{"id":134321,"date":"2024-10-23T11:07:02","date_gmt":"2024-10-23T11:07:02","guid":{"rendered":"https:\/\/cryptonews.com\/vn\/?p=134321"},"modified":"2024-10-23T11:07:02","modified_gmt":"2024-10-23T11:07:02","slug":"mica-regulations-to-reshape-the-stablecoin-market-in-europe","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/vn\/news\/mica-regulations-to-reshape-the-stablecoin-market-in-europe\/","title":{"rendered":"Chuy\u00ean gia d\u1ef1 \u0111o\u00e1n MiCA s\u1ebd ph\u00e2n m\u1ea3nh th\u1ecb tr\u01b0\u1eddng stablecoin t\u1ef7 \u0111\u00f4"},"content":{"rendered":"<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/20\/2024\/10\/Chuyen-gia-du-doan-MiCA-se-phan-manh-thi-truong-stablecoin-ty-do.jpg\" alt=\"\" class=\"wp-image-134322\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2024\/10\/23110527\/Chuyen-gia-du-doan-MiCA-se-phan-manh-thi-truong-stablecoin-ty-do.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2024\/10\/23110527\/Chuyen-gia-du-doan-MiCA-se-phan-manh-thi-truong-stablecoin-ty-do-300x171.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2024\/10\/23110527\/Chuyen-gia-du-doan-MiCA-se-phan-manh-thi-truong-stablecoin-ty-do-768x439.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/20\/2024\/10\/23110527\/Chuyen-gia-du-doan-MiCA-se-phan-manh-thi-truong-stablecoin-ty-do-450x257.jpg 450w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure><p>Th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang ch&#7913;ng ki&#7871;n s&#7921; tr&#7895;i d&#7853;y m&#7841;nh m&#7869; c&#7911;a stablecoin, m&#7897;t lo&#7841;i ti&#7873;n m&atilde; h&oacute;a &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; gi&#7843;m thi&#7875;u bi&#7871;n &#273;&#7897;ng gi&aacute; b&#7857;ng c&aacute;ch neo gi&aacute; tr&#7883; v&agrave;o m&#7897;t t&agrave;i s&#7843;n &#7893;n &#273;&#7883;nh nh&#432; USD, v&agrave;ng ho&#7863;c m&#7897;t r&#7893; ti&#7873;n t&#7879;. T&iacute;nh &#273;&#7871;n th&aacute;ng 10 n&#259;m 2023, t&#7893;ng gi&aacute; tr&#7883; v&#7889;n h&oacute;a c&#7911;a th&#7883; tr&#432;&#7901;ng stablecoin &#273;&atilde; v&#432;&#7907;t m&#7889;c 172 t&#7927; USD, cho th&#7845;y s&#7913;c h&uacute;t v&agrave; ti&#7873;m n&#259;ng to l&#7899;n c&#7911;a lo&#7841;i t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; n&agrave;y.<\/p><p>S&#7921; t&#259;ng tr&#432;&#7903;ng ngo&#7841;n m&#7909;c n&agrave;y m&#7897;t ph&#7847;n &#273;&#432;&#7907;c th&uacute;c &#273;&#7849;y b&#7903;i vi&#7879;c Li&ecirc;n minh Ch&acirc;u &Acirc;u ban h&agrave;nh Quy &#273;&#7883;nh v&#7873; Th&#7883; tr&#432;&#7901;ng T&agrave;i s&#7843;n Ti&#7873;n &#273;i&#7879;n t&#7917; (MiCA), t&#7841;o ra m&#7897;t khung ph&aacute;p l&yacute; r&otilde; r&agrave;ng v&agrave; minh b&#7841;ch cho stablecoin, g&oacute;p ph&#7847;n c&#7911;ng c&#7889; ni&#7873;m tin c&#7911;a nh&agrave; &#273;&#7847;u t&#432; v&agrave; th&uacute;c &#273;&#7849;y s&#7921; ph&aacute;t tri&#7875;n c&#7911;a th&#7883; tr&#432;&#7901;ng.