{"id":68781,"date":"2024-11-01T14:27:43","date_gmt":"2024-11-01T05:27:43","guid":{"rendered":"https:\/\/monolith.law\/vi\/?p=68781"},"modified":"2024-11-29T10:32:38","modified_gmt":"2024-11-29T01:32:38","slug":"digital-securities","status":"publish","type":"post","link":"https:\/\/monolith.law\/vi\/it\/digital-securities","title":{"rendered":"\u3010Th\u00e1ng 8 n\u0103m Reiwa 6 (2024)\u3011N\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 Ch\u1ee9ng kho\u00e1n S\u1ed1 (ST) &#8211; Gi\u1ea3i th\u00edch n\u1ed9i dung v\u00e0 \u1ea3nh h\u01b0\u1edfng"},"content":{"rendered":"\n<p>C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n \u0111\u00e3 th\u00f4ng b\u00e1o r\u1eb1ng v\u00e0o th\u00e1ng 8 n\u0103m Reiwa 6 (2024), quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 (Security Token, vi\u1ebft t\u1eaft l\u00e0 ST) s\u1ebd \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng. M\u1ee5c ti\u00eau c\u1ee7a vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh n\u00e0y l\u00e0 th\u00fac \u0111\u1ea9y s\u1ef1 ph\u1ed5 bi\u1ebfn c\u1ee7a ch\u1ee9ng kho\u00e1n s\u1ed1 trong n\u01b0\u1edbc. V\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh trong n\u01b0\u1edbc trong n\u0103m t\u00e0i ch\u00ednh 2023 \u0111\u1ea1t 100 t\u1ef7 y\u00ean, ng\u00e0nh c\u00f4ng nghi\u1ec7p ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u s\u1ef1 ch\u00fa \u00fd. V\u1eady s\u1ef1 n\u1edbi l\u1ecfng quy \u0111\u1ecbnh t\u1eeb C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n l\u1ea7n n\u00e0y s\u1ebd c\u00f3 \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y?<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i th\u00edch nh\u1eefng g\u00ec b\u1ea1n c\u1ea7n bi\u1ebft v\u1ec1 &#8220;ch\u1ee9ng kho\u00e1n s\u1ed1&#8221;, n\u1ed9i dung v\u00e0 \u1ea3nh h\u01b0\u1edfng c\u1ee7a vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh l\u1ea7n n\u00e0y.<\/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\/digital-securities\/#Digital_Securities_la_gi\" title=\"Digital Securities l\u00e0 g\u00ec?\">Digital Securities l\u00e0 g\u00ec?<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Tong_quan_ve_Chung_khoan_so_Security_Token_ST\" title=\"T\u1ed5ng quan v\u1ec1 Ch\u1ee9ng kho\u00e1n s\u1ed1 (Security Token, ST)\">T\u1ed5ng quan v\u1ec1 Ch\u1ee9ng kho\u00e1n s\u1ed1 (Security Token, ST)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Su_khac_biet_giua_chung_khoan_so_va_chung_khoan_truyen_thong_la_gi\" title=\"S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng l\u00e0 g\u00ec?\">S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng l\u00e0 g\u00ec?<\/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\/digital-securities\/#Dac_diem_cua_Chung_khoan_So\" title=\"\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a Ch\u1ee9ng kho\u00e1n S\u1ed1\">\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a Ch\u1ee9ng kho\u00e1n S\u1ed1<\/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\/vi\/it\/digital-securities\/#Tinh_hinh_va_boi_canh_quy_dinh_ve_chung_khoan_so_tai_Nhat_Ban\" title=\"T\u00ecnh h\u00ecnh v\u00e0 b\u1ed1i c\u1ea3nh quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 t\u1ea1i Nh\u1eadt B\u1ea3n\">T\u00ecnh h\u00ecnh v\u00e0 b\u1ed1i c\u1ea3nh quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 t\u1ea1i Nh\u1eadt B\u1ea3n<\/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\/vi\/it\/digital-securities\/#Quy_dinh_ve_hanh_vi_lien_quan_den_ban_hang_va_khuyen_nghi_chung_khoan_so\" title=\"Quy \u0111\u1ecbnh v\u1ec1 h\u00e0nh vi li\u00ean quan \u0111\u1ebfn b\u00e1n h\u00e0ng v\u00e0 khuy\u1ebfn ngh\u1ecb ch\u1ee9ng kho\u00e1n s\u1ed1\">Quy \u0111\u1ecbnh v\u1ec1 h\u00e0nh vi li\u00ean quan \u0111\u1ebfn b\u00e1n h\u00e0ng v\u00e0 khuy\u1ebfn ngh\u1ecb ch\u1ee9ng kho\u00e1n s\u1ed1<\/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\/digital-securities\/#Thuc_hien_nghiem_ngat_quan_ly_phan_biet_chung_khoan_so\" title=\"Th\u1ef1c hi\u1ec7n nghi\u00eam ng\u1eb7t qu\u1ea3n l\u00fd ph\u00e2n bi\u1ec7t ch\u1ee9ng kho\u00e1n s\u1ed1\">Th\u1ef1c hi\u1ec7n nghi\u00eam ng\u1eb7t qu\u1ea3n l\u00fd ph\u00e2n bi\u1ec7t ch\u1ee9ng kho\u00e1n s\u1ed1<\/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\/digital-securities\/#Nhung_thay_doi_do_viec_noi_long_quy_dinh_ve_chung_khoan_so\" title=\"Nh\u1eefng thay \u0111\u1ed5i do vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1\">Nh\u1eefng thay \u0111\u1ed5i do vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1<\/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\/digital-securities\/#Hieu_qua_mong_doi_tu_viec_noi_long_quy_dinh_doi_voi_chung_khoan_so\" title=\"Hi\u1ec7u qu\u1ea3 mong \u0111\u1ee3i t\u1eeb vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n s\u1ed1\">Hi\u1ec7u qu\u1ea3 mong \u0111\u1ee3i t\u1eeb vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n s\u1ed1<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Thuc_day_tang_truong_thi_truong_chung_khoan_so\" title=\"Th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1\">Th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1<\/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\/vi\/it\/digital-securities\/#Thu_hut_nha_dau_tu_trong_va_ngoai_nuoc\" title=\"Thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 trong v\u00e0 ngo\u00e0i n\u01b0\u1edbc\">Thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 trong v\u00e0 ngo\u00e0i n\u01b0\u1edbc<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Cung_cap_phuong_thuc_huy_dong_von_moi\" title=\"Cung