N\u1ebfu t\u00ednh ch\u1ea5t c\u1ee7a token \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh t\u01b0\u01a1ng \u1ee9ng v\u1edbi “ch\u1ee9ng kho\u00e1n” theo Lu\u1eadt giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh (d\u01b0\u1edbi \u0111\u00e2y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh), token \u0111\u00f3 s\u1ebd tr\u1edf th\u00e0nh \u0111\u1ed1i t\u01b0\u1ee3ng \u00e1p d\u1ee5ng c\u1ee7a Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh. \u0110\u1ea7u ti\u00ean, Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh l\u00e0 g\u00ec? \u0110\u00f3 l\u00e0 l\u0129nh v\u1ef1c ph\u00e1p lu\u1eadt nh\u1eb1m m\u1ee5c \u0111\u00edch b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u00e1t tri\u1ec3n l\u00e0nh m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch khi ph\u00e1t h\u00e0nh v\u00e0 mua b\u00e1n ch\u1ee9ng kho\u00e1n.<\/p>\n\n\n\n
Tr\u00ean Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh, kh\u00f4ng c\u00f3 \u0111\u1ecbnh ngh\u0129a r\u00f5 r\u00e0ng v\u1ec1 “ch\u1ee9ng kho\u00e1n”, m\u00e0 ch\u1ec9 li\u1ec7t k\u00ea t\u1eebng lo\u1ea1i ch\u1ee9ng kho\u00e1n m\u00e0 l\u0129nh v\u1ef1c ph\u00e1p lu\u1eadt n\u00e0y \u00e1p d\u1ee5ng. H\u00e3y xem \u0110i\u1ec1u 2 c\u1ee7a Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh. T\u1ea1i \u0111\u00e2y, c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n c\u1ee5 th\u1ec3 m\u00e0 Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh \u00e1p d\u1ee5ng, bao g\u1ed3m tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7, tr\u00e1i phi\u1ebfu c\u00f4ng ty, c\u1ed5 phi\u1ebfu, v.v., \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea m\u1ed9t c\u00e1ch chi ti\u1ebft.<\/p>\n\n\n\n
\n\u0110i\u1ec1u 2 Trong lu\u1eadt n\u00e0y, “ch\u1ee9ng kho\u00e1n” c\u00f3 ngh\u0129a l\u00e0 c\u00e1c lo\u1ea1i sau \u0111\u00e2y:
1. Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7
2. Tr\u00e1i phi\u1ebfu \u0111\u1ecba ph\u01b0\u01a1ng
3. Tr\u00e1i phi\u1ebfu ph\u00e1t h\u00e0nh b\u1edfi t\u1ed5 ch\u1ee9c ph\u00e1p nh\u00e2n theo lu\u1eadt \u0111\u1eb7c bi\u1ec7t (tr\u1eeb c\u00e1c lo\u1ea1i \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong s\u1ed1 ti\u1ebfp theo v\u00e0 s\u1ed1 11.)
4. Tr\u00e1i phi\u1ebfu \u0111\u1eb7c bi\u1ec7t theo Lu\u1eadt v\u1ec1 h\u00f3a \u0111\u1ed9ng t\u00e0i s\u1ea3n (Lu\u1eadt s\u1ed1 105 n\u0103m 1998)
5. Tr\u00e1i phi\u1ebfu c\u00f4ng ty (bao g\u1ed3m c\u1ea3 tr\u00e1i phi\u1ebfu c\u1ee7a c\u00f4ng ty t\u01b0\u01a1ng h\u1ed7. C\u00f9ng \u00e1p d\u1ee5ng.)
6. Ch\u1ee9ng kho\u00e1n g\u00f3p v\u1ed1n ph\u00e1t h\u00e0nh b\u1edfi t\u1ed5 ch\u1ee9c ph\u00e1p nh\u00e2n \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp theo lu\u1eadt \u0111\u1eb7c bi\u1ec7t (tr\u1eeb c\u00e1c lo\u1ea1i \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong s\u1ed1 ti\u1ebfp theo, s\u1ed1 8 v\u00e0 s\u1ed1 11.)
