{"id":68357,"date":"2024-04-30T13:01:45","date_gmt":"2024-04-30T04:01:45","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=68357"},"modified":"2024-06-04T15:09:40","modified_gmt":"2024-06-04T06:09:40","slug":"sto-securitytoken","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/it\/sto-securitytoken","title":{"rendered":"STO v\u00e0 ICO kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o? Gi\u1ea3i th\u00edch v\u1ec1 kh\u00e1i ni\u1ec7m token b\u1ea3o m\u1eadt v\u00e0 \u00fd ngh\u0129a c\u1ee7a STO"},"content":{"rendered":"\n<p>G\u1ea7n \u0111\u00e2y, STO \u0111ang \u0111\u01b0\u1ee3c ch\u00fa \u00fd nh\u01b0 m\u1ed9t &#8220;ph\u01b0\u01a1ng th\u1ee9c g\u1ecdi v\u1ed1n m\u1edbi&#8221;.<\/p>\n\n\n\n<p>V\u1edbi s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 blockchain v\u00e0 s\u1ef1 thay \u0111\u1ed5i li\u00ean t\u1ee5c trong quy \u0111\u1ecbnh t\u00e0i ch\u00ednh, v\u1ecb tr\u00ed ph\u00e1p l\u00fd c\u1ee7a STO ho\u1eb7c kh\u00e1i ni\u1ec7m token b\u1ea3o m\u1eadt &#8211; tr\u1ecdng t\u00e2m c\u1ee7a STO &#8211; \u0111\u00e3 thay \u0111\u1ed5i nh\u01b0 th\u1ebf n\u00e0o?<\/p>\n\n\n\n<p>V\u00e0 so v\u1edbi kh\u00e1i ni\u1ec7m ICO &#8211; c\u0169ng l\u00e0 m\u1ed9t ph\u01b0\u01a1ng th\u1ee9c g\u1ecdi v\u1ed1n, STO m\u1edbi m\u1ebb \u1edf \u0111i\u1ec3m n\u00e0o?<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft n\u00e0y s\u1ebd cung c\u1ea5p c\u00e2u tr\u1ea3 l\u1eddi cho nh\u1eefng c\u00e2u h\u1ecfi tr\u00ean v\u00e0 gi\u1ea3i th\u00edch \u00fd ngh\u0129a c\u1ee7a vi\u1ec7c th\u1ea3o lu\u1eadn v\u1ec1 STO trong th\u1eddi \u0111\u1ea1i s\u1eafp t\u1edbi.<\/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\/vi\/it\/sto-securitytoken\/#STO_la_gi\" title=\"STO l\u00e0 g\u00ec?\">STO l\u00e0 g\u00ec?<\/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\/vi\/it\/sto-securitytoken\/#Phap_ly_ve_Security_Token\" title=\"Ph\u00e1p l\u00fd v\u1ec1 Security Token\">Ph\u00e1p l\u00fd v\u1ec1 Security Token<\/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\/vi\/it\/sto-securitytoken\/#Vi_tri_phap_ly_cua_%E2%80%9CQuyen_bieu_thi_chung_khoan_co_gia_tri_thong_qua_ghi_chu_dien_tu%E2%80%9D\" title=\"V\u1ecb tr\u00ed ph\u00e1p l\u00fd c\u1ee7a &#8220;Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb th\u00f4ng qua ghi ch\u00fa \u0111i\u1ec7n t\u1eed&#8221;\">V\u1ecb tr\u00ed ph\u00e1p l\u00fd c\u1ee7a &#8220;Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb th\u00f4ng qua ghi ch\u00fa \u0111i\u1ec7n t\u1eed&#8221;<\/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\/vi\/it\/sto-securitytoken\/#Pham_vi_cua_%E2%80%9CChung_khoan_co_gia_tri%E2%80%9D\" title=\"Ph\u1ea1m vi c\u1ee7a &#8220;Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221;\">Ph\u1ea1m vi c\u1ee7a &#8220;Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221;<\/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\/vi\/it\/sto-securitytoken\/#Moi_quan_he_voi_%E2%80%9CQuyen_chuyen_giao_ho_so_dien_tu%E2%80%9D\" title=\"M\u1ed1i quan h\u1ec7 v\u1edbi &#8220;Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;\">M\u1ed1i quan h\u1ec7 v\u1edbi &#8220;Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;<\/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\/vi\/it\/sto-securitytoken\/#%E3%80%8CQuyen_loi_va_cac_van_de_lien_quan_den_chung_khoan_co_gia_tri_duoc_chuyen_doi_qua_ho_so_dien_tu%E3%80%8Dla_gi\" title=\"\u300cQuy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed\u300dl\u00e0 g\u00ec?\">\u300cQuy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed\u300dl\u00e0 g\u00ec?<\/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\/vi\/it\/sto-securitytoken\/#Y_nghia_cua_viec_su_dung_Security_Token_theo_phap_luat_trong_STO\" title=\"\u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng Security Token theo ph\u00e1p lu\u1eadt trong STO\">\u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng Security Token theo ph\u00e1p lu\u1eadt trong STO<\/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\/vi\/it\/sto-securitytoken\/#Thuc_chat_cua_Security_Token_la_gi\" title=\"Th\u1ef1c ch\u1ea5t c\u1ee7a Security Token l\u00e0 g\u00ec\">Th\u1ef1c ch\u1ea5t c\u1ee7a Security Token l\u00e0 g\u00ec<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/vi\/it\/sto-securitytoken\/#Y_nghia_cua_viec_su_dung_STO_dua_tren_token_bao_mat_thuc_te\" title=\"\u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng STO d\u1ef1a tr\u00ean token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf\">\u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng STO d\u1ef1a tr\u00ean token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/vi\/it\/sto-securitytoken\/#ICO_la_gi\" title=\"ICO l\u00e0 g\u00ec?\">ICO l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/monolith.law\/vi\/it\/sto-securitytoken\/#Su_khac_biet_giua_ICO_va_STO\" title=\"S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ICO v\u00e0 STO\">S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ICO v\u00e0 STO<\/a><\/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\/vi\/it\/sto-securitytoken\/#Tom_tat_Y_nghia_cua_viec_thao_luan_ve_khai_niem_STO\" title=\"T\u00f3m t\u1eaft: \u00dd ngh\u0129a c\u1ee7a vi\u1ec7c th\u1ea3o lu\u1eadn v\u1ec1 kh\u00e1i ni\u1ec7m STO\">T\u00f3m t\u1eaft: \u00dd ngh\u0129a c\u1ee7a vi\u1ec7c th\u1ea3o lu\u1eadn v\u1ec1 kh\u00e1i ni\u1ec7m STO<\/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\/vi\/it\/sto-securitytoken\/#Gioi_thieu_ve_cac_bien_phap_cua_van_phong_luat_su_cua_chung_toi\" title=\"Gi\u1edbi thi\u1ec7u v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee7a v\u0103n ph\u00f2ng lu\u1eadt s\u01b0 c\u1ee7a ch\u00fang t\u00f4i\">Gi\u1edbi thi\u1ec7u v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee7a v\u0103n ph\u00f2ng lu\u1eadt s\u01b0 c\u1ee7a ch\u00fang t\u00f4i<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"STO_la_gi\"><\/span>STO l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>STO l\u00e0 t\u1eeb vi\u1ebft t\u1eaft c\u1ee7a Security Token Offering, n\u00f3i chung, \u0111\u00e2y l\u00e0 h\u00e0nh \u0111\u1ed9ng m\u00e0 c\u00e1c c\u00f4ng ty v\u00e0 t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token b\u1ea3o m\u1eadt \u0111\u1ec3 g\u1ecdi v\u1ed1n t\u1eeb c\u00f4ng ch\u00fang.<\/p>\n\n\n\n<p>V\u1ec1 \u0111\u1ecbnh ngh\u0129a c\u1ee7a token b\u1ea3o m\u1eadt, kh\u00f4ng c\u00f3 \u0111\u1ecbnh ngh\u0129a r\u00f5 r\u00e0ng theo ph\u00e1p lu\u1eadt, nh\u01b0ng tr\u00ean trang web c\u1ee7a <a href=\"https:\/\/jstoa.or.jp\/\" data-type=\"link\" data-id=\"https:\/\/jstoa.