c\u1ea5p ph\u01b0\u01a1ng th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n m\u1edbi\">Cung c\u1ea5p ph\u01b0\u01a1ng th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n m\u1edbi<\/a><\/li><\/ul><\/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\/digital-securities\/#Xu_huong_noi_long_quy_dinh_ve_chung_khoan_so\" title=\"Xu h\u01b0\u1edbng n\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1\">Xu h\u01b0\u1edbng n\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Phan_ung_cua_cac_to_chuc_tai_chinh_va_doanh_nghiep\" title=\"Ph\u1ea3n \u1ee9ng c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 doanh nghi\u1ec7p\">Ph\u1ea3n \u1ee9ng c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 doanh nghi\u1ec7p<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Xu_huong_thi_truong_va_du_bao_trong_tuong_lai\" title=\"Xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng v\u00e0 d\u1ef1 b\u00e1o trong t\u01b0\u01a1ng lai\">Xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng v\u00e0 d\u1ef1 b\u00e1o trong t\u01b0\u01a1ng lai<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Tong_ket_Su_long_leo_cua_quy_dinh_ve_chung_khoan_so_du_kien_se_mo_rong_thi_truong\" title=\"T\u1ed5ng k\u1ebft: S\u1ef1 l\u1ecfng l\u1ebbo c\u1ee7a quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 d\u1ef1 ki\u1ebfn s\u1ebd m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng\">T\u1ed5ng k\u1ebft: S\u1ef1 l\u1ecfng l\u1ebbo c\u1ee7a quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 d\u1ef1 ki\u1ebfn s\u1ebd m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/monolith.law\/vi\/it\/digital-securities\/#Gioi_thieu_ve_cac_bien_phap_cua_Van_phong_Luat_su\" title=\"Gi\u1edbi thi\u1ec7u v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0\">Gi\u1edbi thi\u1ec7u v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Digital_Securities_la_gi\"><\/span>Digital Securities l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tong_quan_ve_Chung_khoan_so_Security_Token_ST\"><\/span>T\u1ed5ng quan v\u1ec1 Ch\u1ee9ng kho\u00e1n s\u1ed1 (Security Token, ST)<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Ch\u1ee9ng kho\u00e1n s\u1ed1 l\u00e0 vi\u1ec7c chuy\u1ec3n \u0111\u1ed5i quy\u1ec1n l\u1ee3i c\u1ee7a ch\u1ee9ng kho\u00e1n th\u00e0nh token. \u0110\u00e2y l\u00e0 lo\u1ea1i ch\u1ee9ng kho\u00e1n gi\u1ed1ng nh\u01b0 c\u1ed5 phi\u1ebfu, tr\u00e1i phi\u1ebfu, qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain. Nh\u1edd \u0111\u00f3, quy\u1ec1n l\u1ee3i t\u01b0\u01a1ng t\u1ef1 nh\u01b0 ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c bi\u1ec3u di\u1ec5n d\u01b0\u1edbi d\u1ea1ng s\u1ed1 h\u00f3a.<\/p>\n\n\n\n<p>T\u00ean g\u1ecdi ch\u00ednh x\u00e1c c\u1ee7a ch\u1ee9ng kho\u00e1n s\u1ed1 l\u00e0 &#8220;Quy\u1ec1n l\u1ee3i bi\u1ec3u th\u1ecb ch\u1ee9ng kho\u00e1n c\u00f3 ghi ch\u00e9p \u0111i\u1ec7n t\u1eed&#8221;, \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong Lu\u1eadt Giao d\u1ecbch S\u1ea3n ph\u1ea9m T\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c s\u1eeda \u0111\u1ed5i v\u00e0 c\u00e1c ch\u1ec9 th\u1ecb li\u00ean quan c\u1ee7a ch\u00ednh ph\u1ee7 Nh\u1eadt B\u1ea3n, c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 5 n\u0103m Reiwa 2 (2020). C\u1ed5 phi\u1ebfu v\u00e0 qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u0169ng \u0111\u00e3 \u0111\u01b0\u1ee3c s\u1ed1 h\u00f3a, nh\u01b0ng ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng v\u00e0 ch\u1ee9ng kho\u00e1n s\u1ed1 c\u00f3 nh\u1eefng \u0111i\u1ec3m kh\u00e1c bi\u1ec7t nh\u01b0 th\u1ebf n\u00e0o?<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/monolith.law\/corporate\/web3-law\" target=\"_blank\" rel=\"noreferrer noopener\">Ph\u00e1p lu\u1eadt li\u00ean quan \u0111\u1ebfn Web3 l\u00e0 g\u00ec? \u0110i\u1ec3m m\u1ea5u ch\u1ed1t m\u00e0 c\u00e1c doanh nghi\u1ec7p tham gia c\u1ea7n n\u1eafm v\u1eefng[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Su_khac_biet_giua_chung_khoan_so_va_chung_khoan_truyen_thong_la_gi\"><\/span>S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng l\u00e0 g\u00ec?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2024\/08\/7754792bacecaafed2fca2c081c09987.jpg\" alt=\"S\u1ef1 kh\u00e1c bi\u1ec7t so v\u1edbi ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng\" class=\"wp-image-88708\" \/><\/figure>\n\n\n\n<p>\u0110i\u1ec3m kh\u00e1c bi\u1ec7t \u0111\u1ea7u ti\u00ean gi\u1eefa ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb l\u00e0 b\u1ea1n c\u00f3 th\u1ec3 mua tr\u1ef1c ti\u1ebfp t\u1eeb c\u00f4ng ty ph\u00e1t h\u00e0nh. Th\u00f4ng th\u01b0\u1eddng, c\u00f4ng ty ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n c\u00f3 gi\u00e1 tr\u1ecb s\u1ebd \u1ee7y th\u00e1c vi\u1ec7c b\u00e1n cho c\u00f4ng ty ch\u1ee9ng kho\u00e1n. \u0110i\u1ec1u n\u00e0y kh\u00e1c bi\u1ec7t so v\u1edbi ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng, v\u1ed1n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u1eadp trung b\u1edfi c\u01a1 quan qu\u1ea3n l\u00fd g\u1ecdi l\u00e0 &#8220;Kho b\u1ea1c v\u00e0 Chuy\u1ec3n nh\u01b0\u1ee3ng Ch\u1ee9ng kho\u00e1n&#8221; (\u307b\u3075\u308a) theo &#8220;Lu\u1eadt li\u00ean quan \u0111\u1ebfn Chuy\u1ec3n nh\u01b0\u1ee3ng v\u00e0 Kho b\u1ea1c c\u1ee7a C\u1ed5 phi\u1ebfu v\u00e0 Tr\u00e1i phi\u1ebfu&#8221; c\u1ee7a Nh\u1eadt B\u1ea3n, trong khi ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 kh\u00f4ng n\u1eb1m trong ph\u1ea1m vi \u00e1p d\u1ee5ng c\u1ee7a &#8220;\u307b\u3075\u308a&#8221;. Thay v\u00e0o \u0111\u00f3, ch\u00fang \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 qu\u1ea3n l\u00fd th\u00f4ng qua c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng \u0111\u1ed9c l\u1eadp s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain, v\u00e0 c\u00e1c giao d\u1ecbch \u0111\u01b0\u1ee3c ghi l\u1ea1i nh\u1edd c\u00f4ng ngh\u1ec7 n\u00e0y.