7. Ch\u1ee9ng kho\u00e1n \u01b0u \u0111\u00e3i g\u00f3p v\u1ed1n c\u1ee7a t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh h\u1ee3p t\u00e1c theo Lu\u1eadt v\u1ec1 \u01b0u \u0111\u00e3i g\u00f3p v\u1ed1n c\u1ee7a t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh h\u1ee3p t\u00e1c (Lu\u1eadt s\u1ed1 44 n\u0103m 1993)
8. Ch\u1ee9ng kho\u00e1n \u01b0u \u0111\u00e3i g\u00f3p v\u1ed1n ho\u1eb7c quy\u1ec1n mua \u01b0u \u0111\u00e3i m\u1edbi theo Lu\u1eadt v\u1ec1 h\u00f3a \u0111\u1ed9ng t\u00e0i s\u1ea3n
9. C\u1ed5 phi\u1ebfu ho\u1eb7c ch\u1ee9ng kho\u00e1n quy\u1ec1n mua c\u1ed5 phi\u1ebfu m\u1edbi
10. Ch\u1ee9ng kho\u00e1n l\u1ee3i \u00edch c\u1ee7a qu\u1ef9 \u0111\u1ea7u t\u01b0 ho\u1eb7c qu\u1ef9 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i theo Lu\u1eadt v\u1ec1 qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty \u0111\u1ea7u t\u01b0 (Lu\u1eadt s\u1ed1 198 n\u0103m 1951)
11. Ch\u1ee9ng kho\u00e1n \u0111\u1ea7u t\u01b0, ch\u1ee9ng kho\u00e1n quy\u1ec1n mua c\u1ed5 ph\u1ea7n \u0111\u1ea7u t\u01b0 m\u1edbi ho\u1eb7c tr\u00e1i phi\u1ebfu c\u00f4ng ty \u0111\u1ea7u t\u01b0 ho\u1eb7c ch\u1ee9ng kho\u00e1n \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i theo Lu\u1eadt v\u1ec1 qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 c\u00f4ng ty \u0111\u1ea7u t\u01b0
(ti\u1ebfp theo) <\/p>\n Lu\u1eadt giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh (Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh) <\/cite><\/blockquote>\n\n\n\n\u0110\u00e1ng ch\u00fa \u00fd, theo Lu\u1eadt d\u00e2n s\u1ef1, “ch\u1ee9ng kho\u00e1n” \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 “ch\u1ee9ng kho\u00e1n bi\u1ec3u th\u1ecb quy\u1ec1n t\u01b0 nh\u00e2n c\u00f3 gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n”, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng n\u00f3 r\u1ed9ng h\u01a1n nhi\u1ec1u so v\u1edbi “ch\u1ee9ng kho\u00e1n” theo Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh.<\/p>\n\n\n\n
Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh l\u00e0 lu\u1eadt \u0111\u1eb7c bi\u1ec7t c\u1ee7a Lu\u1eadt d\u00e2n s\u1ef1 (n\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, \u0111\u00e2y l\u00e0 l\u0129nh v\u1ef1c ph\u00e1p lu\u1eadt c\u00f3 \u00fd ngh\u0129a s\u1eeda \u0111\u1ed5i c\u00e1c nguy\u00ean t\u1eafc v\u00e0 l\u00fd thuy\u1ebft chung c\u1ee5 th\u1ec3). Do \u0111\u00f3, \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n r\u1ed9ng l\u1ea1t theo Lu\u1eadt d\u00e2n s\u1ef1, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh m\u00e0 y\u00eau c\u1ea7u c\u00f4ng b\u1ed1 th\u00f4ng tin (c\u00f2n \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ti\u1ebft l\u1ed9) v\u00e0 ng\u0103n ch\u1eb7n giao d\u1ecbch kh\u00f4ng c\u00f4ng b\u1eb1ng nh\u01b0 giao d\u1ecbch n\u1ed9i gi\u00e1n l\u00e0 l\u1edbn, ch\u00fang \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi Lu\u1eadt Kinh doanh t\u00e0i ch\u00ednh. Hi\u1ec3u nh\u01b0 v\u1eady s\u1ebd t\u1ed1t h\u01a1n.<\/p>\n\n\n\n
