011bj\u0161\u00ed trendy kryptom\u011bn v Japonsku<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Regulace_tykajici_se_emise_cennych_papiru_v_Japonsku\" title=\"Regulace t\u00fdkaj\u00edc\u00ed se emise cenn\u00fdch pap\u00edr\u016f v Japonsku\">Regulace t\u00fdkaj\u00edc\u00ed se emise cenn\u00fdch pap\u00edr\u016f v Japonsku<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Regulace_obchodovani_v_Japonsku\" title=\"Regulace obchodov\u00e1n\u00ed v Japonsku\">Regulace obchodov\u00e1n\u00ed v Japonsku<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Trendy_nedavnych_zmen_zakonu_v_Japonsku\" title=\"Trendy ned\u00e1vn\u00fdch zm\u011bn z\u00e1kon\u016f v Japonsku\">Trendy ned\u00e1vn\u00fdch zm\u011bn z\u00e1kon\u016f v Japonsku<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#Shrnuti_V_pripade_regulace_kryptomen_se_poradte_s_advokatem\" title=\"Shrnut\u00ed: V p\u0159\u00edpad\u011b regulace kryptom\u011bn se pora\u010fte s advok\u00e1tem\">Shrnut\u00ed: V p\u0159\u00edpad\u011b regulace kryptom\u011bn se pora\u010fte s advok\u00e1tem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/monolith.law\/cs\/it\/crypto-assets-securities\/#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=\"Tradicni_pohledy_a_nove_trendy_v_oblasti_kryptomen_virtualnich_men_podle_japonskeho_prava\"><\/span>Tradi\u010dn\u00ed pohledy a nov\u00e9 trendy v oblasti kryptom\u011bn (virtu\u00e1ln\u00edch m\u011bn) podle japonsk\u00e9ho pr\u00e1va<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V minulosti byly kryptom\u011bny, jako jsou Bitcoin a Ethereum, kter\u00e9 slou\u017e\u00ed jako prost\u0159edek m\u011bnov\u00e9 hodnoty, obecn\u011b pova\u017eov\u00e1ny za &#8220;zbo\u017e\u00ed&#8221; a nebyly zahrnuty do cenn\u00fdch pap\u00edr\u016f.<\/p>\n\n\n\n<p>Av\u0161ak v posledn\u00edch letech se objevuj\u00ed kryptom\u011bny s r\u016fzn\u00fdmi funkcemi, jako jsou pr\u00e1va na vyu\u017e\u00edv\u00e1n\u00ed slu\u017eeb, hlasovac\u00ed pr\u00e1va v podnik\u00e1n\u00ed nebo pr\u00e1va na pod\u00edl na zisku. Tyto multifunk\u010dn\u00ed kryptom\u011bny maj\u00ed tak\u00e9 aspekty investi\u010dn\u00edho n\u00e1stroje a situace se vyv\u00edj\u00ed tak, \u017ee je nelze jednodu\u0161e za\u0159adit pouze do kategorie &#8220;zbo\u017e\u00ed&#8221;.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Diskuse_o_zmene_konsensualniho_algoritmu_Ethereum_a_cennych_papirech_v_Japonsku\"><\/span>Diskuse o zm\u011bn\u011b konsensu\u00e1ln\u00edho algoritmu Ethereum a cenn\u00fdch pap\u00edrech v Japonsku<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\/11\/Shutterstock_687488425.jpg\" alt=\"Vliv zm\u011bny konsensu\u00e1ln\u00edho algoritmu Ethereum na interpretaci cenn\u00fdch pap\u00edr\u016f (kryptom\u011bn)\" class=\"wp-image-63111\" \/><\/figure>\n\n\n\n<p>Velkou pozornost p\u0159it\u00e1hla zm\u011bna konsensu\u00e1ln\u00edho algoritmu u kryptom\u011bny Ethereum, kter\u00e1 pat\u0159\u00ed mezi kryptom\u011bny s nejvy\u0161\u0161\u00ed tr\u017en\u00ed kapitalizac\u00ed (p\u0159echod z PoW na PoS). Tato zm\u011bna vyvolala diskusi o tom, zda by se Ethereum mohlo za\u010d\u00edt pova\u017eovat za cenn\u00fd pap\u00edr.