<\/p>\n\n\n\n<p>M\u1ed9t \u0111i\u1ec3m kh\u00e1c bi\u1ec7t n\u1eefa l\u00e0 v\u1ec1 hi\u1ec7u qu\u1ea3.<\/p>\n\n\n\n<p>Ch\u1ee9ng kho\u00e1n s\u1ed1 c\u00f3 th\u1ec3 t\u1ef1 \u0111\u1ed9ng h\u00f3a qu\u00e1 tr\u00ecnh giao d\u1ecbch v\u00e0 ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n th\u00f4ng qua ch\u01b0\u01a1ng tr\u00ecnh \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh (smart contract). V\u00ed d\u1ee5, khi thanh to\u00e1n c\u1ed5 t\u1ee9c cho c\u1ed5 phi\u1ebfu, kh\u00f4ng c\u1ea7n ph\u1ea3i th\u00f4ng qua b\u00ean th\u1ee9 ba nh\u01b0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh, do \u0111\u00f3 c\u00f3 th\u1ec3 ti\u1ebft ki\u1ec7m chi ph\u00ed v\u00e0 th\u1eddi gian, n\u00e2ng cao hi\u1ec7u qu\u1ea3.<\/p>\n\n\n\n<p>Ng\u01b0\u1ee3c l\u1ea1i, giao d\u1ecbch ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng c\u1ea7n nhi\u1ec1u th\u1ee7 t\u1ee5c v\u00e0 s\u1ef1 can thi\u1ec7p c\u1ee7a c\u00e1c trung gian, l\u00e0m cho qu\u00e1 tr\u00ecnh tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p v\u00e0 k\u00e9m hi\u1ec7u qu\u1ea3 h\u01a1n.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dac_diem_cua_Chung_khoan_So\"><\/span>\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a Ch\u1ee9ng kho\u00e1n S\u1ed1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>M\u1ed9t trong nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt c\u1ee7a ch\u1ee9ng kho\u00e1n s\u1ed1 l\u00e0 kh\u1ea3 n\u0103ng th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch \u0111a d\u1ea1ng v\u1edbi quy m\u00f4 nh\u1ecf.<\/p>\n\n\n\n<p>V\u00ed d\u1ee5, b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch th\u00f4ng qua ch\u1ee9ng kho\u00e1n s\u1ed1. Trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a b\u1ea5t \u0111\u1ed9ng s\u1ea3n ST, \u0111\u1ea5t \u0111ai v\u00e0 t\u00e0i s\u1ea3n kh\u00f4ng th\u1ec3 chia nh\u1ecf th\u1ef1c t\u1ebf \u0111\u01b0\u1ee3c bi\u1ebfn \u0111\u1ed5i th\u00e0nh h\u00ecnh th\u1ee9c c\u00f3 th\u1ec3 mua v\u1edbi s\u1ed1 ti\u1ec1n nh\u1ecf nh\u1edd v\u00e0o c\u00f4ng ngh\u1ec7 blockchain, t\u1eeb \u0111\u00f3 l\u00e0m cho giao d\u1ecbch quy m\u00f4 nh\u1ecf tr\u1edf n\u00ean kh\u1ea3 thi.<\/p>\n\n\n\n<p>T\u01b0\u01a1ng t\u1ef1, so v\u1edbi REIT &#8211; m\u1ed9t c\u00f4ng c\u1ee5 cho ph\u00e9p h\u00f3a l\u1ecfng ti\u1ec1n m\u1eb7t t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n quy m\u00f4 nh\u1ecf, ch\u1ee9ng kho\u00e1n s\u1ed1 kh\u00e1c bi\u1ec7t \u1edf \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0. Ch\u1ee9ng kho\u00e1n s\u1ed1 cho ph\u00e9p \u0111\u1ea7u t\u01b0 v\u00e0o m\u1ed9t t\u00e0i s\u1ea3n c\u1ee5 th\u1ec3, trong khi REIT l\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty s\u1edf h\u1eefu nhi\u1ec1u b\u1ea5t \u0111\u1ed9ng s\u1ea3n. Do \u0111\u00f3, ch\u1ee9ng kho\u00e1n s\u1ed1 mang l\u1ea1i l\u1ee3i \u00edch l\u00e0 kh\u1ea3 n\u0103ng \u0111\u1ea7u t\u01b0 v\u00e0o t\u00e0i s\u1ea3n c\u1ee5 th\u1ec3, l\u00e0m cho \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0 tr\u1edf n\u00ean r\u00f5 r\u00e0ng h\u01a1n.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ea3 c\u0169ng kh\u00e1c nhau. Ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u01b0\u1ee3c giao d\u1ecbch d\u1ef1a tr\u00ean gi\u00e1 tr\u1ecb \u0111\u00e1nh gi\u00e1, trong khi gi\u00e1 c\u1ee7a REIT lu\u00f4n ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, l\u00e3i su\u1ea5t v\u00e0 giao d\u1ecbch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1edbn, d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng gi\u00e1.<\/p>\n\n\n\n<p>H\u01a1n n\u1eefa, c\u1ea3 hai c\u0169ng kh\u00e1c bi\u1ec7t v\u1ec1 t\u00ednh thanh kho\u1ea3n. REIT \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u00ean c\u00f3 t\u00ednh thanh kho\u1ea3n cao, cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 mua b\u00e1n m\u1ed9t c\u00e1ch t\u01b0\u01a1ng \u0111\u1ed1i d\u1ec5 d\u00e0ng. Ng\u01b0\u1ee3c l\u1ea1i, ch\u1ee9ng kho\u00e1n s\u1ed1 th\u01b0\u1eddng \u0111\u01b0\u1ee3c b\u00e1n qua c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n, h\u1ea1n ch\u1ebf c\u00e1c c\u01a1 h\u1ed9i giao d\u1ecbch.<\/p>\n\n\n\n<p>Ch\u1ee9ng kho\u00e1n s\u1ed1, v\u1edbi nhi\u1ec1u \u01b0u \u0111i\u1ec3m nh\u01b0 v\u1eady, \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ea9y m\u1ea1nh ho\u1ea1t \u0111\u1ed9ng ph\u1ed5 bi\u1ebfn t\u1ea1i Nh\u1eadt B\u1ea3n.