<\/span>Ti\u1ec1n \u1ea3o c\u00f3 ph\u1ea3i l\u00e0 “Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb” kh\u00f4ng?<\/span><\/h3>\n\n\n\nTrong danh s\u00e1ch c\u00e1c lo\u1ea1i “Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb” \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea theo Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh (Japanese Financial Instruments and Exchange Act), ti\u1ec1n \u1ea3o kh\u00f4ng \u0111\u01b0\u1ee3c bao g\u1ed3m. Do \u0111\u00f3, theo nguy\u00ean t\u1eafc, ti\u1ec1n \u1ea3o kh\u00f4ng ph\u1ea3i l\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng qu\u1ea3n l\u00fd c\u1ee7a Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh. Th\u1ef1c t\u1ebf, \u0111\u1ed1i v\u1edbi c\u00e1c lo\u1ea1i ti\u1ec1n \u1ea3o ti\u00eau bi\u1ec3u nh\u01b0 Bitcoin, \u0111\u00e3 \u0111\u01b0\u1ee3c r\u00f5 r\u00e0ng h\u00f3a r\u1eb1ng quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh kh\u00f4ng \u00e1p d\u1ee5ng, theo quan \u0111i\u1ec3m c\u1ee7a V\u0103n ph\u00f2ng N\u1ed9i c\u00e1c.<\/p>\n\n\n\n
Tuy nhi\u00ean, khi ph\u00e1t h\u00e0nh token m\u1edbi th\u00f4ng qua ICO, c\u1ea7n xem x\u00e9t li\u1ec7u n\u00f3 c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3 \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 2, Kho\u1ea3n 2, M\u1ee5c 5 c\u1ee7a Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh hay kh\u00f4ng.<\/p>\n\n\n\n
\n\u0110i\u1ec1u 2
2 C\u00e1c quy\u1ec1n \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n tr\u00ean c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea t\u1eeb M\u1ee5c 1 \u0111\u1ebfn M\u1ee5c 15 c\u1ee7a Kho\u1ea3n tr\u01b0\u1edbc, c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong M\u1ee5c 17 c\u1ee7a Kho\u1ea3n \u0111\u00f3 (tr\u1eeb c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb c\u00f3 t\u00ednh ch\u1ea5t nh\u01b0 \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong M\u1ee5c 16.) v\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong M\u1ee5c 18 c\u1ee7a Kho\u1ea3n \u0111\u00f3, c\u0169ng nh\u01b0 c\u00e1c quy\u1ec1n \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n tr\u00ean c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong M\u1ee5c 16, M\u1ee5c 17 (ch\u1ec9 gi\u1edbi h\u1ea1n trong c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb c\u00f3 t\u00ednh ch\u1ea5t nh\u01b0 \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong M\u1ee5c 16.) v\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea t\u1eeb M\u1ee5c 19 \u0111\u1ebfn M\u1ee5c 21, m\u00e0 quy\u1ec1n \u0111\u00f3 \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n tr\u00ean c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh b\u1edfi Ngh\u1ecb \u0111\u1ecbnh c\u1ee7a V\u0103n ph\u00f2ng N\u1ed9i c\u00e1c (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi chung l\u00e0 “Quy\u1ec1n th\u1ec3 hi\u1ec7n tr\u00ean ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb” trong Kho\u1ea3n n\u00e0y v\u00e0 Kho\u1ea3n ti\u1ebfp theo.), ngay c\u1ea3 khi ch\u01b0a ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb th\u1ec3 hi\u1ec7n quy\u1ec1n \u0111\u00f3, quy\u1ec1n \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb, v\u00e0 c\u00e1c quy\u1ec1n tr\u00ean c\u00e1c n\u1ee3 k\u1ef9 thu\u1eadt s\u1ed1 (\u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a trong \u0110i\u1ec1u 2, Kho\u1ea3n 1 c\u1ee7a Lu\u1eadt N\u1ee3 K\u1ef9 thu\u1eadt s\u1ed1 (Lu\u1eadt s\u1ed1 102 n\u0103m 2007 (n\u0103m Heisei 19)) (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 “N\u1ee3 k\u1ef9 thu\u1eadt s\u1ed1” trong Kho\u1ea3n n\u00e0y.) trong s\u1ed1 nh\u1eefng c\u00e1i m\u00e0, sau khi xem x\u00e9t t\u00ednh thanh kho\u1ea3n v\u00e0 c\u00e1c t\u00ecnh hu\u1ed1ng kh\u00e1c, \u0111\u01b0\u1ee3c coi l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 coi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb nh\u01b0 tr\u00e1i phi\u1ebfu c\u00f4ng ty v\u00e0 c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb kh\u00e1c \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong Kho\u1ea3n tr\u01b0\u1edbc, \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh b\u1edfi Ngh\u1ecb \u0111\u1ecbnh (\u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 “N\u1ee3 k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u1eb7c bi\u1ec7t” trong M\u1ee5c 7 v\u00e0 Kho\u1ea3n ti\u1ebfp theo.), s\u1ebd coi n\u1ee3 k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u00f3 l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb, v\u00e0 c\u00e1c quy\u1ec1n \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea d\u01b0\u1edbi \u0111\u00e2y, ngay c\u1ea3 khi l\u00e0 quy\u1ec1n kh\u00f4ng \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n tr\u00ean ch\u1ee9ng kho\u00e1n ho\u1eb7c gi\u1ea5y t\u1edd, c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb v\u00e0 \u00e1p d\u1ee5ng c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt n\u00e0y.
5 Quy\u1ec1n d\u1ef1a tr\u00ean h\u1ee3p \u0111\u1ed3ng li\u00ean \u0111\u1edbi \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 667, Kho\u1ea3n 1 c\u1ee7a B\u1ed9 lu\u1eadt D\u00e2n s\u1ef1 (Lu\u1eadt s\u1ed1 89 n\u0103m 1896 (n\u0103m Meiji 29)), h\u1ee3p \u0111\u1ed3ng li\u00ean \u0111\u1edbi \u1ea9n danh \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 535 c\u1ee7a B\u1ed9 lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i (Lu\u1eadt s\u1ed1 48 n\u0103m 1899 (n\u0103m Meiji 32)), h\u1ee3p \u0111\u1ed3ng li\u00ean \u0111\u1edbi tr\u00e1ch nhi\u1ec7m h\u1ea1n ch\u1ebf \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 3, Kho\u1ea3n 1 c\u1ee7a Lu\u1eadt v\u1ec1 H\u1ee3p \u0111\u1ed3ng Li\u00ean \u0111\u1edbi Tr\u00e1ch nhi\u1ec7m H\u1ea1n ch\u1ebf \u0110\u1ea7u t\u01b0 (Lu\u1eadt s\u1ed1 90 n\u0103m 1998 (n\u0103m Heisei 10)) ho\u1eb7c h\u1ee3p \u0111\u1ed3ng li\u00ean \u0111\u1edbi tr\u00e1ch nhi\u1ec7m h\u1ea1n ch\u1ebf kinh doanh \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 3, Kho\u1ea3n 1 c\u1ee7a Lu\u1eadt v\u1ec1 H\u1ee3p \u0111\u1ed3ng Li\u00ean \u0111\u1edbi Tr\u00e1ch nhi\u1ec7m H\u1ea1n ch\u1ebf Kinh doanh (Lu\u1eadt s\u1ed1 40 n\u0103m 2005 (n\u0103m Heisei 17)), quy\u1ec1n c\u1ee7a th\u00e0nh vi\u00ean c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1p nh\u00e2n v\u00e0 c\u00e1c quy\u1ec1n kh\u00e1c (tr\u1eeb c\u00e1c quy\u1ec1n d\u1ef1a tr\u00ean lu\u1eadt ph\u00e1p n\u01b0\u1edbc ngo\u00e0i.) trong s\u1ed1 nh\u1eefng ng\u01b0\u1eddi c\u00f3 quy\u1ec1n \u0111\u00f3 (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 “Nh\u00e0 \u0111\u1ea7u t\u01b0” trong M\u1ee5c n\u00e0y.), ng\u01b0\u1eddi \u0111\u00e3 \u0111\u1ea7u t\u01b0 ho\u1eb7c g\u00f3p v\u1ed1n b\u1eb1ng ti\u1ec1n (bao g\u1ed3m c\u1ea3 nh\u1eefng th\u1ee9 t\u01b0\u01a1ng t\u1ef1 nh\u01b0 ti\u1ec1n \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh b\u1edfi Ngh\u1ecb \u0111\u1ecbnh.) v\u00e0o kinh doanh (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 “Kinh doanh \u0111\u1ea7u t\u01b0” trong M\u1ee5c n\u00e0y.) t\u1eeb \u0111\u00f3 c\u00f3 th\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn t\u1eeb kinh doanh \u0111\u1ea7u t\u01b0 ho\u1eb7c ph\u00e2n ph\u1ed1i t\u00e0i s\u1ea3n li\u00ean quan \u0111\u1ebfn kinh doanh \u0111\u1ea7u t\u01b0, m\u00e0 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t trong nh\u1eefng \u0111i\u1ec1u sau \u0111\u00e2y (tr\u1eeb quy\u1ec1n \u0111\u01b0\u1ee3c th\u1ec3 hi\u1ec7n tr\u00ean c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong c\u00e1c M\u1ee5c c\u1ee7a Kho\u1ea3n tr\u01b0\u1edbc v\u00e0 quy\u1ec1n \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb theo quy \u0111\u1ecbnh c\u1ee7a Kho\u1ea3n n\u00e0y (tr\u1eeb M\u1ee5c n\u00e0y.).)
(Ti\u1ebfp theo…)<\/p>\nLu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh (Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh Nh\u1eadt B\u1ea3n)<\/cite><\/blockquote>\n\n\n\n\u0110\u1ec3 gi\u1ea3i th\u00edch m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, c\u00e1c ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 tuy\u00ean b\u1ed1 r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd th\u1ef1c hi\u1ec7n \u0111\u1ea7u t\u01b0 b\u1eb1ng ti\u1ec1n m\u1eb7t, kinh doanh s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, v\u00e0 c\u1ed5 t\u1ee9c s\u1ebd \u0111\u01b0\u1ee3c tr\u1ea3 cho nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn m\u00e0 kinh doanh t\u1ea1o ra, ngay c\u1ea3 khi ch\u00fang kh\u00f4ng ph\u1ea3i l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh, s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 \u0111\u1ed1i t\u01b0\u1ee3ng \u00e1p d\u1ee5ng c\u1ee7a Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh. Do \u0111\u00f3, khi ph\u00e1t h\u00e0nh token m\u1edbi th\u00f4ng qua ICO, n\u1ebfu n\u00f3 ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng nh\u01b0 v\u1eady, c\u00e1c ngh\u0129a v\u1ee5 ti\u1ebft l\u1ed9 v\u00e0 t\u1ea1o b\u00e1o c\u00e1o theo Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh s\u1ebd \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n ICO. N\u00f3i t\u00f3m l\u1ea1i, li\u00ean quan \u0111\u1ebfn Lu\u1eadt T\u00e0i ch\u00ednh v\u00e0 Kinh doanh, ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n ICO n\u00ean \u0111\u1eb7c bi\u1ec7t ch\u00fa \u00fd \u0111\u1ebfn vi\u1ec7c li\u1ec7u h\u1ecd c\u00f3 ph\u00f9 h\u1ee3p v\u1edbi h\u1ec7 th\u1ed1ng \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3 hay kh\u00f4ng.<\/p>\n\n\n\n
<\/span>R\u1ed1t cu\u1ed9c l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 vi\u1ebft White Paper<\/span><\/h3>\n\n\n\nTrong th\u1ef1c t\u1ebf, v\u1ea5n \u0111\u1ec1 th\u01b0\u1eddng g\u1eb7p trong quan h\u1ec7 v\u1edbi c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3 n\u00e0y l\u00e0 khi ti\u1ebfn h\u00e0nh so\u1ea1n th\u1ea3o White Paper, \u0111\u1ebfn m\u1ee9c \u0111\u1ed9 n\u00e0o vi\u1ec7c m\u00f4 t\u1ea3 c\u1ee5 th\u1ec3 v\u1ec1 vi\u1ec7c ph\u00e2n ph\u1ed1i l\u1ee3i nhu\u1eadn cho nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh theo Lu\u1eadt Kinh doanh v\u00e0ng Nh\u1eadt B\u1ea3n, ho\u1eb7c li\u1ec7u \u0111i\u1ec1u \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 vi\u1ec7c ph\u00e2n ph\u1ed1i d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn kinh doanh. N\u1ebfu xem x\u00e9t nghi\u00eam t\u00fac vi\u1ec7c t\u0103ng g\u00e1nh n\u1eb7ng cho ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n ICO do b\u1ecb quy \u0111\u1ecbnh theo Lu\u1eadt Kinh doanh v\u00e0ng Nh\u1eadt B\u1ea3n, m\u1ed9t h\u01b0\u1edbng \u0111i l\u00e0 h\u1ea1n ch\u1ebf t\u1ed1i \u0111a vi\u1ec7c m\u00f4 t\u1ea3 c\u1ee5 th\u1ec3 v\u1ec1 nh\u1eefng \u0111i\u1ec1u n\u00e0y. M\u1eb7t kh\u00e1c, n\u1ebfu b\u1ea1n mu\u1ed1n t\u0103ng l\u00f2ng tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eb1ng c\u00e1ch gi\u1ea3i th\u00edch c\u1ee5 th\u1ec3 nh\u1eefng \u0111i\u1ec1u n\u00e0y, vi\u1ec7c thi\u1ebft k\u1ebf token nh\u01b0 m\u1ed9t s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh theo Lu\u1eadt Kinh doanh v\u00e0ng Nh\u1eadt B\u1ea3n c\u0169ng l\u00e0 m\u1ed9t gi\u1ea3i ph\u00e1p. Trong vi\u1ec7c \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh v\u1ec1 nh\u1eefng \u0111i\u1ec3m nh\u01b0 v\u1eady, kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn r\u1eb1ng ng\u01b0\u1eddi ph\u1ee5 tr\u00e1ch ph\u00e1p l\u00fd c\u1ea7n ph\u1ea3i th\u1ec3 hi\u1ec7n s\u1ef1 t\u1ef1 do trong vi\u1ec7c xem x\u00e9t chi\u1ebfn l\u01b0\u1ee3c ICO t\u01b0\u01a1ng \u1ee9ng.<\/p>\n\n\n\n