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n[ja]<\/a> (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 &#8220;Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n&#8221;), t\u1ed5 ch\u1ee9c t\u1ef1 qu\u1ea3n l\u00fd theo Lu\u1eadt Kinh doanh v\u00e0ng Nh\u1eadt B\u1ea3n, c\u00f3 m\u00f4 t\u1ea3 nh\u01b0 sau:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Token b\u1ea3o m\u1eadt (Security Token) (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 &#8220;ST&#8221;) \u0111\u01b0\u1ee3c coi l\u00e0 vi\u1ec7c bi\u1ec3u th\u1ecb gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n (th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;token&#8221;) c\u00f3 th\u1ec3 chuy\u1ec3n nh\u01b0\u1ee3ng b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng t\u1ed5 ch\u1ee9c x\u1eed l\u00fd th\u00f4ng tin \u0111i\u1ec7n t\u1eed, quy\u1ec1n \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb tr\u00ean ch\u1ee9ng kho\u00e1n nh\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu. \u0110\u1ec3 l\u00e0m r\u00f5 vi\u1ec7c quy \u0111\u1ecbnh ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho ST nh\u01b0 v\u1eady, &#8220;quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb chuy\u1ec3n nh\u01b0\u1ee3ng b\u1ea3n ghi \u0111i\u1ec7n t\u1eed&#8221; \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a trong Lu\u1eadt giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch li\u00ean quan (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 &#8220;Lu\u1eadt giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh, v.v.&#8221;) \u0111\u00e3 \u0111\u01b0\u1ee3c ban h\u00e0nh v\u00e0o ng\u00e0y 1 th\u00e1ng 5 n\u0103m 2020 (n\u0103m 2020 theo l\u1ecbch Gregory). Vi\u1ec7c g\u1ecdi v\u1ed1n b\u1eb1ng c\u00e1ch ph\u00e1t h\u00e0nh ST nh\u01b0 v\u1eady \u0111\u01b0\u1ee3c g\u1ecdi chung l\u00e0 STO (Security Token Offering) (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 &#8220;STO&#8221;).<\/p>\n<cite><a href=\"https:\/\/jstoa.or.jp\/investor\/sto\/#about-sto\" target=\"_blank\" rel=\"noreferrer noopener\">Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n\uff5cSTO l\u00e0 g\u00ec?[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>H\u01a1n n\u1eefa, tr\u00ean trang web c\u1ee7a <a href=\"https:\/\/securitytoken.or.jp\/\" data-type=\"link\" data-id=\"https:\/\/securitytoken.or.jp\/\" target=\"_blank\" rel=\"noreferrer noopener\">Hi\u1ec7p h\u1ed9i Token B\u1ea3o m\u1eadt Nh\u1eadt B\u1ea3n[ja]<\/a> (d\u01b0\u1edbi \u0111\u00e2y g\u1ecdi l\u00e0 &#8220;JSTA&#8221;), \u0111\u1ed1i t\u00e1c c\u1ee7a Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n, c\u0169ng c\u00f3 m\u00f4 t\u1ea3 nh\u01b0 sau:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Token b\u1ea3o m\u1eadt l\u00e0 m\u1ed9t trong nh\u1eefng token s\u1ed1 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u00ean m\u1ea1ng blockchain, ch\u1ec9 \u0111\u1ebfn nh\u1eefng token c\u00f3 s\u1ef1 \u0111\u1ea3m b\u1ea3o c\u1ee7a ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb ho\u1eb7c t\u00e0i s\u1ea3n v\u00e0 gi\u00e1 tr\u1ecb kh\u00e1c. T\u1eadn d\u1ee5ng \u0111\u1eb7c t\u00ednh c\u1ee7a blockchain, quy\u1ec1n \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c chuy\u1ec3n nh\u01b0\u1ee3ng m\u1ed9t c\u00e1ch an to\u00e0n v\u00e0 kh\u00f4ng gi\u1edbi h\u1ea1n \u0111\u1ecba l\u00fd. Trong ph\u00e1p lu\u1eadt Nh\u1eadt B\u1ea3n, n\u00f3 th\u01b0\u1eddng ch\u1ec9 \u0111\u1ebfn nh\u1eefng th\u1ee9 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 &#8220;quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb chuy\u1ec3n nh\u01b0\u1ee3ng b\u1ea3n ghi \u0111i\u1ec7n t\u1eed&#8221; theo Lu\u1eadt giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh, nh\u01b0ng t\u1ea1i JSTA, ch\u00fang t\u00f4i c\u0169ng bao g\u1ed3m trong \u0111\u1ecbnh ngh\u0129a c\u1ee7a token b\u1ea3o m\u1eadt nh\u1eefng token bi\u1ec3u th\u1ecb quy\u1ec1n \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n kh\u00f4ng \u00e1p d\u1ee5ng Lu\u1eadt n\u00e0y v\u00e0 nh\u1eefng token bi\u1ec3u th\u1ecb quy\u1ec1n \u0111\u00f3.<\/p>\n<cite><a href=\"https:\/\/securitytoken.or.jp\/st%e3%81%ae%e5%ae%9a%e7%be%a9\/\" target=\"_blank\" rel=\"noreferrer noopener\">JSTA\uff5c\u0110\u1ecbnh ngh\u0129a ST v\u00e0 ph\u1ea1m vi c\u1ee7a JSTA[ja]<\/a><\/cite><\/blockquote>\n\n\n\n<p>N\u00f3i c\u00e1ch kh\u00e1c, c\u00e1c kh\u00e1i ni\u1ec7m nh\u01b0 &#8220;STO&#8221; v\u00e0 &#8220;token b\u1ea3o m\u1eadt&#8221; c\u00f3 th\u1ec3 c\u00f3 ph\u1ea1m vi ch\u1ec9 \u0111\u1ecbnh kh\u00e1c nhau t\u00f9y theo ng\u01b0\u1eddi n\u00f3i.<\/p>\n\n\n\n<p>V\u00ec v\u1eady, trong b\u00e0i vi\u1ebft n\u00e0y, theo JSTA, ch\u00fang t\u00f4i ph\u00e2n lo\u1ea1i &#8220;token b\u1ea3o m\u1eadt&#8221; th\u00e0nh hai lo\u1ea1i ch\u00ednh sau:<\/p>\n\n\n\n<ul>\n<li>Token b\u1ea3o m\u1eadt theo ph\u00e1p lu\u1eadt (= &#8220;quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb chuy\u1ec3n nh\u01b0\u1ee3ng b\u1ea3n ghi \u0111i\u1ec7n t\u1eed&#8221; theo Lu\u1eadt Kinh doanh v\u00e0ng, v.v.)<\/li>\n\n\n\n<li>Token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf (= token h\u00f3a quy\u1ec1n \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n kh\u00f4ng \u00e1p d\u1ee5ng Lu\u1eadt Kinh doanh v\u00e0ng v\u00e0 c\u00e1c lu\u1eadt li\u00ean quan v\u00e0 token bi\u1ec3u th\u1ecb quy\u1ec1n \u0111\u00f3)<\/li>\n<\/ul>\n\n\n\n<p>V\u00e0 khi suy ngh\u0129 v\u1ec1 STO, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i ph\u00e2n bi\u1ec7t r\u00f5 r\u00e0ng token b\u1ea3o m\u1eadt n\u00e0o \u0111ang \u0111\u01b0\u1ee3c n\u00f3i \u0111\u1ebfn. B\u1edfi v\u00ec, n\u1ebfu \u0111\u00f3 l\u00e0 token b\u1ea3o m\u1eadt theo ph\u00e1p lu\u1eadt, c\u00e1c quy \u0111\u1ecbnh v\u1ec1 c\u00f4ng b\u1ed1 v\u00e0 quy \u0111\u1ecbnh ng\u00e0nh ngh\u1ec1 theo Lu\u1eadt Kinh doanh v\u00e0ng s\u1ebd \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng, trong khi \u0111\u1ed1i v\u1edbi token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf, c\u00e1c quy \u0111\u1ecbnh n\u00e0y kh\u00f4ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng, do \u0111\u00f3 c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t l\u1edbn trong c\u00e1c th\u1ee7 t\u1ee5c y\u00eau c\u1ea7u.