<\/p>\n\n\n\n<p>Tham kh\u1ea3o: <a href=\"https:\/\/www.startupandglobalfinancialcity.metro.tokyo.lg.jp\/gfct\/initiatives\/nurturing-players\/fintech\/security-token\" target=\"_blank\" rel=\"noreferrer noopener\">D\u1ef1 \u00e1n H\u1ed7 tr\u1ee3 M\u1edf r\u1ed9ng Th\u1ecb tr\u01b0\u1eddng Ch\u1ee9ng kho\u00e1n S\u1ed1 (Security Token) c\u1ee7a Tokyo[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tinh_hinh_va_boi_canh_quy_dinh_ve_chung_khoan_so_tai_Nhat_Ban\"><\/span>T\u00ecnh h\u00ecnh v\u00e0 b\u1ed1i c\u1ea3nh quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 t\u1ea1i Nh\u1eadt B\u1ea3n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Nh\u01b0 \u0111\u00e3 gi\u1ea3i th\u00edch \u0111\u1ebfn nay, ch\u1ee9ng kho\u00e1n s\u1ed1 c\u00f3 nhi\u1ec1u \u01b0u \u0111i\u1ec3m nh\u01b0ng c\u0169ng \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u th\u00e1ch th\u1ee9c t\u1eeb c\u00e1c quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Quy_dinh_ve_hanh_vi_lien_quan_den_ban_hang_va_khuyen_nghi_chung_khoan_so\"><\/span>Quy \u0111\u1ecbnh v\u1ec1 h\u00e0nh vi li\u00ean quan \u0111\u1ebfn b\u00e1n h\u00e0ng v\u00e0 khuy\u1ebfn ngh\u1ecb ch\u1ee9ng kho\u00e1n s\u1ed1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Khi c\u00e1c nh\u00e0 giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh ti\u1ebfn h\u00e0nh b\u00e1n h\u00e0ng v\u00e0 khuy\u1ebfn ngh\u1ecb, h\u1ecd ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 h\u00e0nh vi theo Lu\u1eadt Giao d\u1ecbch S\u1ea3n ph\u1ea9m T\u00e0i ch\u00ednh (Japanese Financial Instruments and Exchange Act), c\u0169ng nh\u01b0 c\u00e1c ngh\u0129a v\u1ee5 kh\u00e1c nh\u01b0 x\u00e1c nh\u1eadn giao d\u1ecbch theo Lu\u1eadt Ph\u00f2ng ch\u1ed1ng Chuy\u1ec3n giao L\u1ee3i nhu\u1eadn t\u1eeb T\u1ed9i ph\u1ea1m (Japanese Act on Prevention of Transfer of Criminal Proceeds), v\u00e0 gi\u1ea3i th\u00edch c\u00e1c v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng theo Lu\u1eadt Cung c\u1ea5p D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh (Japanese Financial Services Agency Law) (tuy nhi\u00ean, c\u1ea7n l\u01b0u \u00fd r\u1eb1ng STO hi\u1ec7n nay l\u00e0 ch\u1ee9ng kho\u00e1n kh\u00f4ng ni\u00eam y\u1ebft).<\/p>\n\n\n\n<p>Ngo\u00e0i ra, gi\u1ed1ng nh\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, ch\u1ee9ng kho\u00e1n s\u1ed1 c\u0169ng ph\u1ea3i tu\u00e2n th\u1ee7 c\u00e1c quy \u0111\u1ecbnh v\u1ec1 h\u00e0nh vi theo Lu\u1eadt Giao d\u1ecbch S\u1ea3n ph\u1ea9m T\u00e0i ch\u00ednh, x\u00e1c nh\u1eadn giao d\u1ecbch theo Lu\u1eadt Ph\u00f2ng ch\u1ed1ng Chuy\u1ec3n giao L\u1ee3i nhu\u1eadn t\u1eeb T\u1ed9i ph\u1ea1m, v\u00e0 gi\u1ea3i th\u00edch c\u00e1c v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng theo Lu\u1eadt Cung c\u1ea5p D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh.<\/p>\n\n\n\n<p>Ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u00f2i h\u1ecfi quy \u0111\u1ecbnh nghi\u00eam ng\u1eb7t v\u00ec c\u00f3 nh\u1eefng r\u1ee7i ro kh\u00e1c bi\u1ec7t so v\u1edbi c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n kh\u00e1c, bao g\u1ed3m vi\u1ec7c gi\u1ea3i th\u00edch v\u1ec1 n\u1ed9i dung s\u1ea3n ph\u1ea9m nh\u01b0 quy\u1ec1n l\u1ee3i c\u1ee7a qu\u1ef9 tin th\u00e1c ho\u1eb7c c\u1ed5 ph\u1ea7n trong c\u00e1c k\u1ebf ho\u1ea1ch \u0111\u1ea7u t\u01b0 t\u1eadp th\u1ec3, r\u1ee7i ro \u0111\u1ea7u t\u01b0, c\u0169ng nh\u01b0 vi\u1ec7c s\u1edf h\u1eefu, chuy\u1ec3n nh\u01b0\u1ee3ng v\u00e0 thanh to\u00e1n.<\/p>\n\n\n\n<ul>\n<li>Nguy\u00ean t\u1eafc ph\u00f9 h\u1ee3p (Ti\u00eau chu\u1ea9n b\u1eaft \u0111\u1ea7u giao d\u1ecbch)<\/li>\n<\/ul>\n\n\n\n<p>C\u00f4ng b\u1ed1 v\u00e0 th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch li\u00ean quan \u0111\u1ebfn qu\u1ea3n l\u00fd ph\u00e2n bi\u1ec7t khi th\u1ef1c hi\u1ec7n c\u00e1c c\u00f4ng vi\u1ec7c qu\u1ea3n l\u00fd (Japanese Financial Instruments and Exchange Act, \u0110i\u1ec1u 70, Kho\u1ea3n 2, \u0110i\u1ec3m 5).<\/p>\n\n\n\n<ul>\n<li>Quy \u0111\u1ecbnh v\u1ec1 qu\u1ea3ng c\u00e1o<\/li>\n<\/ul>\n\n\n\n<p>Khi qu\u1ea3ng c\u00e1o, c\u1ea7n \u0111\u1ea3m b\u1ea3o kh\u00f4ng g\u00e2y hi\u1ec3u l\u1ea7m v\u1ec1 b\u1ea3n ch\u1ea5t c\u1ee7a ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 c\u01a1 ch\u1ebf l\u01b0u tr\u1eef v\u00e0 chuy\u1ec3n nh\u01b0\u1ee3ng (Japanese Financial Instruments and Exchange Act, \u0110i\u1ec1u 78).<\/p>\n\n\n\n<ul>\n<li>Gi\u1ea3i th\u00edch t\u1ed5ng quan v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 (T\u00e0i li\u1ec7u cung c\u1ea5p tr\u01b0\u1edbc khi k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng)<\/li>\n<\/ul>\n\n\n\n<p>Khi cung c\u1ea5p t\u00e0i li\u1ec7u tr\u01b0\u1edbc khi k\u00fd k\u1ebft h\u1ee3p \u0111\u1ed3ng trong vi\u1ec7c mua b\u00e1n ch\u1ee9ng kho\u00e1n s\u1ed1, c\u1ea7n ph\u1ea3i c\u1ea3nh b\u00e1o v\u1ec1 b\u1ea3n ch\u1ea5t c\u1ee7a ch\u1ee9ng kho\u00e1n s\u1ed1 (Japanese Financial Instruments and Exchange Act, \u0110i\u1ec1u 83).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thuc_hien_nghiem_ngat_quan_ly_phan_biet_chung_khoan_so\"><\/span>Th\u1ef1c hi\u1ec7n nghi\u00eam ng\u1eb7t qu\u1ea3n l\u00fd ph\u00e2n bi\u1ec7t ch\u1ee9ng kho\u00e1n s\u1ed1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>\u0110\u1ea7u ti\u00ean, c\u00e1c nh\u00e0 giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh x\u1eed l\u00fd ch\u1ee9ng kho\u00e1n s\u1ed1 ph\u1ea3i th\u1ef1c hi\u1ec7n nghi\u00eam ng\u1eb7t vi\u1ec7c qu\u1ea3n l\u00fd ph\u00e2n bi\u1ec7t v\u00e0 c\u00e1c bi\u1ec7n ph\u00e1p \u0111\u1ed1i ph\u00f3 v\u1edbi r\u1ee7i ro r\u00f2 r\u1ec9.<\/p>\n\n\n\n<p>&#8220;C\u00e1c nh\u00e0 giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh ph\u1ea3i qu\u1ea3n l\u00fd ch\u1ee9ng kho\u00e1n v\u00e0 ti\u1ec1n g\u1eedi c\u1ee7a kh\u00e1ch h\u00e0ng m\u1ed9t c\u00e1ch ch\u1eafc ch\u1eafn v\u00e0 c\u00f3 t\u1ed5 ch\u1ee9c, ph\u00e2n bi\u1ec7t v\u1edbi t\u00e0i s\u1ea3n ri\u00eang c\u1ee7a m\u00ecnh&#8221; (Japanese Financial Instruments and Exchange Act, \u0110i\u1ec1u 43, Kho\u1ea3n 2).