<\/p><p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> spot ETFs attracted $5 billion in net inflows during Q3 2024. This reflects the stable institutional demand for exposure to Bitcoin despite uneventful price action. <a href=\"https:\/\/t.co\/3wcc9FbCZA\">pic.twitter.com\/3wcc9FbCZA<\/a><\/p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1846552007215050762?ref_src=twsrc%5Etfw\">October 16, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><p>D&#7919; li&#7879;u t&#7915; DeFiLlama, m&#7897;t n&#7873;n t&#7843;ng theo d&otilde;i ho&#7841;t &#273;&#7897;ng t&agrave;i ch&iacute;nh phi t&#7853;p trung, ti&#7871;t l&#7897; r&#7857;ng stablecoin &#273;&atilde; chi&#7871;m t&#7899;i 123 t&#7927; USD trong t&#7893;ng kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch trong th&aacute;ng 10\/2023. Con s&#7889; &#7845;n t&#432;&#7907;ng n&agrave;y cho th&#7845;y stablecoin &#273;ang d&#7847;n tr&#7903; th&agrave;nh m&#7897;t ph&#432;&#417;ng ti&#7879;n thanh to&aacute;n ph&#7893; bi&#7871;n trong th&#7871; gi&#7899;i ti&#7873;n &#273;i&#7879;n t&#7917;, &#273;&#432;&#7907;c s&#7917; d&#7909;ng r&#7897;ng r&atilde;i trong c&aacute;c ho&#7841;t &#273;&#7897;ng giao d&#7883;ch, chuy&#7875;n ti&#7873;n v&agrave; thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i.<\/p><p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> staking hit an all-time high in Q3, with more holders staking to earn yield. This trend may signal increased confidence in Ethereum\u2019s long-term growth trajectory. <a href=\"https:\/\/t.co\/qyn4GM1jjk\">pic.twitter.com\/qyn4GM1jjk<\/a><\/p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1846552010587316688?ref_src=twsrc%5Etfw\">October 16, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><p>Kh&ocirc;ng ch&#7881; v&#7853;y, stablecoin c&ograve;n &#273;ang chi&#7871;m l&#297;nh th&#7883; ph&#7847;n &#273;&aacute;ng k&#7875; trong l&#297;nh v&#7921;c t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi). V&#7899;i kh&#7843; n&#259;ng neo gi&aacute; &#7893;n &#273;&#7883;nh, stablecoin gi&uacute;p gi&#7843;m thi&#7875;u r&#7911;i ro bi&#7871;n &#273;&#7897;ng gi&aacute;, t&#7841;o &#273;i&#7873;u ki&#7879;n thu&#7853;n l&#7907;i cho c&aacute;c ho&#7841;t &#273;&#7897;ng cho vay, &#273;i vay v&agrave; giao d&#7883;ch t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; tr&ecirc;n c&aacute;c n&#7873;n t&#7843;ng DeFi.<\/p><p>Theo th&#7889;ng k&ecirc;, stablecoin hi&#7879;n chi&#7871;m kho&#7843;ng 50% t&#7893;ng gi&aacute; tr&#7883; giao d&#7883;ch tr&ecirc;n c&aacute;c blockchain c&ocirc;ng khai, v&#432;&#7907;t xa Bitcoin, &#8220;&ocirc;ng vua&#8221; c&#7911;a th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917;, v&#7889;n ch&#7881; chi&#7871;m 25%. &#272;i&#7873;u n&agrave;y cho th&#7845;y stablecoin &#273;ang d&#7847;n kh&#7859;ng &#273;&#7883;nh v&#7883; th&#7871; quan tr&#7885;ng v&agrave; vai tr&ograve; kh&ocirc;ng th&#7875; thi&#7871;u trong h&#7879; sinh th&aacute;i ti&#7873;n &#273;i&#7879;n t&#7917;.