<\/p>\n\n\n\n<p>Do \u0111\u00f3, d\u01b0\u1edbi \u0111\u00e2y, ch\u00fang t\u00f4i s\u1ebd gi\u1ea3i th\u00edch \u00fd ngh\u0129a c\u1ee7a STO cho c\u1ea3 token b\u1ea3o m\u1eadt theo ph\u00e1p lu\u1eadt v\u00e0 token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phap_ly_ve_Security_Token\"><\/span>Ph\u00e1p l\u00fd v\u1ec1 Security Token<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Trong ph\u00e1p l\u00fd, Security (ch\u1ee9ng kho\u00e1n) ch\u00ednh l\u00e0 &#8220;ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221; theo Lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i v\u00e0 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n, v\u00e0 Token, theo ph\u00e1p l\u00fd, \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a l\u00e0 &#8220;quy\u1ec1n l\u1ee3i \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb tr\u00ean gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ghi l\u1ea1i v\u00e0 chuy\u1ec3n nh\u01b0\u1ee3ng \u0111i\u1ec7n t\u1eed&#8221;.<\/p>\n\n\n\n<p class=\"has-text-align-left\">Trong b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i s\u1ebd s\u1eed d\u1ee5ng t\u1eeb &#8220;Token h\u00f3a&#8221; \u0111\u1ec3 m\u00f4 t\u1ea3 qu\u00e1 tr\u00ecnh x\u1eed l\u00fd \u0111i\u1ec7n t\u1eed \u0111\u1ec3 bi\u1ec3u th\u1ecb quy\u1ec1n l\u1ee3i tr\u00ean Token. Qu\u00e1 tr\u00ecnh x\u1eed l\u00fd \u0111i\u1ec7n t\u1eed \u1edf \u0111\u00e2y ch\u1ee7 y\u1ebfu l\u00e0 c\u00f4ng ngh\u1ec7 blockchain, nh\u01b0ng kh\u00f4ng h\u1ea1n ch\u1ebf ch\u1ec9 \u1edf \u0111\u00f3.<\/p>\n\n\n\n<p>V\u00e0 &#8220;Quy\u1ec1n l\u1ee3i bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb chuy\u1ec3n nh\u01b0\u1ee3ng \u0111i\u1ec7n t\u1eed&#8221; l\u00e0 c\u00e1ch di\u1ec5n \u0111\u1ea1t ng\u1eafn g\u1ecdn v\u1ec1 Security Token theo ph\u00e1p l\u00fd. Tuy nhi\u00ean, v\u1ecb tr\u00ed ph\u00e1p l\u00fd c\u1ee7a n\u00f3 h\u01a1i ph\u1ee9c t\u1ea1p, v\u00ec v\u1eady ch\u00fang ta s\u1ebd xem x\u00e9t t\u1eebng b\u01b0\u1edbc m\u1ed9t m\u1ed9t c\u00e1ch c\u1ea9n th\u1eadn.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Vi_tri_phap_ly_cua_%E2%80%9CQuyen_bieu_thi_chung_khoan_co_gia_tri_thong_qua_ghi_chu_dien_tu%E2%80%9D\"><\/span>V\u1ecb tr\u00ed ph\u00e1p l\u00fd c\u1ee7a &#8220;Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb th\u00f4ng qua ghi ch\u00fa \u0111i\u1ec7n t\u1eed&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u00ec h\u01a1i d\u00e0i, h\u00e3y th\u1eed ph\u00e2n t\u00edch nh\u01b0 sau:<\/p>\n\n\n\n<ul>\n<li>&#8220;Ghi ch\u00fa \u0111i\u1ec7n t\u1eed&#8221;<\/li>\n\n\n\n<li>&#8220;Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221;<\/li>\n\n\n\n<li>&#8220;V\u00e0 nh\u1eefng th\u1ee9 kh\u00e1c&#8221;<\/li>\n<\/ul>\n\n\n\n<p>\u0110\u1ea7u ti\u00ean, &#8220;Ghi ch\u00fa \u0111i\u1ec7n t\u1eed&#8221; c\u00f3 ngh\u0129a l\u00e0 &#8220;c\u00f3 th\u1ec3 ghi ch\u00fa v\u00e0 chuy\u1ec3n \u0111\u1ed5i \u0111i\u1ec7n t\u1eed&#8221;, \u0111\u1ec1 c\u1eadp \u0111\u1ebfn nh\u1eefng th\u1ee9 \u0111\u00e3 \u0111\u01b0\u1ee3c &#8220;token h\u00f3a&#8221; nh\u01b0 \u0111\u00e3 n\u00f3i \u1edf tr\u00ean.<\/p>\n\n\n\n<p>Ti\u1ebfp theo l\u00e0 &#8220;Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221;. \u0110\u1ed1i v\u1edbi \u0111i\u1ec1u n\u00e0y, c\u1ea7n ph\u1ea3i hi\u1ec3u \u0111\u00fang v\u1ec1 kh\u00e1i ni\u1ec7m &#8220;ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221; trong ph\u00e1p lu\u1eadt, v\u00ec v\u1eady t\u00f4i s\u1ebd gi\u1ea3i th\u00edch d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pham_vi_cua_%E2%80%9CChung_khoan_co_gia_tri%E2%80%9D\"><\/span>Ph\u1ea1m vi c\u1ee7a &#8220;Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>&#8220;Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221; l\u00e0 kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n \u0111\u1ecbnh r\u00f5 ph\u1ea1m vi \u00e1p d\u1ee5ng c\u1ee7a Lu\u1eadt Kinh doanh v\u00e0ng (Japanese Financial Instruments and Exchange Act), nh\u01b0ng m\u1eb7c d\u00f9 n\u00f3i chung ch\u00fang ta g\u1ecdi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb, theo lu\u1eadt Kinh doanh v\u00e0ng, ch\u00fang \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i th\u00e0nh &#8220;Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111i\u1ec1u 1&#8221; v\u00e0 &#8220;Ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh c\u00f3 gi\u00e1 tr\u1ecb&#8221;, v\u00e0 m\u1ed1i quan h\u1ec7 \u00e1p d\u1ee5ng c\u1ee7a quy \u0111\u1ecbnh c\u00f4ng b\u1ed1 v\u00e0 quy \u0111\u1ecbnh ng\u00e0nh ngh\u1ec1 kh\u00e1c nhau t\u00f9y thu\u1ed9c v\u00e0o lo\u1ea1i h\u00ecnh.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-group__inner-container\">\n<figure class=\"wp-block-image size-full is-style-default\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/a264a031ec0bb22828cdb26e90f7b61b.png\" alt=\"Ph\u1ea1m vi c\u1ee7a 'Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb'\" class=\"wp-image-50681\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<p>V\u00e0 quan \u0111i\u1ec3m ph\u00e2n bi\u1ec7t gi\u1eefa Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111i\u1ec1u 1 v\u00e0 Ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh c\u00f3 gi\u00e1 tr\u1ecb l\u00e0 &#8220;\u0111\u1ed9 l\u01b0u th\u00f4ng cao&#8221;.<\/p>\n\n\n\n<p>\u0110\u1ed1i v\u1edbi Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111i\u1ec1u 1, c\u00f3 \u0111\u1ed9 l\u01b0u th\u00f4ng cao theo lo\u1ea1i h\u00ecnh, nguy\u00ean t\u1eafc l\u00e0 \u00e1p d\u1ee5ng quy \u0111\u1ecbnh c\u00f4ng b\u1ed1 v\u00e0 nh\u1eadn quy \u0111\u1ecbnh nghi\u00eam ng\u1eb7t trong quy \u0111\u1ecbnh ng\u00e0nh ngh\u1ec1. M\u1eb7t kh\u00e1c, \u0111\u1ed1i v\u1edbi Ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh c\u00f3 gi\u00e1 tr\u1ecb, c\u00f3 \u0111\u1ed9 l\u01b0u th\u00f4ng th\u1ea5p theo lo\u1ea1i h\u00ecnh, nguy\u00ean t\u1eafc l\u00e0 kh\u00f4ng \u00e1p d\u1ee5ng quy \u0111\u1ecbnh c\u00f4ng b\u1ed1, v\u00e0 quy \u0111\u1ecbnh ng\u00e0nh ngh\u1ec1 c\u0169ng nh\u1eb9 nh\u00e0ng h\u01a1n so v\u1edbi Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111i\u1ec1u 1.<\/p>\n\n\n\n<p>Ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111i\u1ec1u 1, v\u00ec ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh d\u01b0\u1edbi d\u1ea1ng gi\u1ea5y (v\u0103n b\u1ea3n) v\u00e0 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u00ean c\u00f3 \u0111\u1ed9 l\u01b0u th\u00f4ng cao theo lo\u1ea1i h\u00ecnh, trong khi \u0111\u00f3, Ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh c\u00f3 gi\u00e1 tr\u1ecb, v\u00ec kh\u00f4ng c\u00f3 v\u0103n b\u1ea3n \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh, &#8220;quy\u1ec1n l\u1ee3i l\u00e0 kh\u00e1i ni\u1ec7m tr\u1eebu t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221;, n\u00ean \u0111\u01b0\u1ee3c coi l\u00e0 c\u00f3 \u0111\u1ed9 l\u01b0u th\u00f4ng th\u1ea5p theo lo\u1ea1i h\u00ecnh.