<\/p>\n\n\n\n<p>Th\u00eam v\u00e0o \u0111\u00f3, ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u01b0\u1ee3c token h\u00f3a th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u00f3a b\u00ed m\u1eadt (m\u1ed9t ph\u1ea7n c\u1ee7a c\u1eb7p kh\u00f3a s\u1eed d\u1ee5ng trong m\u00e3 h\u00f3a kh\u00f3a c\u00f4ng khai, kh\u00f4ng \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 r\u1ed9ng r\u00e3i) c\u1ea7n thi\u1ebft cho vi\u1ec7c chuy\u1ec3n nh\u01b0\u1ee3ng token cho nh\u00e0 \u0111\u1ea7u t\u01b0. Khi c\u00e1c nh\u00e0 giao d\u1ecbch s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh nh\u1eadn g\u1eedi ch\u1ee9ng kho\u00e1n s\u1ed1, h\u1ecd th\u01b0\u1eddng nh\u1eadn g\u1eedi kh\u00f3a b\u00ed m\u1eadt t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 qu\u1ea3n l\u00fd n\u00f3 ph\u00e2n bi\u1ec7t v\u1edbi t\u00e0i s\u1ea3n ri\u00eang c\u1ee7a m\u00ecnh ho\u1eb7c t\u00e0i s\u1ea3n c\u1ee7a b\u00ean th\u1ee9 ba \u0111\u01b0\u1ee3c \u1ee7y th\u00e1c, d\u1ef1a tr\u00ean c\u00e1c quy \u0111\u1ecbnh v\u00e0 quy ch\u1ebf n\u1ed9i b\u1ed9 li\u00ean quan \u0111\u1ebfn qu\u1ea3n l\u00fd ph\u00e2n bi\u1ec7t theo ph\u00e1p lu\u1eadt.<\/p>\n\n\n\n<p>Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, &#8220;th\u00f4ng tin c\u1ea7n thi\u1ebft \u0111\u1ec3 chuy\u1ec3n nh\u01b0\u1ee3ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ec3 hi\u1ec7n quy\u1ec1n l\u1ee3i ch\u1ee9ng kho\u00e1n \u0111i\u1ec7n t\u1eed ghi ch\u00e9p chuy\u1ec3n nh\u01b0\u1ee3ng ph\u1ea3i \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1eb1ng c\u00e1ch ghi ch\u00e9p tr\u00ean thi\u1ebft b\u1ecb \u0111i\u1ec7n t\u1eed kh\u00f4ng k\u1ebft n\u1ed1i internet th\u01b0\u1eddng xuy\u00ean, ph\u01b0\u01a1ng ti\u1ec7n ghi ch\u00e9p \u0111i\u1ec7n t\u1eeb ho\u1eb7c c\u00e1c ph\u01b0\u01a1ng ti\u1ec7n ghi ch\u00e9p kh\u00e1c [c\u00f2n g\u1ecdi l\u00e0 v\u00ed l\u1ea1nh] ho\u1eb7c th\u00f4ng qua c\u00e1c bi\u1ec7n ph\u00e1p qu\u1ea3n l\u00fd an to\u00e0n k\u1ef9 thu\u1eadt t\u01b0\u01a1ng \u0111\u01b0\u01a1ng&#8221; (Japanese Cabinet Office Ordinance on Financial Instruments Business Operators, \u0110i\u1ec1u 136, Kho\u1ea3n 1, \u0110i\u1ec3m 5).<\/p>\n\n\n\n<p>Tham kh\u1ea3o: <a href=\"https:\/\/www.fsa.go.jp\/singi\/digital\/siryou\/20230606\/2jstoa.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">V\u1ec1 t\u00ecnh h\u00ecnh hi\u1ec7n t\u1ea1i c\u1ee7a security tokens[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nhung_thay_doi_do_viec_noi_long_quy_dinh_ve_chung_khoan_so\"><\/span>Nh\u1eefng thay \u0111\u1ed5i do vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1<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\/2024\/08\/9d58bb34f36e44857a5481c8c2868678.jpg\" alt=\"Nh\u1eefng thay \u0111\u1ed5i do vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh\" class=\"wp-image-88709\" \/><\/figure>\n\n\n\n<p>L\u1ea7n n\u1edbi l\u1ecfng quy \u0111\u1ecbnh n\u00e0y ch\u1ee7 y\u1ebfu t\u1eadp trung v\u00e0o hai \u0111i\u1ec3m ch\u00ednh sau \u0111\u00e2y:<\/p>\n\n\n\n<ul>\n<li>M\u1ed9t t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n to\u00e0n b\u1ed9 quy tr\u00ecnh t\u1eeb ph\u00e1t h\u00e0nh, ch\u1ea5p nh\u1eadn \u0111\u1ebfn b\u00e1n ch\u1ee9ng kho\u00e1n s\u1ed1.<\/li>\n\n\n\n<li>S\u1ef1 m\u1edf r\u1ed9ng c\u00e1c h\u1ea1ng m\u1ee5c m\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f4ng b\u1ed1 cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n<\/ul>\n\n\n\n<p>C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh \u0111\u00e3 c\u00f4ng b\u1ed1 k\u1ebf ho\u1ea1ch s\u1eeda \u0111\u1ed5i l\u1ec7nh c\u1ee7a N\u1ed9i c\u00e1c \u0111\u1ec3 cho ph\u00e9p m\u1ed9t doanh nghi\u1ec7p thu\u1ed9c t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 \u0111\u1ea3m nh\u1eadn to\u00e0n b\u1ed9 qu\u00e1 tr\u00ecnh t\u1eeb ph\u00e1t h\u00e0nh, ch\u1ea5p nh\u1eadn \u0111\u1ebfn b\u00e1n ch\u1ee9ng kho\u00e1n s\u1ed1, nh\u1eb1m th\u00fac \u0111\u1ea9y s\u1ef1 gia t\u0103ng s\u1ed1 l\u01b0\u1ee3ng s\u1ea3n ph\u1ea9m v\u00e0 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho nh\u00e0 \u0111\u1ea7u t\u01b0 mua ch\u1ee9ng kho\u00e1n d\u1ec5 d\u00e0ng h\u01a1n.<\/p>\n\n\n\n<p>\u0110\u1ed1i t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh l\u00e0 ch\u1ee9ng kho\u00e1n s\u1ed1 c\u00f3 b\u1ea3o \u0111\u1ea3m b\u1eb1ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, chi\u1ebfm kho\u1ea3ng 85% t\u1ed5ng gi\u00e1 tr\u1ecb ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n s\u1ed1, bao g\u1ed3m c\u1ee5 th\u1ec3 l\u00e0 c\u00e1c b\u1ea5t \u0111\u1ed9ng s\u1ea3n nh\u01b0 trung t\u00e2m th\u01b0\u01a1ng m\u1ea1i, kh\u00e1ch s\u1ea1n, v\u00e0 c\u0103n h\u1ed9 l\u1edbn.<\/p>\n\n\n\n<p>Nh\u01b0 \u0111\u00e3 gi\u1ea3i th\u00edch tr\u01b0\u1edbc \u0111\u00e2y, theo nguy\u00ean t\u1eafc qu\u1ea3n l\u00fd t\u00e1ch bi\u1ec7t tr\u01b0\u1edbc \u0111\u00e2y, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n thu\u1ed9c nh\u00f3m ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 \u0111\u00e3 th\u00e0nh l\u1eadp kh\u00f4ng th\u1ec3 tham gia v\u00e0o vi\u1ec7c ch\u1ea5p nh\u1eadn ch\u1ee9ng kho\u00e1n s\u1ed1. Do \u0111\u00f3, s\u1ed1 l\u01b0\u1ee3ng c\u00f4ng ty ch\u1ee9ng kho\u00e1n x\u1eed l\u00fd ch\u1ee9ng kho\u00e1n s\u1ed1 b\u1ecb h\u1ea1n ch\u1ebf, v\u00e0 kh\u00f4ng th\u1ec3 t\u1eadn d\u1ee5ng tri\u1ec7t \u0111\u1ec3 c\u00e1c l\u1ee3i \u00edch nh\u01b0 kh\u1ea3 n\u0103ng giao d\u1ecbch 24\/7 v\u00e0 s\u1ef1 d\u1ec5 d\u00e0ng trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n. V\u00ec v\u1eady, vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh l\u1ea7n n\u00e0y nh\u1eb1m s\u1eeda \u0111\u1ed5i c\u00e1c quy t\u1eafc hi\u1ec7n h\u00e0nh, m\u1ee5c ti\u00eau l\u00e0 t\u0103ng s\u1ed1 l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh v\u00e0 m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n<p>N\u1ebfu vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, kh\u00f4ng ch\u1ec9 m\u1ed9t t\u1eadp \u0111o\u00e0n t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 d\u1ef1 ki\u1ebfn thu nh\u1eadp t\u1eeb vi\u1ec7c ph\u00e1t h\u00e0nh \u0111\u1ebfn ch\u1ea5p nh\u1eadn v\u00e0 b\u00e1n ch\u1ee9ng kho\u00e1n s\u1ed1, m\u00e0 c\u00f2n c\u00f3 th\u1ec3 t\u0103ng s\u1ed1 l\u01b0\u1ee3ng s\u1ea3n ph\u1ea9m, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng mua h\u01a1n, v\u00e0 c\u00f3 kh\u1ea3 n\u0103ng d\u1eabn \u0111\u1ebfn s\u1ef1 gia t\u0103ng ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 s\u1ed1 l\u01b0\u1ee3ng d\u1ef1 \u00e1n.