<\/p><p>B&ecirc;n c&#7841;nh &#273;&oacute;, b&aacute;o c&aacute;o t&#7915; CryptoQuant, m&#7897;t c&ocirc;ng ty ph&acirc;n t&iacute;ch d&#7919; li&#7879;u blockchain, ch&#7881; ra r&#7857;ng l&#432;&#7907;ng stablecoin &#273;&#432;&#7907;c n&#7855;m gi&#7919; tr&ecirc;n c&aacute;c s&agrave;n giao d&#7883;ch &#273;&atilde; t&#259;ng v&#7885;t 20% trong n&#259;m nay. Xu h&#432;&#7899;ng n&agrave;y cho th&#7845;y nh&agrave; &#273;&#7847;u t&#432; &#273;ang ng&agrave;y c&agrave;ng tin t&#432;&#7903;ng v&agrave;o stablecoin nh&#432; m&#7897;t k&ecirc;nh l&#432;u tr&#7919; gi&aacute; tr&#7883; an to&agrave;n v&agrave; &#7893;n &#273;&#7883;nh trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; bi&#7871;n &#273;&#7897;ng m&#7841;nh.<\/p><p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Stablecoins reached a record $170 billion in market cap, highlighting their expanding use in payments and growing role in the broader crypto ecosystem. <a href=\"https:\/\/t.co\/SGole3qn2d\">pic.twitter.com\/SGole3qn2d<\/a><\/p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1846552013590364537?ref_src=twsrc%5Etfw\">October 16, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><p>Glassnode, m&#7897;t n&#7873;n t&#7843;ng ph&acirc;n t&iacute;ch d&#7919; li&#7879;u on-chain h&agrave;ng &#273;&#7847;u, c&#361;ng nh&#7853;n &#273;&#7883;nh r&#7857;ng stablecoin &#273;ang tr&ecirc;n &#273;&agrave; ph&aacute;t tri&#7875;n m&#7841;nh m&#7869;, &#273;&#432;&#7907;c s&#7917; d&#7909;ng r&#7897;ng r&atilde;i trong c&aacute;c ho&#7841;t &#273;&#7897;ng thanh to&aacute;n v&agrave; &#273;&oacute;ng vai tr&ograve; ng&agrave;y c&agrave;ng quan tr&#7885;ng trong h&#7879; sinh th&aacute;i ti&#7873;n &#273;i&#7879;n t&#7917;.<\/p><h2 class=\"wp-block-heading\" id=\"h-mica-tac-d&#7897;ng-d&#7871;n-cac-nha-phat-hanh-stablecoin-tren-kh&#7855;p-chau-au\"><strong>MiCA t&aacute;c &#273;&#7897;ng &#273;&#7871;n c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh Stablecoin tr&ecirc;n kh&#7855;p Ch&acirc;u &Acirc;u<\/strong><\/h2><span class=\"replacer\"><\/span><p>Th&#7883; tr&#432;&#7901;ng stablecoin t&#7841;i Ch&acirc;u &Acirc;u &#273;ang tr&#7843;i qua m&#7897;t cu&#7897;c chuy&#7875;n m&igrave;nh m&#7841;nh m&#7869; v&#7899;i s&#7921; ra &#273;&#7901;i c&#7911;a Quy &#273;&#7883;nh v&#7873; Th&#7883; tr&#432;&#7901;ng T&agrave;i s&#7843;n Ti&#7873;n &#273;i&#7879;n t&#7917; (MiCA) v&agrave;o th&aacute;ng 6 n&#259;m 2023. <\/p><p>MiCA, m&#7897;t khung ph&aacute;p l&yacute; to&agrave;n di&#7879;n &#273;&#432;&#7907;c Li&ecirc;n minh Ch&acirc;u &Acirc;u thi&#7871;t l&#7853;p, nh&#7857;m m&#7909;c &#273;&iacute;ch &#273;i&#7873;u ch&#7881;nh th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; non tr&#7867; nh&#432;ng &#273;&#7847;y bi&#7871;n &#273;&#7897;ng, t&#7841;o ra s&acirc;n ch&#417;i b&igrave;nh &#273;&#7859;ng v&agrave; minh b&#7841;ch cho t&#7845;t c&#7843; c&aacute;c b&ecirc;n tham gia, &#273;&#7891;ng th&#7901;i b&#7843;o v&#7879; nh&agrave; &#273;&#7847;u t&#432; kh&#7887;i nh&#7919;ng r&#7911;i ro ti&#7873;m &#7849;n.