<\/span>L\u0129nh v\u1ef1c ph\u00e1p lu\u1eadt c\u1ea7n ch\u00fa \u00fd ngo\u00e0i Lu\u1eadt Kinh doanh v\u00e0ng<\/span><\/h2>\n\n\n\nNgo\u00e0i ra, t\u1eeb g\u00f3c \u0111\u1ed9 c\u00e1c m\u1ee5c c\u1ea7n ghi trong B\u00e1o c\u00e1o tr\u1eafng, l\u0129nh v\u1ef1c ph\u00e1p lu\u1eadt c\u1ea7n ch\u00fa \u00fd kh\u00f4ng ch\u1ec9 l\u00e0 Lu\u1eadt Kinh doanh v\u00e0ng. Trong tr\u01b0\u1eddng h\u1ee3p ph\u00f9 h\u1ee3p v\u1edbi “ti\u1ec1n \u1ea3o” theo Lu\u1eadt thanh to\u00e1n ti\u1ec1n t\u1ec7 c\u1ee7a Nh\u1eadt B\u1ea3n, vi\u1ec7c \u0111\u0103ng k\u00fd nh\u01b0 m\u1ed9t nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 \u0111\u1ed5i ti\u1ec1n \u1ea3o s\u1ebd tr\u1edf n\u00ean c\u1ea7n thi\u1ebft. (Vui l\u00f2ng tham kh\u1ea3o b\u00e0i vi\u1ebft kh\u00e1c v\u1ec1 \u0111\u1ecbnh ngh\u0129a ti\u1ec1n \u1ea3o theo Lu\u1eadt thanh to\u00e1n ti\u1ec1n t\u1ec7 c\u1ee7a Nh\u1eadt B\u1ea3n v\u00e0 ngh\u0129a v\u1ee5 c\u1ee7a nh\u00e0 kinh doanh khi \u0111\u00f3.)<\/p>\n\n\n\n
\u0110\u1ed3ng th\u1eddi, n\u1ebfu token \u0111\u00f3 \u0111\u01b0\u1ee3c coi l\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed theo Lu\u1eadt thanh to\u00e1n ti\u1ec1n t\u1ec7 c\u1ee7a Nh\u1eadt B\u1ea3n, ngh\u0129a v\u1ee5 ph\u1ea3i g\u1eedi (cung c\u1ea5p) ti\u1ec1n cho ch\u00ednh ph\u1ee7 t\u01b0\u01a1ng \u1ee9ng v\u1edbi s\u1ed1 ti\u1ec1n ph\u00e1t h\u00e0nh ti\u1ec1n \u0111i\u1ec7n t\u1eed s\u1ebd ph\u00e1t sinh. (Vui l\u00f2ng tham kh\u1ea3o b\u00e0i vi\u1ebft kh\u00e1c v\u1ec1 \u0111\u1ecbnh ngh\u0129a ti\u1ec1n \u0111i\u1ec7n t\u1eed theo Lu\u1eadt thanh to\u00e1n ti\u1ec1n t\u1ec7 c\u1ee7a Nh\u1eadt B\u1ea3n v\u00e0 ngh\u0129a v\u1ee5 c\u1ee7a nh\u00e0 kinh doanh khi \u0111\u00f3.)<\/p>\n\n\n\n
<\/span>T\u00f3m t\u1eaft<\/span><\/h2>\n\n\n\nTrong b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn c\u00e1c v\u1ea5n \u0111\u1ec1 th\u01b0\u1eddng g\u1eb7p li\u00ean quan \u0111\u1ebfn c\u00e1c m\u1ee5c \u0111\u01b0\u1ee3c ghi trong White Paper, ch\u1ee7 y\u1ebfu trong m\u1ed1i li\u00ean h\u1ec7 v\u1edbi Lu\u1eadt Giao d\u1ecbch S\u1ea3n ph\u1ea9m T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n. C\u00f4ng vi\u1ec7c so\u1ea1n th\u1ea3o White Paper kh\u00f4ng ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf vi\u1ec7c truy\u1ec1n \u0111\u1ea1t s\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a token, m\u00e0 c\u00f2n l\u00e0 n\u1ed7 l\u1ef1c l\u00e0m r\u00f5 quy\u1ec1n l\u1ee3i m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3. Do \u0111\u00f3, b\u1ea1n n\u00ean nh\u1edb r\u1eb1ng vi\u1ec7c l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 th\u1ef1c hi\u1ec7n tr\u00e1ch nhi\u1ec7m gi\u1ea3i th\u00edch \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 v\u1ea5n \u0111\u1ec1 thu\u1ed9c v\u1ec1 ph\u00e1p l\u00fd c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n