<\/p>\n\n\n\n<p>\u0110\u1ed3ng th\u1eddi, ph\u00f9 h\u1ee3p v\u1edbi vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh, Hi\u1ec7p h\u1ed9i Kinh doanh Ch\u1ee9ng kho\u00e1n Nh\u1eadt B\u1ea3n d\u1ef1 ki\u1ebfn s\u1ebd thi\u1ebft l\u1eadp c\u00e1c quy t\u1eafc b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0. C\u1ee5 th\u1ec3, c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh s\u1ebd m\u1edf r\u1ed9ng c\u00e1c h\u1ea1ng m\u1ee5c c\u00f4ng b\u1ed1 cho nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1ea3m b\u1ea3o t\u00ednh minh b\u1ea1ch trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1, gi\u1ea3m thi\u1ec3u nguy c\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 g\u1eb7p b\u1ea5t l\u1ee3i, b\u1eb1ng c\u00e1ch c\u00f4ng b\u1ed1 l\u1ecbch s\u1eed th\u1ea3o lu\u1eadn v\u1ec1 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 gi\u1eefa ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n s\u1ed1 v\u1edbi c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u1ed9c l\u1eadp, c\u0169ng nh\u01b0 vi\u1ec7c c\u00f3 tr\u1ea3 ph\u00ed hay kh\u00f4ng.<\/p>\n\n\n\n<p>Trong vi\u1ec7c \u0111\u1ecbnh gi\u00e1, vi\u1ec7c t\u00ednh to\u00e1n gi\u00e1 tr\u1ecb \u0111\u00e1nh gi\u00e1 b\u1edfi c\u00e1c chuy\u00ean gia \u0111\u1ecbnh gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n ho\u1eb7c k\u1ebf to\u00e1n vi\u00ean c\u00f4ng ch\u1ee9ng \u0111\u01b0\u1ee3c coi l\u00e0 ph\u00f9 h\u1ee3p theo quy \u0111\u1ecbnh, v\u00e0 s\u1ef1 ch\u1ea5p thu\u1eadn c\u1ee7a c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u0111\u1ed9c l\u1eadp c\u0169ng l\u00e0 m\u1ed9t \u0111i\u1ec1u ki\u1ec7n c\u1ea7n thi\u1ebft.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hieu_qua_mong_doi_tu_viec_noi_long_quy_dinh_doi_voi_chung_khoan_so\"><\/span>Hi\u1ec7u qu\u1ea3 mong \u0111\u1ee3i t\u1eeb vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n s\u1ed1<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\/2024\/08\/a3981a5c40b1d62b825ddbde365be345.jpg\" alt=\"Hi\u1ec7u qu\u1ea3 mong \u0111\u1ee3i t\u1eeb vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh\" class=\"wp-image-88711\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thuc_day_tang_truong_thi_truong_chung_khoan_so\"><\/span>Th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1 trong n\u01b0\u1edbc \u0111ang c\u00f3 xu h\u01b0\u1edbng m\u1edf r\u1ed9ng, v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trong n\u0103m t\u00e0i ch\u00ednh 2023 \u0111\u1ea1t kho\u1ea3ng 100 t\u1ef7 y\u00ean v\u00e0 d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng l\u00ean 170 t\u1ef7 y\u00ean v\u00e0o n\u0103m t\u00e0i ch\u00ednh 2024, cho th\u1ea5y tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai. Tuy nhi\u00ean, do c\u00e1c quy \u0111\u1ecbnh c\u1ee7a Lu\u1eadt Giao d\u1ecbch S\u1ea3n ph\u1ea9m T\u00e0i ch\u00ednh v\u00e0 c\u00e1c quy \u0111\u1ecbnh kh\u00e1c, ch\u1ec9 c\u00f3 m\u1ed9t s\u1ed1 h\u1ea1n ch\u1ebf c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u00f3 th\u1ec3 x\u1eed l\u00fd ch\u1ee9ng kho\u00e1n s\u1ed1, kh\u00f4ng th\u1ec3 \u0111\u1ea3m b\u1ea3o \u0111\u1ee7 c\u1eeda s\u1ed5 giao d\u1ecbch, v\u00e0 kh\u00f4ng th\u1ec3 th\u1ef1c hi\u1ec7n vi\u1ec7c ph\u00e1t h\u00e0nh v\u00e0 b\u00e1n h\u00e0ng m\u1ed9t c\u00e1ch li\u1ec1n m\u1ea1ch, khi\u1ebfn cho c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh c\u0169ng kh\u00f3 c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n doanh thu d\u1ef1 ki\u1ebfn m\u1ed9t c\u00e1ch c\u1ee5 th\u1ec3. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y \u0111\u00e3 tr\u1edf th\u00e0nh tr\u1edf ng\u1ea1i cho vi\u1ec7c ph\u1ed5 bi\u1ebfn ch\u1ee9ng kho\u00e1n s\u1ed1.<\/p>\n\n\n\n<p>Trong vi\u1ec7c l\u01b0u th\u00f4ng ch\u1ee9ng kho\u00e1n s\u1ed1, tr\u01b0\u1edbc \u0111\u00e2y, c\u00e1c c\u00f4ng ty qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n th\u01b0\u1eddng ph\u1ea3i t\u1ea1o ra ch\u1ee9ng kho\u00e1n s\u1ed1 t\u1eeb b\u1ea5t \u0111\u1ed9ng s\u1ea3n m\u00e0 h\u1ecd s\u1edf h\u1eefu, sau \u0111\u00f3 ng\u00e2n h\u00e0ng \u1ee7y th\u00e1c s\u1ebd ph\u00e2n chia nh\u1ecf v\u00e0 t\u1ed5 ch\u1ee9c ch\u1ee9ng kho\u00e1n s\u1ed1, r\u1ed3i chuy\u1ec3n giao cho c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n kh\u00f4ng c\u00f3 quan h\u1ec7 v\u1ed1n \u0111\u1ec3 b\u00e1n h\u00e0ng. Tuy nhi\u00ean, v\u1edbi vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh l\u1ea7n n\u00e0y, c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n thu\u1ed9c nh\u00f3m ng\u00e2n h\u00e0ng \u1ee7y th\u00e1c c\u0169ng c\u00f3 th\u1ec3 ti\u1ebfp nh\u1eadn v\u00e0 b\u00e1n ch\u1ee9ng kho\u00e1n s\u1ed1, \u0111i\u1ec1u n\u00e0y s\u1ebd l\u00e0m t\u0103ng s\u1ed1 l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 l\u01b0u th\u00f4ng, t\u1eeb \u0111\u00f3 k\u00edch th\u00edch ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Thu_hut_nha_dau_tu_trong_va_ngoai_nuoc\"><\/span>Thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 