<\/p><p>M&#7863;c d&ugrave; MiCA ch&#432;a &#273;&#432;&#7907;c tri&#7875;n khai &#273;&#7847;y &#273;&#7911;, nh&#432;ng nh&#7919;ng t&aacute;c &#273;&#7897;ng c&#7911;a n&oacute; &#273;&#7889;i v&#7899;i th&#7883; tr&#432;&#7901;ng stablecoin &#273;&atilde; tr&#7903; n&ecirc;n r&otilde; r&agrave;ng. Stablecoin, m&#7897;t lo&#7841;i ti&#7873;n &#273;i&#7879;n t&#7917; &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; neo gi&aacute; tr&#7883; v&agrave;o m&#7897;t t&agrave;i s&#7843;n &#7893;n &#273;&#7883;nh nh&#432; &#273;&ocirc; la M&#7929; hay v&agrave;ng, &#273;ang ng&agrave;y c&agrave;ng ph&#7893; bi&#7871;n trong c&aacute;c giao d&#7883;ch ti&#7873;n &#273;i&#7879;n t&#7917; v&agrave; &#273;&#432;&#7907;c xem l&agrave; c&#7847;u n&#7889;i quan tr&#7885;ng gi&#7919;a th&#7871; gi&#7899;i t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng v&agrave; th&#7871; gi&#7899;i ti&#7873;n &#273;i&#7879;n t&#7917;. <\/p><p>Tuy nhi&ecirc;n, s&#7921; ph&aacute;t tri&#7875;n nhanh ch&oacute;ng c&#7911;a stablecoin c&#361;ng &#273;&#7863;t ra nhi&#7873;u th&aacute;ch th&#7913;c v&#7873; qu&#7843;n l&yacute; v&agrave; gi&aacute;m s&aacute;t, &#273;&ograve;i h&#7887;i s&#7921; can thi&#7879;p k&#7883;p th&#7901;i t&#7915; c&aacute;c c&#417; quan qu&#7843;n l&yacute;.<\/p><p>MiCA &#273;&#432;&#7907;c k&#7923; v&#7885;ng s&#7869; gi&#7843;i quy&#7871;t nh&#7919;ng th&aacute;ch th&#7913;c n&agrave;y b&#7857;ng c&aacute;ch &aacute;p &#273;&#7863;t c&aacute;c quy &#273;&#7883;nh nghi&ecirc;m ng&#7863;t &#273;&#7889;i v&#7899;i c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin. <\/p><p>Theo &ocirc;ng Martin Bruncko, ng&#432;&#7901;i s&aacute;ng l&#7853;p v&agrave; Gi&aacute;m &#273;&#7889;c &#273;i&#7873;u h&agrave;nh c&#7911;a Schuman Financial, MiCA y&ecirc;u c&#7847;u c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin ph&#7843;i tu&acirc;n th&#7911; m&#7897;t lo&#7841;t c&aacute;c quy &#273;&#7883;nh, bao g&#7891;m c&aacute;c ch&iacute;nh s&aacute;ch ch&#7889;ng r&#7917;a ti&#7873;n (AML), quy &#273;&#7883;nh v&#7873; l&#432;u k&yacute;, b&#7843;o v&#7879; v&agrave; &#273;&#7847;u t&#432; t&agrave;i s&#7843;n d&#7921; tr&#7919;, qu&#7843;n l&yacute; r&#7911;i ro, ch&iacute;nh s&aacute;ch b&#7843;o m&#7853;t, qu&#7843;n l&yacute; s&#7921; c&#7889;, b&#7843;o v&#7879; d&#7919; li&#7879;u, duy tr&igrave; ho&#7841;t &#273;&#7897;ng kinh doanh, qu&#7843;n l&yacute; khi&#7871;u n&#7841;i, v&agrave; nhi&#7873;u quy &#273;&#7883;nh kh&aacute;c.