<\/p>\n\n\n\n<p>N\u00f3i c\u00e1ch kh\u00e1c, &#8220;Quy\u1ec1n l\u1ee3i bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221; l\u00e0 quy\u1ec1n l\u1ee3i n\u00ean \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb tr\u00ean ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong \u0111i\u1ec1u 1 m\u1ed7i m\u1ee5c, trong tr\u01b0\u1eddng h\u1ee3p kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh d\u01b0\u1edbi d\u1ea1ng v\u0103n b\u1ea3n (n\u00f3i m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n, \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh \u0111i\u1ec7n t\u1eed).<\/p>\n\n\n\n<p>Tuy nhi\u00ean, v\u1edbi quy\u1ec1n l\u1ee3i \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh \u0111i\u1ec7n t\u1eed nh\u01b0 v\u1eady, \u0111i\u1ec1u phi\u1ec1n to\u00e1i l\u00e0, theo Lu\u1eadt Kinh doanh v\u00e0ng, c\u00f3 m\u1ed9t kh\u00e1i ni\u1ec7m kh\u00e1c l\u00e0 &#8220;Quy\u1ec1n l\u1ee3i chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;, v\u00ec v\u1eady c\u1ea7n ph\u1ea3i gi\u1ea3i th\u00edch v\u1ec1 \u0111i\u1ec1u n\u00e0y.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Moi_quan_he_voi_%E2%80%9CQuyen_chuyen_giao_ho_so_dien_tu%E2%80%9D\"><\/span>M\u1ed1i quan h\u1ec7 v\u1edbi &#8220;Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>STO th\u01b0\u1eddng \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 nh\u01b0 m\u1ed9t &#8220;ph\u01b0\u01a1ng th\u1ee9c g\u1ecdi v\u1ed1n m\u1edbi&#8221;, \u0111\u1eb7c tr\u01b0ng b\u1edfi vi\u1ec7c token h\u00f3a c\u00e1c quy\u1ec1n kh\u00f4ng nh\u1ea5t thi\u1ebft thu\u1ed9c v\u1ec1 lo\u1ea1i ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i.<\/p>\n\n\n\n<p>Lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i v\u00e0ng (Japanese Financial Instruments and Exchange Act) \u0111\u00e3 \u0111\u1eb7t \u0111i\u1ec1u kho\u1ea3n 2, m\u1ee5c 2, s\u1ed1 5 nh\u01b0 m\u1ed9t quy \u0111\u1ecbnh to\u00e0n di\u1ec7n \u0111\u1ec3 v\u1ebd ranh gi\u1edbi ph\u1ea1m vi \u00e1p d\u1ee5ng c\u1ee7a n\u00f3, \u0111\u1ec3 c\u00f3 th\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh m\u1edbi nh\u01b0 v\u1eady. N\u00f3i chung, quy\u1ec1n \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong s\u1ed1 n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;Ph\u1ea7n t\u1eed \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3&#8221; (Collective Investment Scheme Interest).<\/p>\n\n\n\n<p>V\u00e0, Lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i v\u00e0ng quy \u0111\u1ecbnh nh\u1eefng quy\u1ec1n \u0111\u01b0\u1ee3c token h\u00f3a, bao g\u1ed3m c\u1ea3 Ph\u1ea7n t\u1eed \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, d\u01b0\u1edbi d\u1ea1ng &#8220;Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;.<\/p>\n\n\n\n<p>N\u00f3i c\u00e1ch kh\u00e1c, &#8220;Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221; v\u00e0 &#8220;Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; \u0111\u1ec1u c\u00f3 \u0111i\u1ec3m chung l\u00e0 vi\u1ec7c token h\u00f3a quy\u1ec1n, nh\u01b0ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 quy\u1ec1n \u0111\u01b0\u1ee3c token h\u00f3a.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/0272aa24a008f8af345139a2be808d6c-1024x105.png\" alt=\"M\u1ed1i quan h\u1ec7 v\u1edbi 'Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed'\" class=\"wp-image-50673\" \/><\/figure>\n\n\n\n<p>N\u1ebfu \u0111\u00e1p \u1ee9ng v\u1edbi Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed, th\u1eadm ch\u00ed \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh kh\u00f4ng b\u1ecb \u00e1p d\u1ee5ng quy \u0111\u1ecbnh ti\u1ebft l\u1ed9 v\u00ec t\u00ednh l\u01b0u th\u00f4ng th\u1ea5p, n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c xem x\u00e9t nh\u01b0 ch\u1ee9ng kho\u00e1n m\u1ee5c 1 trong vi\u1ec7c \u00e1p d\u1ee5ng quy \u0111\u1ecbnh ti\u1ebft l\u1ed9 (Lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i v\u00e0ng, \u0110i\u1ec1u 2, M\u1ee5c 3). \u0110i\u1ec1u n\u00e0y l\u00e0 \u0111\u1eb7c bi\u1ec7t (Ngo\u00e0i ra, \u0110i\u1ec1u 28, M\u1ee5c 1, S\u1ed1 1 c\u1ee7a Lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i v\u00e0ng c\u0169ng xem Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed nh\u01b0 ch\u1ee9ng kho\u00e1n m\u1ee5c 1 trong vi\u1ec7c \u00e1p d\u1ee5ng quy \u0111\u1ecbnh ng\u00e0nh).<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Trong lu\u1eadt n\u00e0y, &#8220;g\u1ecdi v\u1ed1n ch\u1ee9ng kho\u00e1n&#8221; l\u00e0 vi\u1ec7c m\u1eddi g\u1ecdi \u0111\u0103ng k\u00fd mua ch\u1ee9ng kho\u00e1n m\u1edbi ph\u00e1t h\u00e0nh (bao g\u1ed3m c\u1ea3 h\u00e0nh \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh b\u1edfi quy\u1ebft \u0111\u1ecbnh c\u1ee7a B\u1ed9 N\u1ed9i v\u1ee5 (\u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;h\u00e0nh \u0111\u1ed9ng t\u01b0\u01a1ng t\u1ef1 m\u1eddi g\u1ecdi mua&#8221; trong m\u1ee5c ti\u1ebfp theo. D\u01b0\u1edbi \u0111\u00e2y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;m\u1eddi g\u1ecdi mua&#8221;.) trong s\u1ed1 \u0111\u00f3, tr\u01b0\u1eddng h\u1ee3p m\u1eddi g\u1ecdi mua li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n ho\u1eb7c Quy\u1ec1n bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh, Quy\u1ec1n n\u1ee3 h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed c\u1ee5 th\u1ec3 ho\u1eb7c quy\u1ec1n \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong m\u1ee5c n\u00e0y (Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed) (\u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n trong tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c bi\u1ec3u th\u1ecb b\u1eb1ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 chuy\u1ec3n giao b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng t\u1ed5 ch\u1ee9c x\u1eed l\u00fd th\u00f4ng tin \u0111i\u1ec7n t\u1eed (gi\u1edbi h\u1ea1n cho nh\u1eefng th\u1ee9 \u0111\u01b0\u1ee3c ghi l\u1ea1i b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p \u0111i\u1ec7n t\u1eed tr\u00ean thi\u1ebft b\u1ecb \u0111i\u1ec7n t\u1eed ho\u1eb7c v\u1eadt kh\u00e1c.) (tr\u1eeb tr\u01b0\u1eddng h\u1ee3p quy \u0111\u1ecbnh b\u1edfi quy\u1ebft \u0111\u1ecbnh c\u1ee7a B\u1ed9 N\u1ed9i v\u1ee5 sau khi xem x\u00e9t t\u00ednh l\u01b0u th\u00f4ng v\u00e0 c\u00e1c