trong v\u00e0 ngo\u00e0i n\u01b0\u1edbc<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u1edbi vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh, s\u1ed1 l\u01b0\u1ee3ng ch\u1ee9ng kho\u00e1n s\u1ed1 l\u01b0u th\u00f4ng trong n\u01b0\u1edbc d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng l\u00ean, t\u1eeb \u0111\u00f3 m\u1edf r\u1ed9ng l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, t\u1eeb g\u00f3c \u0111\u1ed9 \u0111\u1ea7u t\u01b0 ph\u00e2n t\u00e1n \u0111\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro, vi\u1ec7c t\u0103ng s\u1ed1 l\u01b0\u1ee3ng s\u1ea3n ph\u1ea9m ch\u1ee9ng kho\u00e1n s\u1ed1 c\u0169ng l\u00e0 m\u1ed9t l\u1ee3i \u00edch l\u1edbn cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<p>\u0110\u1eb7c bi\u1ec7t, ch\u1ee9ng kho\u00e1n s\u1ed1 li\u00ean quan \u0111\u1ebfn b\u1ea5t \u0111\u1ed9ng s\u1ea3n c\u00f3 nh\u1eefng \u01b0u \u0111i\u1ec3m nh\u01b0 kh\u00f4ng d\u1ec5 b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi th\u1ecb tr\u01b0\u1eddng nh\u01b0 REIT v\u00e0 c\u00f3 th\u1ec3 c\u1ea3m nh\u1eadn m\u1ea1nh m\u1ebd h\u01a1n v\u1ec1 vi\u1ec7c s\u1edf h\u1eefu th\u1ef1c t\u1ebf, \u0111i\u1ec1u n\u00e0y l\u00e0 m\u1ed9t s\u1ee9c h\u00fat l\u1edbn \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 d\u1ef1 ki\u1ebfn s\u1ebd th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cung_cap_phuong_thuc_huy_dong_von_moi\"><\/span>Cung c\u1ea5p ph\u01b0\u01a1ng th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n m\u1edbi<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>V\u1edbi vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh l\u1ea7n n\u00e0y, vi\u1ec7c ph\u00e1t h\u00e0nh v\u00e0 b\u00e1n ch\u1ee9ng kho\u00e1n s\u1ed1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n m\u1ed9t c\u00e1ch tr\u01a1n tru h\u01a1n, \u0111i\u1ec1u n\u00e0y s\u1ebd k\u00edch th\u00edch ho\u1ea1t \u0111\u1ed9ng STO (Security Token Offering) &#8211; ph\u00e1t h\u00e0nh token an ninh \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n\n\n\n<p>ICO (Initial Coin Offering) kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o \u0111\u00e3 g\u1eb7p ph\u1ea3i v\u1ea5n \u0111\u1ec1 nh\u01b0 giao d\u1ecbch l\u1eeba \u0111\u1ea3o. Trong khi \u0111\u00f3, IPO (Initial Public Offering) \u0111\u00f2i h\u1ecfi doanh nghi\u1ec7p ph\u1ea3i duy tr\u00ec hi\u1ec7u su\u1ea5t kinh doanh v\u00e0 x\u00e2y d\u1ef1ng h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd n\u1ed9i b\u1ed9 \u0111\u1ec3 \u0111\u00e1p \u1ee9ng ti\u00eau chu\u1ea9n ni\u00eam y\u1ebft c\u1ee7a s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n, c\u0169ng nh\u01b0 chu\u1ea9n b\u1ecb m\u1ed9t l\u01b0\u1ee3ng l\u1edbn t\u00e0i li\u1ec7u \u0111\u0103ng k\u00fd, l\u00e0m cho qu\u00e1 tr\u00ecnh chu\u1ea9n b\u1ecb m\u1ea5t nhi\u1ec1u n\u0103m v\u00e0 ph\u1ee9c t\u1ea1p, kh\u00f3 kh\u0103n trong vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n.<\/p>\n\n\n\n<p>Tuy nhi\u00ean, STO c\u00f3 th\u1ec3 huy \u0111\u1ed9ng v\u1ed1n ngay c\u1ea3 tr\u01b0\u1edbc khi d\u1ecbch v\u1ee5 ho\u1eb7c doanh nghi\u1ec7p b\u1eaft \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng, v\u00e0 kh\u00f4ng \u0111\u00f2i h\u1ecfi nhi\u1ec1u t\u00e0i li\u1ec7u hay h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd nh\u01b0 IPO, gi\u1ea3m b\u1edbt g\u00e1nh n\u1eb7ng cho doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>H\u01a1n n\u1eefa, vi\u1ec7c ch\u1ee9ng kho\u00e1n h\u00f3a v\u00e0 ST h\u00f3a c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c nhau m\u00e0 doanh nghi\u1ec7p s\u1edf h\u1eefu s\u1ebd gi\u00fap \u0111a d\u1ea1ng h\u00f3a ph\u01b0\u01a1ng th\u1ee9c huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a doanh nghi\u1ec7p.<\/p>\n\n\n\n<p>B\u00e0i vi\u1ebft li\u00ean quan: <a href=\"https:\/\/monolith.law\/corporate\/sto-securitytoken\" target=\"_blank\" rel=\"noreferrer noopener\">S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa STO v\u00e0 ICO l\u00e0 g\u00ec? Gi\u1ea3i th\u00edch v\u1ec1 kh\u00e1i ni\u1ec7m token an ninh v\u00e0 \u00fd ngh\u0129a c\u1ee7a STO[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Xu_huong_noi_long_quy_dinh_ve_chung_khoan_so\"><\/span>Xu h\u01b0\u1edbng n\u1edbi l\u1ecfng quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Phan_ung_cua_cac_to_chuc_tai_chinh_va_doanh_nghiep\"><\/span>Ph\u1ea3n \u1ee9ng c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 doanh nghi\u1ec7p<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>T\u1ea1i Nh\u1eadt B\u1ea3n, Osaka Digital Exchange (ODX), \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 b\u1edfi SBI Group v\u00e0 Sumitomo Mitsui Financial Group, \u0111\u00e3 m\u1edf h\u1ec7 th\u1ed1ng giao d\u1ecbch t\u01b0 nh\u00e2n &#8220;START&#8221; v\u00e0 b\u1eaft \u0111\u1ea7u giao d\u1ecbch ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0o th\u00e1ng 12 n\u0103m Reiwa 5 (2023). V\u1edbi vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh c\u1ee7a C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh, d\u1ef1 ki\u1ebfn kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch s\u1ebd t\u0103ng l\u00ean.<\/p>\n\n\n\n<p>Ngo\u00e0i ra, tr\u01b0\u1edbc s\u1ef1 n\u1edbi l\u1ecfng quy \u0111\u1ecbnh, Tokyo \u0111\u00e3 b\u1eaft \u0111\u1ea7u k\u00eau g\u1ecdi c\u00e1c d\u1ef1 \u00e1n nh\u1eb1m th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1 v\u00e0 c\u0169ng \u0111\u00e3 m\u1edf \u0111\u1ee3t tuy\u1ec3n d\u1ee5ng cho c\u00e1c kho\u1ea3n tr\u1ee3 c\u1ea5p, thu h\u00fat ng\u00e0y c\u00e0ng nhi\u1ec1u s\u1ef1 ch\u00fa \u00fd.