<\/p><p>&#8220;Vi&#7879;c tu&acirc;n th&#7911; MiCA l&agrave; &#273;i&#7873;u ki&#7879;n ti&ecirc;n quy&#7871;t &#273;&#7875; c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin c&oacute; th&#7875; ho&#7841;t &#273;&#7897;ng t&#7841;i th&#7883; tr&#432;&#7901;ng Ch&acirc;u &Acirc;u&#8221;, &ocirc;ng Bruncko nh&#7845;n m&#7841;nh. &#8220;N&#7871;u kh&ocirc;ng tu&acirc;n th&#7911;, vi&#7879;c ph&acirc;n ph&#7889;i stablecoin &#273;&#7871;n ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng v&agrave; doanh nghi&#7879;p &#7903; Ch&acirc;u &Acirc;u s&#7869; b&#7883; coi l&agrave; b&#7845;t h&#7907;p ph&aacute;p.&#8221;<\/p><p>C&aacute;c quy &#273;&#7883;nh nghi&ecirc;m ng&#7863;t c&#7911;a MiCA &#273;&#432;&#7907;c d&#7921; &#273;o&aacute;n s&#7869; d&#7851;n &#273;&#7871;n s&#7921; s&#7909;t gi&#7843;m &#273;&aacute;ng k&#7875; v&#7873; s&#7889; l&#432;&#7907;ng stablecoin neo gi&aacute; USD &#273;&#432;&#7907;c cung c&#7845;p t&#7841;i Ch&acirc;u &Acirc;u. Th&#7921;c t&#7871;, m&#7897;t s&#7889; c&ocirc;ng ty l&#7899;n nh&#432; Coinbase &#273;&atilde; b&#7855;t &#273;&#7847;u lo&#7841;i b&#7887; h&#7895; tr&#7907; cho m&#7897;t s&#7889; stablecoin, ch&#7859;ng h&#7841;n nh&#432; USDT c&#7911;a Tether, do lo ng&#7841;i v&#7873; vi&#7879;c tu&acirc;n th&#7911; quy &#273;&#7883;nh.<\/p><p>&#272;i&#7873;u n&agrave;y &#273;&#7863;t ra m&#7897;t th&aacute;ch th&#7913;c kh&ocirc;ng nh&#7887; cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin. H&#7885; s&#7869; ph&#7843;i &#273;&#7847;u t&#432; &#273;&aacute;ng k&#7875; v&agrave;o c&#417; s&#7903; h&#7841; t&#7847;ng, c&ocirc;ng ngh&#7879; v&agrave; nh&acirc;n l&#7921;c &#273;&#7875; &#273;&#7843;m b&#7843;o tu&acirc;n th&#7911; &#273;&#7847;y &#273;&#7911; c&aacute;c quy &#273;&#7883;nh c&#7911;a MiCA. Tuy nhi&ecirc;n, v&#7873; l&acirc;u d&agrave;i, MiCA &#273;&#432;&#7907;c k&#7923; v&#7885;ng s&#7869; mang l&#7841;i l&#7907;i &iacute;ch cho to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng stablecoin.<\/p><p>B&#7857;ng c&aacute;ch t&#259;ng c&#432;&#7901;ng t&iacute;nh minh b&#7841;ch, tr&aacute;ch nhi&#7879;m gi&#7843;i tr&igrave;nh v&agrave; b&#7843;o v&#7879; nh&agrave; &#273;&#7847;u t&#432;, MiCA s&#7869; gi&uacute;p c&#7911;ng c&#7889; ni&#7873;m tin v&agrave;o stablecoin, th&uacute;c &#273;&#7849;y s&#7921; ph&aacute;t tri&#7875;n b&#7873;n v&#7919;ng c&#7911;a th&#7883; tr&#432;&#7901;ng v&agrave; t&#7841;o &#273;i&#7873;u ki&#7879;n thu&#7853;n l&#7907;i cho vi&#7879;c &aacute;p d&#7909;ng stablecoin trong c&aacute;c ho&#7841;t &#273;&#7897;ng kinh t&#7871;.<\/p><p>Tuy nhi&ecirc;n, MiCA c&#361;ng &#273;&#7863;t ra m&#7897;t s&#7889; c&acirc;u h&#7887;i quan tr&#7885;ng v&#7873; t&aacute;c &#273;&#7897;ng c&#7911;a n&oacute; &#273;&#7889;i v&#7899;i s&#7921; c&#7841;nh tranh v&agrave; &#273;&#7893;i m&#7899;i trong th&#7883; tr&#432;&#7901;ng stablecoin nh&#432; l&agrave; c&aacute;c quy &#273;&#7883;nh ch&#7863;t ch&#7869; c&oacute; v&ocirc; t&igrave;nh t&#7841;o ra r&agrave;o c&#7843;n gia nh&#7853;p cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin m&#7899;i, h&#7841;n ch&#7871; s&#7921; &#273;a d&#7841;ng v&agrave; c&#7841;nh tranh tr&ecirc;n th&#7883; tr&#432;&#7901;ng?