t\u00ecnh hu\u1ed1ng kh\u00e1c.) D\u01b0\u1edbi \u0111\u00e2y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;.) (trong M\u1ee5c ti\u1ebfp theo v\u00e0 M\u1ee5c 6, \u0110i\u1ec1u 2-3, M\u1ee5c 4 v\u00e0 M\u1ee5c 5 c\u0169ng nh\u01b0 \u0110i\u1ec1u 23-13, M\u1ee5c 4, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;Ch\u1ee9ng kho\u00e1n m\u1ee5c 1&#8221;.) l\u00e0 tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong S\u1ed1 1 v\u00e0 S\u1ed1 2, tr\u01b0\u1eddng h\u1ee3p m\u1eddi g\u1ecdi mua li\u00ean quan \u0111\u1ebfn quy\u1ec1n \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong m\u1ee5c n\u00e0y (tr\u1eeb Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed. Trong M\u1ee5c ti\u1ebfp theo, \u0110i\u1ec1u 2-3, M\u1ee5c 4 v\u00e0 M\u1ee5c 5 c\u0169ng nh\u01b0 \u0110i\u1ec1u 23-13, M\u1ee5c 4, \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 &#8220;Ch\u1ee9ng kho\u00e1n m\u1ee5c 2&#8221;.) l\u00e0 tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea trong S\u1ed1 3, v\u00e0 &#8220;g\u1ecdi v\u1ed1n ch\u1ee9ng kho\u00e1n t\u01b0 nh\u00e2n&#8221; l\u00e0 vi\u1ec7c m\u1eddi g\u1ecdi mua kh\u00f4ng ph\u1ea3i l\u00e0 g\u1ecdi v\u1ed1n ch\u1ee9ng kho\u00e1n.<\/p>\n<cite>Lu\u1eadt Th\u01b0\u01a1ng m\u1ea1i v\u00e0ng, \u0110i\u1ec1u 2, M\u1ee5c 3<\/cite><\/blockquote>\n\n\n\n<p>C\u00f3 hai l\u00fd do khi\u1ebfn quy \u0111\u1ecbnh v\u1ec1 Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed c\u00f3 c\u1ea5u tr\u00fac \u0111\u1eb7c bi\u1ec7t nh\u01b0 v\u1eady.<\/p>\n\n\n\n<p>M\u1ed9t l\u00e0, do t\u1ef1 do thi\u1ebft k\u1ebf token cao, vi\u1ec7c li\u1ec7t k\u00ea r\u00f5 r\u00e0ng v\u00e0 ri\u00eang bi\u1ec7t nh\u01b0 c\u00e1c ch\u1ee9ng kho\u00e1n kh\u00e1c l\u00e0 kh\u00f3 kh\u0103n. M\u1ed9t l\u00fd do kh\u00e1c l\u00e0, Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c bao g\u1ed3m trong kh\u00e1i ni\u1ec7m Ph\u1ea7n t\u1eed \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, nh\u01b0ng n\u1ebfu v\u1eady, n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c x\u1ebfp v\u00e0o ch\u1ee9ng kho\u00e1n m\u1ee5c 2 kh\u00f4ng b\u1ecb \u00e1p d\u1ee5ng quy \u0111\u1ecbnh ti\u1ebft l\u1ed9, v\u00e0 kh\u00f4ng th\u1ec3 \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c t\u00ednh ch\u1ea5t c\u1ee7a token, \u0111\u00f3 l\u00e0 t\u00ednh l\u01b0u th\u00f4ng cao do \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean blockchain.<\/p>\n\n\n\n<p>Vi\u1ec7c \u0111\u1ecbnh ngh\u0129a Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed \u0111\u01b0\u1ee3c \u0111\u1eb7t trong quy \u0111\u1ecbnh \u0111\u1ecbnh ngh\u0129a &#8220;g\u1ecdi v\u1ed1n ch\u1ee9ng kho\u00e1n&#8221;, v\u1ebd ph\u1ea1m vi \u00e1p d\u1ee5ng quy \u0111\u1ecbnh ti\u1ebft l\u1ed9, ch\u1ee9 kh\u00f4ng ph\u1ea3i trong quy \u0111\u1ecbnh \u0111\u1ecbnh ngh\u0129a ch\u1ee9ng kho\u00e1n, c\u0169ng v\u00ec l\u00fd do \u0111\u00f3.<\/p>\n\n\n\n<p>Tuy kh\u00f4ng m\u00f4 t\u1ea3 chi ti\u1ebft \u1edf \u0111\u00e2y, nh\u01b0ng \u0111\u1ed1i v\u1edbi nh\u1eefng th\u1ee9 \u0111\u00e3 \u0111\u01b0\u1ee3c lo\u1ea1i tr\u1eeb kh\u1ecfi Quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed theo quy\u1ebft \u0111\u1ecbnh c\u1ee7a B\u1ed9 N\u1ed9i v\u1ee5, ngay c\u1ea3 khi \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh \u0111i\u1ec7n t\u1eed, ch\u00fang v\u1eabn \u0111\u01b0\u1ee3c xem nh\u01b0 ch\u1ee9ng kho\u00e1n gi\u1ea3 \u0111\u1ecbnh nh\u01b0 b\u00ecnh th\u01b0\u1eddng (\u0110i\u1ec1u 9-2 c\u1ee7a Quy\u1ebft \u0111\u1ecbnh c\u1ee7a B\u1ed9 N\u1ed9i v\u1ee5 v\u1ec1 \u0111\u1ecbnh ngh\u0129a \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 2 c\u1ee7a Lu\u1eadt Giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E3%80%8CQuyen_loi_va_cac_van_de_lien_quan_den_chung_khoan_co_gia_tri_duoc_chuyen_doi_qua_ho_so_dien_tu%E3%80%8Dla_gi\"><\/span>\u300cQuy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed\u300dl\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u1edbi nh\u1eefng \u0111i\u1ec1u ki\u1ec7n tr\u00ean, h\u00e3y x\u00e1c \u0111\u1ecbnh v\u1ecb tr\u00ed c\u1ee7a &#8220;Quy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; trong Lu\u1eadt Kinh doanh v\u00e0ng (Japanese Financial Instruments and Exchange Act).<\/p>\n\n\n\n<p>Th\u1ef1c ra, kh\u00e1i ni\u1ec7m &#8220;Quy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; kh\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a trong c\u00e1c quy \u0111\u1ecbnh ch\u00ednh c\u1ee7a Lu\u1eadt Kinh doanh v\u00e0ng, m\u00e0 \u0111\u01b0\u1ee3c \u0111\u1ecbnh ngh\u0129a trong &#8220;Ph\u00e1p l\u1ec7nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh v\u1ec1 kinh doanh s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh&#8221; (sau \u0111\u00e2y g\u1ecdi l\u00e0 &#8220;Ph\u00e1p l\u1ec7nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh&#8221;) (\u0110i\u1ec1u 1, Kho\u1ea3n 4, M\u1ee5c 17 c\u1ee7a Ph\u00e1p l\u1ec7nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh).<\/p>\n\n\n\n<p>Theo \u0111\u00f3, &#8220;Quy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; \u0111\u01b0\u1ee3c xem l\u00e0 &#8220;quy\u1ec1n l\u1ee3i \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong \u0110i\u1ec1u 29-2, Kho\u1ea3n 1, M\u1ee5c 8 c\u1ee7a Lu\u1eadt Kinh doanh v\u00e0ng&#8221; (nh\u01b0 d\u01b0\u1edbi \u0111\u00e2y).<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>Quy\u1ec1n l\u1ee3i \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb theo quy \u0111\u1ecbnh c\u1ee7a \u0110i\u1ec1u 2, Kho\u1ea3n 2 (ch\u1ec9 nh\u1eefng quy\u1ec1n l\u1ee3i m\u00e0 vi\u1ec7c xem x\u00e9t c\u00e1ch ghi ch\u00e9p ho\u1eb7c chuy\u1ec3n \u0111\u1ed5i li\u00ean quan \u0111\u1ebfn quy\u1ec1n l\u1ee3i \u0111\u00f3 c\u00f9ng v\u1edbi c\u00e1c t\u00ecnh hu\u1ed1ng kh\u00e1c, \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh b\u1edfi Ph\u00e1p l\u1ec7nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1eb7c bi\u1ec7t v\u00ec l\u1ee3i \u00edch c\u00f4ng c\u1ed9ng ho\u1eb7c b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0.)<\/p>\n<cite>\u0110i\u1ec1u 29-2, Kho\u1ea3n 1, M\u1ee5c 8 c\u1ee7a Lu\u1eadt Kinh doanh v\u00e0ng<\/cite><\/blockquote>\n\n\n\n<p>N\u00f3i c\u00e1ch kh\u00e1c, \u0111\u00f3 l\u00e0 nh\u1eefng ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c coi nh\u01b0 c\u00f3 gi\u00e1 tr\u1ecb \u0111\u00e3 \u0111\u01b0\u1ee3c token h\u00f3a (\u0110i\u1ec1u 6-3 c\u1ee7a Ph\u00e1p l\u1ec7nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh).<\/p>\n\n\n\n<p>L\u00fd do s\u1eed d\u1ee5ng t\u1eeb &#8220;v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan&#8221; l\u00e0 v\u00ec \u0111\u1ed1i t\u01b0\u1ee3ng c\u1ee7a token h\u00f3a bao g\u1ed3m &#8220;ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c coi nh\u01b0 c\u00f3 gi\u00e1 tr\u1ecb&#8221; bao g\u1ed3m quy\u1ec1n l\u1ee3i ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb. N\u00f3i c\u00e1ch kh\u00e1c, &#8220;Quy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; c\u0169ng bao g\u1ed3m &#8220;Quy\u1ec1n chuy\u1ec3n \u0111\u1ed5i h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221;.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/34be788831efd1b96b2c0a91310ade52-1024x164.png\" alt=\"\u300cQuy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed\u300dl\u00e0 g\u00ec?\" class=\"wp-image-51469\" \/><\/figure>\n\n\n\n<p>\u0110\u00e1ng ch\u00fa \u00fd, l\u00fd do kh\u00e1i ni\u1ec7m &#8220;Quy\u1ec1n l\u1ee3i v\u00e0 c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i qua h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong Ph\u00e1p l\u1ec7nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh l\u00e0 v\u00ec, nh\u01b0 \u0111\u00e3 n\u00eau tr\u00ean, kh\u00e1i ni\u1ec7m token h\u00f3a \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong c\u00e1c \u0111i\u1ec1u kho\u1ea3n li\u00ean quan \u0111\u1ebfn quy \u0111\u1ecbnh c\u00f4ng b\u1ed1, v\u00e0 c\u0169ng \u0111\u1ec3 \u00e1p d\u1ee5ng c\u00e1c quy \u0111\u1ecbnh \u0111\u1eb7c bi\u1ec7t li\u00ean quan \u0111\u1ebfn vi\u1ec7c token h\u00f3a trong vi\u1ec7c \u00e1p d\u1ee5ng quy \u0111\u1ecbnh kinh doanh (nh\u01b0 \u0110i\u1ec1u 29-2, Kho\u1ea3n 1, M\u1ee5c 8 c\u1ee7a Lu\u1eadt Kinh doanh v\u00e0ng).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Y_nghia_cua_viec_su_dung_Security_Token_theo_phap_luat_trong_STO\"><\/span>\u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng Security Token theo ph\u00e1p lu\u1eadt trong STO<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Nh\u01b0 \u0111\u00e3 n\u00eau tr\u00ean, vi\u1ec7c s\u1eed d\u1ee5ng Security Token theo ph\u00e1p lu\u1eadt trong STO, b\u1eb1ng c\u00e1ch tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh t\u00e0i ch\u00ednh nghi\u00eam ng\u1eb7t, c\u00f3 th\u1ec3 \u0111\u1ea3m b\u1ea3o m\u1ed9t m\u1ee9c \u0111\u1ed9 nh\u1ea5t \u0111\u1ecbnh v\u1ec1 t\u00edn nhi\u1ec7m c\u1ee7a ng\u01b0\u1eddi ph\u00e1t h\u00e0nh \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, m\u1eb7t tr\u00e1i c\u1ee7a \u0111i\u1ec1u n\u00e0y l\u00e0 vi\u1ec7c th\u1ee7 t\u1ee5c c\u1ea7n m\u1ea5t th\u1eddi gian, do \u0111\u00f3 vi\u1ec7c g\u1ecdi v\u1ed1n nhanh ch\u00f3ng tr\u1edf n\u00ean kh\u00f3 kh\u0103n, \u0111\u00e2y l\u00e0 \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thuc_chat_cua_Security_Token_la_gi\"><\/span>Th\u1ef1c ch\u1ea5t c\u1ee7a Security Token l\u00e0 g\u00ec<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>M\u1eb7t kh\u00e1c, kh\u00f4ng th\u1ec3 b\u1ecf qua Security Token th\u1ef1c ch\u1ea5t khi suy ngh\u0129 v\u1ec1 \u00fd ngh\u0129a c\u1ee7a STO.<\/p>\n\n\n\n<p>Nh\u01b0 \u0111\u00e3 n\u00f3i \u1edf tr\u00ean, Security Token th\u1ef1c ch\u1ea5t l\u00e0 vi\u1ec7c token h\u00f3a quy\u1ec1n l\u1ee3i \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n kh\u00f4ng \u00e1p d\u1ee5ng lu\u1eadt ph\u00e1p nh\u01b0 Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 ti\u1ec1n t\u1ec7 (Japanese Financial Instruments and Exchange Law) v\u00e0 token bi\u1ec3u th\u1ecb quy\u1ec1n l\u1ee3i \u0111\u00f3.<\/p>\n\n\n\n<p>Theo ph\u00e2n lo\u1ea1i c\u1ee7a Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n (JSTA), \u0111\u00f3 l\u00e0 ph\u1ea7n ch\u1ec9 \u0111\u01b0\u1ee3c bao ph\u1ee7 b\u1edfi &#8220;ST r\u1ed9ng l\u1edbn&#8221; trong h\u00ecnh d\u01b0\u1edbi \u0111\u00e2y (&#8220;Token h\u00f3a quy\u1ec1n l\u1ee3i c\u1ee7a t\u00e0i s\u1ea3n kh\u00e1c ngo\u00e0i nh\u1eefng \u0111i\u1ec1u \u0111\u00e3 n\u00eau tr\u00ean&#8221;).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/monolith-law.jp\/wp-content\/uploads\/2022\/09\/0acb377d10ecd2da5be08f90e77979b9-1024x761.png\" alt=\"\u0110\u1ecbnh ngh\u0129a v\u00e0 ph\u00e2n lo\u1ea1i Security Token theo Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n\" class=\"wp-image-51372\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/securitytoken.or.jp\/st%E3%81%AE%E5%AE%9A%E7%BE%A9\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0110\u1ecbnh ngh\u0129a v\u00e0 ph\u00e2n lo\u1ea1i Security Token theo JSTA[ja]<\/a><\/figcaption><\/figure>\n\n\n\n<p>\u0110\u00e1ng ch\u00fa \u00fd, c\u1ed5 ph\u1ea7n \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean Lu\u1eadt Kinh doanh B\u1ea5t \u0111\u1ed9ng s\u1ea3n C\u1ee5 th\u1ec3 (Japanese Act on Specified Joint Real Estate Ventures) kh\u00f4ng \u0111\u01b0\u1ee3c coi l\u00e0 &#8220;ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb&#8221; do \u0111\u00e3 \u0111\u01b0\u1ee3c lo\u1ea1i tr\u1eeb r\u00f5 r\u00e0ng t\u1eeb ph\u1ea7n c\u1ed5 ph\u1ea7n \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3 (Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 ti\u1ec1n t\u1ec7 \u0110i\u1ec1u 2 Kho\u1ea3n 2 M\u1ee5c 5 Ha) nh\u01b0ng v\u1ec1 c\u01a1 b\u1ea3n, n\u00f3 c\u00f3 t\u00ednh ch\u1ea5t \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3 v\u00e0 \u00e1p d\u1ee5ng m\u1ed9t s\u1ed1 quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 ti\u1ec1n t\u1ec7 nh\u01b0 nguy\u00ean t\u1eafc ph\u00f9 h\u1ee3p v\u00e0 c\u1ea5m b\u1ed3i th\u01b0\u1eddng thi\u1ec7t h\u1ea1i (\u0110i\u1ec1u 21-2 c\u1ee7a Lu\u1eadt Kinh doanh B\u1ea5t \u0111\u1ed9ng s\u1ea3n C\u1ee5 th\u1ec3). Do \u0111\u00f3, n\u00f3 c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 Security Token theo lu\u1eadt ph\u00e1p.<\/p>\n\n\n\n<p>M\u1eb7t kh\u00e1c, trong tr\u01b0\u1eddng h\u1ee3p thu h\u00fat v\u1ed1n b\u1eb1ng c\u00e1ch b\u00e1n quy\u1ec1n l\u1ee3i nh\u01b0 quy\u1ec1n th\u00e0nh vi\u00ean v\u00e0 quy\u1ec1n t\u00edn d\u1ee5ng ti\u1ec1n t\u1ec7 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 kh\u00f4ng \u00e1p d\u1ee5ng c\u00e1c quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt nh\u01b0 Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 ti\u1ec1n t\u1ec7 v\u00e0 Lu\u1eadt Thanh to\u00e1n ti\u1ec1n t\u1ec7, nh\u1eefng s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh n\u00e0y, m\u1eb7c d\u00f9 c\u00f3 t\u00ednh ch\u1ea5t g\u1ea7n g\u0169i v\u1edbi \u0111\u1ea7u t\u01b0, kh\u00f4ng c\u00f3 ngh\u0129a v\u1ee5 ti\u1ebft l\u1ed9 th\u00f4ng tin theo quy \u0111\u1ecbnh c\u1ee7a ph\u00e1p lu\u1eadt v\u00e0 \u0111i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh, v\u00e0 \u0111\u01b0\u1ee3c \u0111\u1ec3 cho s\u1ef1 th\u1ecfa thu\u1eadn t\u1ef1 do gi\u1eefa c\u00e1c b\u00ean.