<\/p>\n\n\n\n<p>Tham kh\u1ea3o: <a href=\"https:\/\/www.metro.tokyo.lg.jp\/tosei\/hodohappyo\/press\/2024\/04\/30\/02.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tokyo &#8220;K\u00eau g\u1ecdi d\u1ef1 \u00e1n th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1&#8221;[ja]<\/a><\/p>\n\n\n\n<p>Tham kh\u1ea3o: <a href=\"https:\/\/www.startupandglobalfinancialcity.metro.tokyo.lg.jp\/gfct\/initiatives\/nurturing-players\/fintech\/security-token\" target=\"_blank\" rel=\"noreferrer noopener\">Tokyo &#8220;Kho\u1ea3n tr\u1ee3 c\u1ea5p d\u1ef1 \u00e1n th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ed1 (Security Token)&#8221;[ja]<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Xu_huong_thi_truong_va_du_bao_trong_tuong_lai\"><\/span>Xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng v\u00e0 d\u1ef1 b\u00e1o trong t\u01b0\u01a1ng lai<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Boston Consulting Group \u01b0\u1edbc t\u00ednh r\u1eb1ng, s\u1ed1 ti\u1ec1n ph\u00e1t h\u00e0nh ch\u1ee9ng kho\u00e1n s\u1ed1 tr\u00ean to\u00e0n c\u1ea7u, t\u1eeb 310 t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2022, s\u1ebd t\u0103ng l\u00ean \u0111\u1ebfn 16.1 ngh\u00ecn t\u1ef7 \u0111\u00f4 la v\u00e0o n\u0103m 2030. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng c\u1ee7a ch\u1ee9ng kho\u00e1n s\u1ed1 nh\u01b0 m\u1ed9t \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea7u t\u01b0 s\u1ebd ng\u00e0y c\u00e0ng t\u0103ng cao tr\u00ean ph\u1ea1m vi to\u00e0n c\u1ea7u.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tong_ket_Su_long_leo_cua_quy_dinh_ve_chung_khoan_so_du_kien_se_mo_rong_thi_truong\"><\/span>T\u1ed5ng k\u1ebft: S\u1ef1 l\u1ecfng l\u1ebbo c\u1ee7a quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 d\u1ef1 ki\u1ebfn s\u1ebd m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u0110i\u1ec3m ch\u00ednh c\u1ee7a vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 l\u1ea7n n\u00e0y b\u1edfi C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n (Japanese Financial Services Agency) bao g\u1ed3m hai n\u1ed9i dung sau:<\/p>\n\n\n\n<ul>\n<li>\u0110\u01a1n gi\u1ea3n h\u00f3a th\u1ee7 t\u1ee5c ph\u00e1t h\u00e0nh<\/li>\n\n\n\n<li>T\u0103ng c\u01b0\u1eddng b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0<\/li>\n<\/ul>\n\n\n\n<p>\u1ede \u0111\u00e2y, ch\u00fang t\u00f4i \u0111\u00e3 gi\u1ea3i th\u00edch v\u1ec1 vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 b\u1edfi C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n, t\u1eeb vi\u1ec7c gi\u1ea3i th\u00edch ch\u00ednh ch\u1ee9ng kho\u00e1n s\u1ed1 \u0111\u1ebfn n\u1ed9i dung c\u1ee7a vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1. Vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh l\u1ea7n n\u00e0y d\u1ef1 ki\u1ebfn s\u1ebd l\u00e0m t\u0103ng \u0111\u00e1ng k\u1ec3 s\u1ed1 l\u01b0\u1ee3ng c\u00e1c v\u1ee5 vi\u1ec7c li\u00ean quan \u0111\u1ebfn ch\u1ee9ng kho\u00e1n s\u1ed1 tr\u00ean th\u1ecb tr\u01b0\u1eddng trong t\u01b0\u01a1ng lai.<\/p>\n\n\n\n<p>Trong b\u1ed1i c\u1ea3nh c\u00e1c kho\u1ea3n tr\u1ee3 c\u1ea5p, h\u1ed7 tr\u1ee3 t\u00e0i ch\u00ednh v\u00e0 c\u00e1c d\u1ef1 \u00e1n h\u1ed7 tr\u1ee3 \u0111ang \u0111\u01b0\u1ee3c m\u1edf r\u1ed9ng, vi\u1ec7c x\u00e1c \u0111\u1ecbnh nh\u1eefng th\u1ee7 t\u1ee5c c\u1ea7n thi\u1ebft s\u1ebd \u0111\u00f2i h\u1ecfi s\u1ef1 xem x\u00e9t c\u1ea9n th\u1eadn.<\/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\"><\/span>Gi\u1edbi thi\u1ec7u v\u1ec1 c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0 Monolith l\u00e0 m\u1ed9t t\u1ed5 ch\u1ee9c ph\u00e1p l\u00fd chuy\u00ean nghi\u1ec7p cao c\u1ea5p trong l\u0129nh v\u1ef1c IT, \u0111\u1eb7c bi\u1ec7t l\u00e0 lu\u1eadt li\u00ean quan \u0111\u1ebfn Internet. Ch\u00fang t\u00f4i cung c\u1ea5p s\u1ef1 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 tr\u00ecnh b\u00e0y trong c\u00e1c b\u00e0i vi\u1ebft d\u01b0\u1edbi \u0111\u00e2y.<\/p>\n\n\n\n<p>L\u0129nh v\u1ef1c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a V\u0103n ph\u00f2ng Lu\u1eadt s\u01b0 Monolith: <a href=\"https:\/\/monolith.law\/blockchain\" target=\"_blank\" rel=\"noreferrer noopener\">T\u00e0i s\u1ea3n m\u00e3 h\u00f3a &amp; Blockchain[ja]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>C\u01a1 quan D\u1ecbch v\u1ee5 T\u00e0i ch\u00ednh Nh\u1eadt B\u1ea3n \u0111\u00e3 th\u00f4ng b\u00e1o r\u1eb1ng v\u00e0o th\u00e1ng 8 n\u0103m Reiwa 6 (2024), quy \u0111\u1ecbnh v\u1ec1 ch\u1ee9ng kho\u00e1n s\u1ed1 (Security Token, vi\u1ebft t\u1eaft l\u00e0 ST) s\u1ebd \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng. M\u1ee5c ti\u00eau c\u1ee7a vi\u1ec7c n\u1edbi l\u1ecfng quy \u0111\u1ecbnh n [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":69730,"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\/68781"}],"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=68781"}],"version-history":[{"count":4,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/68781\/revisions"}],"predecessor-version":[{"id":69751,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/posts\/68781\/revisions\/69751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media\/69730"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/media?parent=68781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/categories?post=68781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/vi\/wp-json\/wp\/v2\/tags?post=68781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}