<\/p><p>&#272;&acirc;y l&agrave; nh&#7919;ng v&#7845;n &#273;&#7873; c&#7847;n &#273;&#432;&#7907;c c&aacute;c nh&agrave; ho&#7841;ch &#273;&#7883;nh ch&iacute;nh s&aacute;ch, c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin v&agrave; c&#7897;ng &#273;&#7891;ng ti&#7873;n &#273;i&#7879;n t&#7917; theo d&otilde;i s&aacute;t sao v&agrave; &#273;&aacute;nh gi&aacute; k&#7929; l&#432;&#7905;ng trong th&#7901;i gian t&#7899;i &#273;&#7875; &#273;&#7843;m b&#7843;o r&#7857;ng MiCA th&#7921;c s&#7921; &#273;&#7841;t &#273;&#432;&#7907;c m&#7909;c ti&ecirc;u ban &#273;&#7847;u l&agrave; th&uacute;c &#273;&#7849;y s&#7921; ph&aacute;t tri&#7875;n l&agrave;nh m&#7841;nh v&agrave; b&#7873;n v&#7919;ng c&#7911;a th&#7883; tr&#432;&#7901;ng stablecoin t&#7841;i Ch&acirc;u &Acirc;u.<\/p><h2 class=\"wp-block-heading\" id=\"h-stablecoin-neo-gia-euro-s&#7869;-len-ngoi\"><strong>Stablecoin neo gi&aacute; Euro s&#7869; l&ecirc;n ng&ocirc;i<\/strong><\/h2><span class=\"replacer\"><\/span><p>Quy &#273;&#7883;nh MiCA &#273;&#432;&#7907;c k&#7923; v&#7885;ng s&#7869; t&#7841;o &#273;&agrave; cho s&#7921; ph&aacute;t tri&#7875;n m&#7841;nh m&#7869; c&#7911;a stablecoin neo gi&aacute; euro trong trung v&agrave; d&agrave;i h&#7841;n, c&#7911;ng c&#7889; v&#7883; th&#7871; c&#7911;a ch&uacute;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng v&agrave; thu h&uacute;t s&#7921; quan t&acirc;m ng&agrave;y c&agrave;ng l&#7899;n t&#7915; c&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh tr&ecirc;n kh&#7855;p Ch&acirc;u &Acirc;u.<\/p><p>Nh&#7919;ng t&aacute;c &#273;&#7897;ng c&#7911;a s&#7921; chuy&#7875;n d&#7883;ch n&agrave;y &#273;&atilde; b&#7855;t &#273;&#7847;u hi&#7879;n h&#7919;u r&otilde; n&eacute;t. M&#7897;t b&aacute;o c&aacute;o g&#7847;n &#273;&acirc;y t&#7915; Chainalysis, m&#7897;t c&ocirc;ng ty ph&acirc;n t&iacute;ch blockchain h&agrave;ng &#273;&#7847;u, cho th&#7845;y ho&#7841;t &#273;&#7897;ng stablecoin &#273;ang d&#7847;n d&#7883;ch chuy&#7875;n kh&#7887;i c&aacute;c n&#7873;n t&#7843;ng &#273;&#432;&#7907;c qu&#7843;n l&yacute; t&#7841;i M&#7929;, c&oacute; th&#7875; do s&#7921; ch&#7853;m tr&#7877; trong vi&#7879;c ban h&agrave;nh c&aacute;c quy &#273;&#7883;nh r&otilde; r&agrave;ng v&#7873; stablecoin v&agrave; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; kh&aacute;c t&#7841;i qu&#7889;c gia n&agrave;y.<\/p><p><strong>&#8220;S&#7921; r&otilde; r&agrave;ng v&#7873; m&#7863;t ph&aacute;p l&yacute; &#7903; c&aacute;c khu v&#7921;c ngo&agrave;i M&#7929; &#273;ang th&uacute;c &#273;&#7849;y s&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a stablecoin tr&ecirc;n to&agrave;n c&#7847;u, trong khi M&#7929; c&oacute; nguy c&#417; t&#7909;t h&#7853;u&#8221;, Chainalysis nh&#7853;n &#273;&#7883;nh<\/strong>.