<\/p>\n\n\n\n<p>C\u00e1c t\u1ed5 ch\u1ee9c t\u1ef1 qu\u1ea3n nh\u01b0 Hi\u1ec7p h\u1ed9i STO Nh\u1eadt B\u1ea3n \u0111\u1eb7t ra c\u00e1c ti\u00eau chu\u1ea9n \u1edf m\u1ee9c \u0111\u1ed9 cao h\u01a1n ph\u00e1p lu\u1eadt \u0111\u1ed1i v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh th\u1ef1c ch\u1ea5t kh\u00f4ng \u00e1p d\u1ee5ng quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt, b\u1ed5 sung cho ph\u00e1p lu\u1eadt, v\u00e0 t\u1ea1o ra s\u1ef1 tin t\u01b0\u1edfng trong th\u1ecb tr\u01b0\u1eddng v\u00e0 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>\u0110\u1eb7c bi\u1ec7t, \u0111\u1ed1i v\u1edbi c\u00e1c ph\u01b0\u01a1ng th\u1ee9c thu h\u00fat v\u1ed1n m\u1edbi nh\u01b0 STO, vai tr\u00f2 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u1ef1 qu\u1ea3n c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 r\u1ea5t l\u1edbn.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Y_nghia_cua_viec_su_dung_STO_dua_tren_token_bao_mat_thuc_te\"><\/span>\u00dd ngh\u0129a c\u1ee7a vi\u1ec7c s\u1eed d\u1ee5ng STO d\u1ef1a tr\u00ean token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Vi\u1ec7c s\u1eed d\u1ee5ng STO d\u1ef1a tr\u00ean token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf, ng\u01b0\u1ee3c l\u1ea1i v\u1edbi vi\u1ec7c s\u1eed d\u1ee5ng STO d\u1ef1a tr\u00ean token b\u1ea3o m\u1eadt theo lu\u1eadt ph\u00e1p, kh\u00f4ng ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh t\u00e0i ch\u00ednh nghi\u00eam ng\u1eb7t, do \u0111\u00f3 c\u00f3 th\u1ec3 thu th\u1eadp v\u1ed1n m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n v\u00e0 nhanh ch\u00f3ng.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, m\u1eb7t kh\u00e1c, do kh\u00f4ng c\u00f3 s\u1ef1 \u0111\u1ea3m b\u1ea3o v\u1ec1 t\u00edn nhi\u1ec7m c\u1ee7a ng\u01b0\u1eddi ph\u00e1t h\u00e0nh theo h\u1ec7 th\u1ed1ng, \u0111\u00f4i khi c\u00f3 th\u1ec3 th\u1ea5y nh\u1eefng h\u00e0nh vi l\u1eeba \u0111\u1ea3o. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 tr\u1edf th\u00e0nh v\u1ea5n \u0111\u1ec1 trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a ICO.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ICO_la_gi\"><\/span>ICO l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>ICO l\u00e0 t\u1eeb vi\u1ebft t\u1eaft c\u1ee7a Initial Coin Offering, th\u00f4ng th\u01b0\u1eddng \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 h\u00e0nh \u0111\u1ed9ng m\u00e0 c\u00e1c c\u00f4ng ty v\u00e0 t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh token \u0111i\u1ec7n t\u1eed (g\u1ecdi l\u00e0 &#8220;Token ICO&#8221;) \u0111\u1ec3 huy \u0111\u1ed9ng t\u00e0i s\u1ea3n m\u00e3 h\u00f3a (ti\u1ec1n \u1ea3o) t\u1eeb c\u00f4ng ch\u00fang.<\/p>\n\n\n\n<p>Token ICO nh\u01b0 v\u1eady, \u0111\u1ed1i v\u1edbi ng\u01b0\u1eddi ph\u00e1t h\u00e0nh, l\u00e0 m\u1ed9t ph\u01b0\u01a1ng th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n l\u1edbn m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n v\u00e0 nhanh ch\u00f3ng. M\u1eb7t kh\u00e1c, \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u00e2y l\u00e0 m\u1ed9t s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh c\u00f3 r\u1ee7i ro cao. Tuy nhi\u00ean, do k\u1ef3 v\u1ecdng li\u00ean quan \u0111\u1ebfn vi\u1ec7c gi\u00e1 tr\u1ecb c\u1ee7a c\u00e1c \u0111\u1ed3ng ti\u1ec1n m\u1edbi ph\u00e1t h\u00e0nh t\u0103ng v\u1ecdt, s\u1ed1 l\u01b0\u1ee3ng c\u00e1c giao d\u1ecbch ICO \u0111\u00e3 t\u0103ng m\u1ea1nh tr\u00ean to\u00e0n c\u1ea7u.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, do kh\u00f4ng r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c li\u1ec7u quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt c\u00f3 \u00e1p d\u1ee5ng cho vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua t\u00e0i s\u1ea3n m\u00e3 h\u00f3a hay kh\u00f4ng, kh\u00f4ng th\u1ec3 \u0111\u1ea3m b\u1ea3o uy t\u00edn c\u1ee7a ng\u01b0\u1eddi ph\u00e1t h\u00e0nh, v\u00e0 \u0111\u00e3 c\u00f3 c\u00e1c tr\u01b0\u1eddng h\u1ee3p l\u1eeba \u0111\u1ea3o.<\/p>\n\n\n\n<p>Do \u0111\u00f3, t\u1ea1i Nh\u1eadt B\u1ea3n, theo s\u1eeda \u0111\u1ed5i Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 B\u1ea1c (Japanese Gold and Silver Business Law) n\u0103m Reiwa \u0111\u1ea7u ti\u00ean (2019), vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua t\u00e0i s\u1ea3n m\u00e3 h\u00f3a c\u0169ng \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh r\u00f5 r\u00e0ng trong Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 B\u1ea1c (\u0111i\u1ec1u 2-2 c\u1ee7a Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 B\u1ea1c). C\u00f9ng v\u1edbi vi\u1ec7c Token ICO \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh m\u1edbi nh\u01b0 &#8220;quy\u1ec1n chuy\u1ec3n giao h\u1ed3 s\u01a1 \u0111i\u1ec7n t\u1eed&#8221; theo Lu\u1eadt Kinh doanh V\u00e0ng v\u00e0 B\u1ea1c, c\u00e1c quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb c\u0169ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho ICO.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/monolith-law.jp\/corporate\/ico-regulation\" target=\"_blank\" rel=\"noreferrer noopener\">Quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt \u0111\u1ed1i v\u1edbi ICO v\u00e0 c\u00e1ch th\u1ef1c hi\u1ec7n h\u1ee3p ph\u00e1p[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Su_khac_biet_giua_ICO_va_STO\"><\/span>S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ICO v\u00e0 STO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Nh\u01b0 \u0111\u00e3 n\u00eau tr\u00ean, do c\u00e1c quy \u0111\u1ecbnh li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho token ICO d\u1ea1ng \u0111\u1ea7u t\u01b0, hi\u1ec7n nay, token ICO d\u1ea1ng \u0111\u1ea7u t\u01b0 \u0111\u00e3 tr\u1edf th\u00e0nh token b\u1ea3o m\u1eadt theo lu\u1eadt ph\u00e1p, v\u00e0 do \u0111\u00f3, c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng kh\u00f4ng c\u00f2n s\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c ch\u1ea5t n\u00e0o gi\u1eefa STO v\u00e0 ICO.