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_konsensualni_algoritmus\"><\/span>Co je konsensu\u00e1ln\u00ed algoritmus<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Konsensu\u00e1ln\u00ed algoritmus je mechanismus, kter\u00fd umo\u017e\u0148uje dos\u00e1hnout konsensu ohledn\u011b ov\u011b\u0159ov\u00e1n\u00ed transakc\u00ed a p\u0159id\u00e1v\u00e1n\u00ed nov\u00fdch blok\u016f v blockchainu.<\/p>\n\n\n\n<p>Pro pochopen\u00ed konsensu\u00e1ln\u00edho algoritmu je nezbytn\u00e9 porozum\u011bt princip\u016fm fungov\u00e1n\u00ed kryptom\u011bn.<\/p>\n\n\n\n<p>Kryptom\u011bny vyu\u017e\u00edvaj\u00ed technologii blockchainu, kde jsou transakce ov\u011b\u0159ov\u00e1ny prost\u0159ednictv\u00edm t\u011b\u017eby a zaji\u0161\u0165uje se tak bezpe\u010dnost blockchainu. Konsensu\u00e1ln\u00ed algoritmus je metoda, kter\u00e1 umo\u017e\u0148uje vytvo\u0159en\u00ed konsensu (dohody) o pravidlech pro p\u0159id\u00e1v\u00e1n\u00ed blok\u016f do blockchainu.<\/p>\n\n\n\n<p>Souvisej\u00edc\u00ed \u010dl\u00e1nek: <a href=\"https:\/\/monolith.law\/corporate\/blockchain-technology\" target=\"_blank\" rel=\"noreferrer noopener\">Jak\u00fd v\u00fdznam m\u00e1 blockchain jako nov\u00e1 technologie[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Zmena_konsensualniho_algoritmu_Ethereum\"><\/span>Zm\u011bna konsensu\u00e1ln\u00edho algoritmu Ethereum<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ethereum p\u016fvodn\u011b pou\u017e\u00edvalo konsensu\u00e1ln\u00ed algoritmus PoW (Proof of Work), kter\u00fd je zn\u00e1m\u00fd z Bitcoinu a dal\u0161\u00edch kryptom\u011bn.<\/p>\n\n\n\n<p>V z\u00e1\u0159\u00ed 2022 (rok 2022) v\u0161ak Ethereum p\u0159e\u0161lo na nov\u00fd konsensu\u00e1ln\u00ed algoritmus PoS (Proof of Stake).<\/p>\n\n\n\n<ul>\n<li>PoW (Proof of Work): Metoda dosahov\u00e1n\u00ed konsensu zalo\u017een\u00e1 na sout\u011b\u017een\u00ed v\u00fdpo\u010detn\u00edch zdroj\u016f. Pou\u017e\u00edv\u00e1 se u Bitcoinu a dal\u0161\u00edch.<\/li>\n\n\n\n<li>PoS (Proof of Stake): Metoda, kde pr\u00e1vo na vytv\u00e1\u0159en\u00ed blok\u016f z\u00e1vis\u00ed na mno\u017estv\u00ed dr\u017een\u00fdch kryptom\u011bn. Pou\u017e\u00edv\u00e1 se u Ethereum.<\/li>\n<\/ul>\n\n\n\n<p>P\u0159echod Ethereum na PoS byl motivov\u00e1n snahou vy\u0159e\u0161it probl\u00e9m s vysokou spot\u0159ebou elektrick\u00e9 energie, kter\u00fd je spojen s PoW.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nejnovejsi_nazory_americkych_uradu_na_kryptomeny_virtualni_meny\"><\/span>Nejnov\u011bj\u0161\u00ed n\u00e1zory americk\u00fdch \u00fa\u0159ad\u016f na kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Zde p\u0159edstavujeme v\u00fdvoj n\u00e1zor\u016f americk\u00fdch \u00fa\u0159ad\u016f na kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prichod_fyzickeho_ETF_na_Ethereum\"><\/span>P\u0159\u00edchod fyzick\u00e9ho ETF na Ethereum<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V z\u00e1\u0159\u00ed 2022 p\u0159edseda Americk\u00e9 komise pro cenn\u00e9 pap\u00edry a burzu (SEC) Gary Gensler nazna\u010dil, \u017ee kryptom\u011bny vyu\u017e\u00edvaj\u00edc\u00ed Proof of Stake (PoS) mohou b\u00fdt pravd\u011bpodobn\u011b pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry. A\u010dkoli nezm\u00ednil konkr\u00e9tn\u00ed n\u00e1zvy, jeho koment\u00e1\u0159e p\u0159i\u0161ly kr\u00e1tce po p\u0159echodu Etherea na PoS, co\u017e p\u0159it\u00e1hlo pozornost trhu.