Ngo\u00e0i ra, c\u00e1c quy \u0111\u1ecbnh ph\u00e1p l\u00fd li\u00ean quan \u0111\u1ebfn ICO m\u00e0 ch\u00fang t\u00f4i \u0111\u00e3 gi\u1edbi thi\u1ec7u trong b\u00e0i vi\u1ebft n\u00e0y, c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn r\u00f5 r\u00e0ng sau khi ph\u00e2n bi\u1ec7t gi\u1eefa v\u1ea5n \u0111\u1ec1 v\u1ec1 ng\u00f4n t\u1eeb h\u00ecnh th\u1ee9c \u0111\u01a1n thu\u1ea7n \u0111\u01b0\u1ee3c ghi trong White Paper (t\u1ee9c l\u00e0 v\u1ea5n \u0111\u1ec1 v\u1ec1 l\u1ef1a ch\u1ecdn t\u1eeb ng\u1eef c\u1ee7a b\u00e0i vi\u1ebft \u0111\u01b0\u1ee3c \u0111\u0103ng tr\u00ean ph\u01b0\u01a1ng ti\u1ec7n truy\u1ec1n th\u00f4ng) v\u00e0 v\u1ea5n \u0111\u1ec1 c\u1ed1t l\u00f5i li\u00ean quan \u0111\u1ebfn thi\u1ebft k\u1ebf token. Do \u0111\u00f3, \u0111\u1ec3 th\u1ef1c hi\u1ec7n ICO m\u1ed9t c\u00e1ch h\u1ee3p ph\u00e1p, h\u00e3y kh\u00f4ng ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf vi\u1ec7c ki\u1ec3m tra ph\u00e1p l\u00fd d\u1ef1a tr\u00ean ng\u00f4n t\u1eeb \u0111\u01b0\u1ee3c ghi trong White Paper, m\u00e0 c\u0169ng c\u1ea7n ki\u1ec3m tra xem c\u00f3 s\u1ef1 ph\u00f9 h\u1ee3p gi\u1eefa c\u00e1c m\u1ee5c \u0111\u01b0\u1ee3c ghi trong White Paper v\u00e0 nh\u1eefng n\u1ed7 l\u1ef1c m\u00e0 doanh nghi\u1ec7p th\u1ef1c s\u1ef1 \u0111ang ti\u1ebfn h\u00e0nh hay kh\u00f4ng.
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<\/p>\n","protected":false},"excerpt":{"rendered":"
Ph\u01b0\u01a1ng ph\u00e1p g\u1ecdi v\u1ed1n b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh ti\u1ec1n \u1ea3o (token) \u0111\u1ed5i l\u1ea1i s\u1ef1 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ICO (Initial Coin Offering). Ph\u01b0\u01a1ng ph\u00e1p g\u1ecdi v\u1ed1n n\u00e0y, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 ICO, ti\u1ebfn tri\u1ec3n th\u00f4ng qua quy tr\u00ecnh t\u01b0\u01a1ng t\u1ef1 nh\u01b0 […]<\/p>\n","protected":false},"author":32,"featured_media":72288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59829"}],"collection":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/comments?post=59829"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59829\/revisions"}],"predecessor-version":[{"id":72290,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/59829\/revisions\/72290"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/72288"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=59829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=59829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=59829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}