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, token ICO kh\u00f4ng ch\u1ec9 c\u00f3 lo\u1ea1i &#8220;\u0111\u1ea7u t\u01b0&#8221; m\u00e0 c\u00f2n c\u00f3 c\u00e1c lo\u1ea1i kh\u00e1c nh\u01b0 &#8220;quy\u1ec1n l\u1ee3i kh\u00e1c&#8221; v\u00e0 &#8220;kh\u00f4ng c\u00f3 quy\u1ec1n l\u1ee3i&#8221;, v\u00e0 v\u00ec c\u00e1c quy \u0111\u1ecbnh theo lu\u1eadt ph\u00e1p v\u1ec1 thanh to\u00e1n ti\u1ec1n t\u1ec7 c\u1ee7a c\u00e1c c\u00f4ng ty trao \u0111\u1ed5i t\u00e0i s\u1ea3n m\u00e3 h\u00f3a \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho ch\u00fang, c\u00f3 th\u1ec3 n\u00f3i r\u1eb1ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa STO v\u00e0 ICO \u1edf \u0111i\u1ec3m n\u00e0y.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, n\u1ebfu vi\u1ec7c tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh t\u00e0i ch\u00ednh l\u00e0 b\u1ea3n ch\u1ea5t c\u1ee7a STO, th\u00ec kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111\u01b0a ra kh\u00e1i ni\u1ec7m m\u01a1 h\u1ed3 nh\u01b0 STO, vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c kh\u00e1i ni\u1ec7m ph\u00e1p l\u00fd nh\u01b0 \u0111\u00e3 n\u00eau tr\u00ean l\u00e0 \u0111\u1ee7. \u0110\u1eb7c bi\u1ec7t, trong th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i khi kh\u00f4ng c\u00f2n s\u1ef1 kh\u00e1c bi\u1ec7t th\u1ef1c ch\u1ea5t n\u00e0o gi\u1eefa STO v\u00e0 ICO, \u0111i\u1ec1u n\u00e0y c\u00e0ng \u0111\u00fang.<\/p>\n\n\n\n<p>V\u00ec v\u1eady, cu\u1ed1i c\u00f9ng, h\u00e3y c\u00f9ng suy ngh\u0129 v\u1ec1 \u00fd ngh\u0129a c\u1ee7a vi\u1ec7c th\u1ea3o lu\u1eadn v\u1ec1 kh\u00e1i ni\u1ec7m STO trong th\u1eddi \u0111\u1ea1i s\u1eafp t\u1edbi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tom_tat_Y_nghia_cua_viec_thao_luan_ve_khai_niem_STO\"><\/span>T\u00f3m t\u1eaft: \u00dd ngh\u0129a c\u1ee7a vi\u1ec7c th\u1ea3o lu\u1eadn v\u1ec1 kh\u00e1i ni\u1ec7m STO<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean, kh\u00e1i ni\u1ec7m STO kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c hi\u1ec3u m\u1ed9t c\u00e1ch th\u1ed1ng nh\u1ea5t th\u00f4ng qua c\u00e1c kh\u00e1i ni\u1ec7m ph\u00e1p l\u00fd. Vi\u1ec7c JSTA kh\u00f4ng ch\u1ec9 bao g\u1ed3m token b\u1ea3o m\u1eadt theo ph\u00e1p lu\u1eadt m\u00e0 c\u00f2n bao g\u1ed3m c\u1ea3 token b\u1ea3o m\u1eadt th\u1ef1c t\u1ebf, \u0111\u00e3 minh h\u1ecda r\u00f5 \u0111i\u1ec1u n\u00e0y.<\/p>\n\n\n\n<p>Tr\u01b0\u1edbc \u0111\u00e2y, \u0111\u00e3 c\u00f3 quan \u0111i\u1ec3m cho r\u1eb1ng b\u1ea3n ch\u1ea5t c\u1ee7a STO l\u00e0 tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh t\u00e0i ch\u00ednh khi so s\u00e1nh v\u1edbi ICO, nh\u01b0ng nh\u01b0 \u0111\u00e3 gi\u1ea3i th\u00edch trong b\u00e0i vi\u1ebft n\u00e0y, kh\u00f4ng c\u1ea7n ph\u1ea3i s\u1ee3 hi\u1ec3u l\u1ea7m, vi\u1ec7c tu\u00e2n th\u1ee7 quy \u0111\u1ecbnh t\u00e0i ch\u00ednh kh\u00f4ng c\u00f2n l\u00e0 quan \u0111i\u1ec3m quan tr\u1ecdng \u0111\u1ed1i v\u1edbi STO.<\/p>\n\n\n\n<p>Nh\u1eefng v\u1ea5n \u0111\u1ec1 m\u00e0 s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u00e1c kh\u00e1i ni\u1ec7m nh\u01b0 ICO v\u00e0 STO mang l\u1ea1i, n\u00f3i m\u1ed9t c\u00e1ch t\u1ed5ng qu\u00e1t, l\u00e0 c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 blockchain c\u00f3 th\u1ec3 l\u00e0m g\u00ec v\u00e0 l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 t\u1eadn d\u1ee5ng n\u00f3. Trong b\u1ed1i c\u1ea3nh g\u1ecdi v\u1ed1n, \u0111\u00f3 l\u00e0 vi\u1ec7c ti\u1ebfp t\u1ee5c suy ngh\u0129 v\u1ec1 thi\u1ebft k\u1ebf h\u1ec7 th\u1ed1ng n\u00e0o c\u00f3 th\u1ec3 \u0111\u00e1p \u1ee9ng nhanh ch\u00f3ng cho nhu c\u1ea7u v\u1ed1n (\u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ed1 v\u1ed1n nh\u1ecf) m\u00e0 ch\u01b0a t\u1eebng xu\u1ea5t hi\u1ec7n tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n, \u0111\u1ed3ng th\u1eddi \u0111\u1ea3m b\u1ea3o c\u00f4ng b\u1eb1ng v\u00e0 minh b\u1ea1ch c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>Kh\u00e1i ni\u1ec7m STO, nh\u01b0 m\u1ed9t kh\u00e1i ni\u1ec7m c\u00f4ng c\u1ee5 \u0111\u1ec3 m\u1edf \u0111\u01b0\u1eddng cho th\u1ecb tr\u01b0\u1eddng v\u1ed1n \u0111\u1ed1i v\u1edbi nhu c\u1ea7u v\u1ed1n m\u00e0 c\u00e1c bi\u1ec7n ph\u00e1p ph\u00e1p l\u00fd kh\u00f4ng k\u1ecbp theo k\u1ecbp, s\u1ebd v\u1eabn c\u00f3 \u00fd ngh\u0129a \u0111\u1ec3 th\u1ea3o lu\u1eadn trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gioi_thieu_ve_cac_bien_phap_cua_van_phong_luat_su_cua_chung_toi\"><\/span>Gi\u1edbi thi\u1ec7u v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee7a v\u0103n ph\u00f2ng lu\u1eadt s\u01b0 c\u1ee7a ch\u00fang t\u00f4i<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u0103n ph\u00f2ng lu\u1eadt s\u01b0 Monolis, chuy\u00ean v\u1ec1 IT, \u0111\u1eb7c bi\u1ec7t l\u00e0 Internet v\u00e0 lu\u1eadt, l\u00e0 m\u1ed9t v\u0103n ph\u00f2ng lu\u1eadt s\u01b0 c\u00f3 chuy\u00ean m\u00f4n cao v\u1ec1 c\u1ea3 hai m\u1eb7t. Ch\u1eb3ng h\u1ea1n, ch\u00fang t\u00f4i \u0111\u1ecdc v\u00e0 hi\u1ec3u c\u00e1c white paper t\u1eeb n\u01b0\u1edbc ngo\u00e0i, nghi\u00ean c\u1ee9u t\u00ednh h\u1ee3p ph\u00e1p c\u1ee7a vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c k\u1ebf ho\u1ea1ch \u0111\u00f3 t\u1ea1i Nh\u1eadt B\u1ea3n, v\u00e0 t\u1ea1o ra c\u00e1c white paper v\u00e0 h\u1ee3p \u0111\u1ed3ng, cung c\u1ea5p h\u1ed7 tr\u1ee3 to\u00e0n di\u1ec7n cho c\u00e1c doanh nghi\u1ec7p li\u00ean quan \u0111\u1ebfn t\u00e0i s\u1ea3n m\u00e3 h\u00f3a v\u00e0 blockchain. Chi ti\u1ebft \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 trong b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>G\u1ea7n \u0111\u00e2y, STO \u0111ang \u0111\u01b0\u1ee3c ch\u00fa \u00fd nh\u01b0 m\u1ed9t &#8220;ph\u01b0\u01a1ng th\u1ee9c g\u1ecdi v\u1ed1n m\u1edbi&#8221;. V\u1edbi s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 blockchain v\u00e0 s\u1ef1 thay \u0111\u1ed5i li\u00ean t\u1ee5c trong quy \u0111\u1ecbnh t\u00e0i ch\u00ednh, v\u1ecb tr\u00ed ph\u00e1p l\u00fd c\u1ee7a STO h [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":68495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[52,19],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/68357"}],"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=68357"}],"version-history":[{"count":5,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/68357\/revisions"}],"predecessor-version":[{"id":68499,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/68357\/revisions\/68499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/68495"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=68357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=68357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=68357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}