<\/p>\n\n\n\n<p>V kv\u011btnu 2024 bylo v USA schv\u00e1leno fyzick\u00e9 ETF na Ethereum. Tento fakt nazna\u010duje, \u017ee americk\u00e9 regula\u010dn\u00ed org\u00e1ny mo\u017en\u00e1 nevid\u00ed Ethereum \u00fapln\u011b jako cenn\u00fd pap\u00edr, co\u017e by mohlo ovlivnit budouc\u00ed interpretace.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Urceni_zda_kryptomeny_spadaji_pod_cenne_papiry_Howey_test\"><\/span>Ur\u010den\u00ed, zda kryptom\u011bny spadaj\u00ed pod cenn\u00e9 pap\u00edry: Howey test<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V USA se k ur\u010den\u00ed, zda kryptom\u011bny spadaj\u00ed pod cenn\u00e9 pap\u00edry, pou\u017e\u00edv\u00e1 p\u0159edev\u0161\u00edm Howey test. Howey test se zakl\u00e1d\u00e1 na n\u00e1sleduj\u00edc\u00edch \u010dty\u0159ech krit\u00e9ri\u00edch:<\/p>\n\n\n\n<ul>\n<li>Zda doch\u00e1z\u00ed k shroma\u017e\u010fov\u00e1n\u00ed kapit\u00e1lu<\/li>\n\n\n\n<li>O\u010dek\u00e1v\u00e1n\u00ed investor\u016f (zda existuje rozumn\u00e9 o\u010dek\u00e1v\u00e1n\u00ed, \u017ee zisk vznikne d\u00edky \u00fasil\u00ed jin\u00fdch)<\/li>\n\n\n\n<li>Zda jde o spole\u010dn\u00fd podnik<\/li>\n\n\n\n<li>Mo\u017enost zisku<\/li>\n<\/ul>\n\n\n\n<p>Av\u0161ak Howey test nen\u00ed absolutn\u00edm standardem a je aplikov\u00e1n na z\u00e1klad\u011b konkr\u00e9tn\u00edch p\u0159\u00edpad\u016f.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Regulace_a_nejnovejsi_trendy_kryptomen_v_Japonsku\"><\/span>Regulace a nejnov\u011bj\u0161\u00ed trendy kryptom\u011bn v Japonsku<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\/11\/Shutterstock_1043001367.jpg\" alt=\"Regulace v Japonsku v p\u0159\u00edpad\u011b, \u017ee se Ethereum pova\u017euje za cenn\u00fd pap\u00edr\" class=\"wp-image-63109\" \/><\/figure>\n\n\n\n<p>V Japonsku jsou kryptom\u011bny regulov\u00e1ny podle Z\u00e1kona o platebn\u00edm styku, ale pokud je ur\u010dit\u00e1 kryptom\u011bna pova\u017eov\u00e1na za cenn\u00fd pap\u00edr, st\u00e1v\u00e1 se na ni aplikovateln\u00e1 tak\u00e9 regulace podle Z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji.<\/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 znamen\u00e1 regulace kryptom\u011bn? Vysv\u011btlen\u00ed vztahu mezi Z\u00e1konem o platebn\u00edm styku a Z\u00e1konem o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Regulace_tykajici_se_emise_cennych_papiru_v_Japonsku\"><\/span>Regulace t\u00fdkaj\u00edc\u00ed se emise cenn\u00fdch pap\u00edr\u016f v Japonsku<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud jsou kryptom\u011bny pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry, jejich emise m\u016f\u017ee podl\u00e9hat regulac\u00edm t\u00fdkaj\u00edc\u00edm se emise cenn\u00fdch pap\u00edr\u016f. Konkr\u00e9tn\u011b m\u016f\u017ee doj\u00edt k aplikaci n\u00e1sleduj\u00edc\u00edch regulac\u00ed:<\/p>\n\n\n\n<ul>\n<li>Odhalen\u00ed informac\u00ed v ozn\u00e1men\u00ed o cenn\u00fdch pap\u00edrech (\u010dl\u00e1nek 5 Z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty)<\/li>\n\n\n\n<li>Doru\u010den\u00ed prospektu stran\u00e1m (\u010dl\u00e1nek 15 odstavec 2 Z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty)<\/li>\n\n\n\n<li>P\u0159edlo\u017een\u00ed v\u00fdro\u010dn\u00ed zpr\u00e1vy o cenn\u00fdch pap\u00edrech (\u010dl\u00e1nek 24 Z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty)<\/li>\n\n\n\n<li>P\u0159edlo\u017een\u00ed \u010dtvrtletn\u00ed zpr\u00e1vy (\u010dl\u00e1nek 24-4-7 Z\u00e1kona o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty a \u010dl\u00e1nek 4-2-10 odstavec 3 Na\u0159\u00edzen\u00ed o prov\u00e1d\u011bn\u00ed obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Regulace_obchodovani_v_Japonsku\"><\/span>Regulace obchodov\u00e1n\u00ed v Japonsku<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Pokud jsou kryptom\u011bny pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry, mohou podl\u00e9hat regulac\u00edm obchodov\u00e1n\u00ed s cenn\u00fdmi pap\u00edry. Konkr\u00e9tn\u011b m\u016f\u017ee doj\u00edt k aplikaci n\u00e1sleduj\u00edc\u00edch regulac\u00ed:<\/p>\n\n\n\n<ul>\n<li>Regulace insider tradingu (Z\u00e1kon o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch, \u010dl\u00e1nky 166 a 167)<\/li>\n\n\n\n<li>Regulace manipulace s trhem (Z\u00e1kon o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch, \u010dl\u00e1nek 159)<\/li>\n\n\n\n<li>Regulace \u0161\u00ed\u0159en\u00ed f\u00e1m (Z\u00e1kon o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch, \u010dl\u00e1nek 158)<\/li>\n\n\n\n<li>Regulace obchodov\u00e1n\u00ed pod ciz\u00edm jm\u00e9nem (Z\u00e1kon o finan\u010dn\u00edch n\u00e1stroj\u00edch a burz\u00e1ch, \u010dl\u00e1nek 159)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Trendy_nedavnych_zmen_zakonu_v_Japonsku\"><\/span>Trendy ned\u00e1vn\u00fdch zm\u011bn z\u00e1kon\u016f v Japonsku<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V oblasti dan\u00ed z kryptom\u011bn do\u0161lo v da\u0148ov\u00e9m roce Reiwa 4 (2022) k p\u0159ehodnocen\u00ed metody hodnocen\u00ed ur\u010dit\u00fdch kryptom\u011bn v dr\u017een\u00ed pr\u00e1vnick\u00fdch osob v d\u016fsledku da\u0148ov\u00fdch reforem. P\u0159\u00edjmy z p\u0159evodu kryptom\u011bn jednotlivc\u016f jsou st\u00e1le obecn\u011b zdan\u011bny jako r\u016fzn\u00e9 p\u0159\u00edjmy podle celkov\u00e9ho zdan\u011bn\u00ed, ale diskuse o da\u0148ov\u00fdch reform\u00e1ch, v\u010detn\u011b zaveden\u00ed odd\u011blen\u00e9ho zdan\u011bn\u00ed, pokra\u010duj\u00ed.<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/pdf\/virtual_currency_faq_03.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">N\u00e1rodn\u00ed da\u0148ov\u00fd \u00fa\u0159ad Japonska | Da\u0148ov\u00e9 zach\u00e1zen\u00ed s kryptom\u011bnami a podobn\u00fdmi aktivy (informace)[ja]<\/a><\/p>\n\n\n\n<p>Co se t\u00fd\u010de zm\u011bn v z\u00e1kon\u011b o obchodov\u00e1n\u00ed s finan\u010dn\u00edmi produkty, Japonsk\u00e1 finan\u010dn\u00ed agentura zva\u017euje za\u0159azen\u00ed kryptom\u011bn mezi &#8220;finan\u010dn\u00ed produkty&#8221; a zaveden\u00ed regulace insider tradingu. V dubnu Reiwa 7 (2025) byl p\u0159edlo\u017een n\u00e1vrh souvisej\u00edc\u00edch zm\u011bn z\u00e1kon\u016f od Japonsk\u00e9 finan\u010dn\u00ed agentury.<\/p>\n\n\n\n<p>Reference: <a href=\"https:\/\/www.fsa.go.jp\/news\/r6\/sonota\/20250410_2\/01.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Japonsk\u00e1 finan\u010dn\u00ed agentura | P\u0159ezkum syst\u00e9mu souvisej\u00edc\u00edho s kryptom\u011bnami (10. dubna Reiwa 7\/2025)[ja]<\/a><\/p>\n\n\n\n<p>Krom\u011b toho byly v \u010dervnu Reiwa 5 (2023) zavedeny p\u0159edpisy, jako je Travel Rule (povinnost ozn\u00e1men\u00ed t\u00fdkaj\u00edc\u00ed se p\u0159evodu kryptom\u011bn a elektronick\u00fdch platebn\u00edch prost\u0159edk\u016f), a pos\u00edleny regulace pro poskytovatele slu\u017eeb sm\u011bny kryptom\u011bn, v\u010detn\u011b lep\u0161\u00edho odd\u011blen\u00ed spr\u00e1vy klientov\u00fdch aktiv.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti_V_pripade_regulace_kryptomen_se_poradte_s_advokatem\"><\/span>Shrnut\u00ed: V p\u0159\u00edpad\u011b regulace kryptom\u011bn se pora\u010fte s advok\u00e1tem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ur\u010den\u00ed, zda kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny) spadaj\u00ed pod cenn\u00e9 pap\u00edry, je v sou\u010dasn\u00e9 dob\u011b (2023) st\u00e1le obt\u00ed\u017en\u00e9. Nicm\u00e9n\u011b, zejm\u00e9na u multifunk\u010dn\u00edch kryptom\u011bn nelze vylou\u010dit mo\u017enost, \u017ee budou pova\u017eov\u00e1ny za cenn\u00e9 pap\u00edry podle japonsk\u00e9ho pr\u00e1va.<\/p>\n\n\n\n<p>Provozovatel\u00e9 obchoduj\u00edc\u00ed s kryptom\u011bnami by m\u011bli neust\u00e1le sledovat nejnov\u011bj\u0161\u00ed pr\u00e1vn\u00ed p\u0159edpisy a dom\u00e1c\u00ed i mezin\u00e1rodn\u00ed trendy, aby byli p\u0159ipraveni na situaci, kdy by jejich kryptom\u011bny mohly b\u00fdt klasifikov\u00e1ny jako cenn\u00e9 pap\u00edry.<\/p>\n\n\n\n<p>Regulace kryptom\u011bn se o\u010dek\u00e1v\u00e1, \u017ee bude i nad\u00e1le evolvovat. Pokud m\u00e1te jak\u00e9koli nejasnosti nebo obavy, doporu\u010dujeme konzultaci s advok\u00e1tem, kter\u00fd m\u00e1 odborn\u00e9 znalosti v t\u00e9to oblasti.<\/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 se specializuje na IT, zejm\u00e9na na kombinaci internetu a pr\u00e1va. V dne\u0161n\u00ed dob\u011b vy\u017eaduj\u00ed podniky souvisej\u00edc\u00ed s kryptom\u011bnami, kter\u00e9 jsou st\u00e1le v\u00edce v centru pozornosti, vysokou \u00farove\u0148 odbornosti a pr\u00e1vn\u00edho dohledu. Na\u0161e kancel\u00e1\u0159 analyzuje pr\u00e1vn\u00ed rizika spojen\u00e1 s ji\u017e zah\u00e1jen\u00fdmi nebo pl\u00e1novan\u00fdmi podniky s ohledem na r\u016fzn\u00e9 pr\u00e1vn\u00ed p\u0159edpisy a usiluje o to, aby podnik\u00e1n\u00ed mohlo pokra\u010dovat bez p\u0159eru\u0161en\u00ed a bylo v souladu s pr\u00e1vn\u00edmi normami. Podrobnosti naleznete v n\u00e1sleduj\u00edc\u00edm \u010dl\u00e1nku.<\/p>\n\n\n\n<p>Oblasti pr\u00e1va, kter\u00fdmi se pr\u00e1vn\u00ed kancel\u00e1\u0159 Monolith zab\u00fdv\u00e1: <a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">Kryptom\u011bny a blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kryptom\u011bny (virtu\u00e1ln\u00ed m\u011bny) jsou vzhledem k r\u016fznorodosti jejich druh\u016f, zp\u016fsob\u016f vyu\u017eit\u00ed a v\u00fdvoje obchodn\u00edch metod p\u0159edm\u011btem neust\u00e1le se m\u011bn\u00edc\u00edch pr\u00e1vn\u00edch interpretac\u00ed. Zvl\u00e1\u0161t\u011b ot\u00e1zka, zda kryptom\u011bny sp [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":66191,"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\/66011"}],"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=66011"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/66011\/revisions"}],"predecessor-version":[{"id":66193,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/66011\/revisions\/66193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/66191"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=66011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=66011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=66011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}