<\/p><p>MiCA, v&#7899;i nh&#7919;ng quy &#273;&#7883;nh c&#7909; th&#7875; v&agrave; to&agrave;n di&#7879;n, &#273;&#432;&#7907;c xem l&agrave; &#8220;c&uacute; h&iacute;ch&#8221; quan tr&#7885;ng cho stablecoin neo gi&aacute; euro. C&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin t&#7841;i Ch&acirc;u &Acirc;u s&#7869; c&oacute; l&#7907;i th&#7871; c&#7841;nh tranh &#273;&aacute;ng k&#7875; khi ho&#7841;t &#273;&#7897;ng trong m&#7897;t m&ocirc;i tr&#432;&#7901;ng ph&aacute;p l&yacute; r&otilde; r&agrave;ng v&agrave; &#7893;n &#273;&#7883;nh. <\/p><p>Kh&ocirc;ng ch&#7881; gi&uacute;p h&#7885; thu h&uacute;t v&#7889;n &#273;&#7847;u t&#432; v&agrave; m&#7903; r&#7897;ng quy m&ocirc; ho&#7841;t &#273;&#7897;ng m&agrave; c&ograve;n t&#7841;o ni&#7873;m tin cho ng&#432;&#7901;i d&ugrave;ng v&agrave; th&uacute;c &#273;&#7849;y vi&#7879;c &aacute;p d&#7909;ng stablecoin trong c&aacute;c ho&#7841;t &#273;&#7897;ng kinh t&#7871;.<\/p><p>Ng&#432;&#7907;c l&#7841;i, s&#7921; thi&#7871;u ch&#7855;c ch&#7855;n v&#7873; m&#7863;t ph&aacute;p l&yacute; t&#7841;i M&#7929; &#273;ang khi&#7871;n c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin v&agrave; c&aacute;c nh&agrave; &#273;&#7847;u t&#432; e ng&#7841;i. Vi&#7879;c thi&#7871;u m&#7897;t khung ph&aacute;p l&yacute; r&otilde; r&agrave;ng c&oacute; th&#7875; d&#7851;n &#273;&#7871;n nh&#7919;ng r&#7911;i ro ph&aacute;p l&yacute; v&agrave; kh&oacute; kh&#259;n trong ho&#7841;t &#273;&#7897;ng kinh doanh, khi&#7871;n nhi&#7873;u c&ocirc;ng ty l&#7921;a ch&#7885;n chuy&#7875;n h&#432;&#7899;ng sang c&aacute;c th&#7883; tr&#432;&#7901;ng c&oacute; m&ocirc;i tr&#432;&#7901;ng ph&aacute;p l&yacute; thu&#7853;n l&#7907;i h&#417;n, ch&#7859;ng h&#7841;n nh&#432; Ch&acirc;u &Acirc;u.<\/p><p>S&#7921; tr&#7895;i d&#7853;y c&#7911;a stablecoin neo gi&aacute; euro c&#361;ng &#273;&#432;&#7907;c k&#7923; v&#7885;ng s&#7869; th&uacute;c &#273;&#7849;y qu&aacute; tr&igrave;nh qu&#7889;c t&#7871; h&oacute;a &#273;&#7891;ng euro, t&#259;ng c&#432;&#7901;ng vai tr&ograve; c&#7911;a &#273;&#7891;ng ti&#7873;n n&agrave;y trong h&#7879; th&#7889;ng t&agrave;i ch&iacute;nh to&agrave;n c&#7847;u. Stablecoin neo gi&aacute; euro c&oacute; th&#7875; &#273;&#432;&#7907;c s&#7917; d&#7909;ng r&#7897;ng r&atilde;i trong c&aacute;c giao d&#7883;ch qu&#7889;c t&#7871;, thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i v&agrave; c&aacute;c ho&#7841;t &#273;&#7897;ng th&#432;&#417;ng m&#7841;i &#273;i&#7879;n t&#7917;, t&#7841;o &#273;i&#7873;u ki&#7879;n thu&#7853;n l&#7907;i cho vi&#7879;c s&#7917; d&#7909;ng &#273;&#7891;ng euro tr&ecirc;n ph&#7841;m vi to&agrave;n c&#7847;u.<\/p><p>Tuy nhi&ecirc;n, s&#7921; ph&aacute;t tri&#7875;n c&#7911;a stablecoin neo gi&aacute; euro c&#361;ng &#273;&#7863;t ra m&#7897;t s&#7889; th&aacute;ch th&#7913;c. C&aacute;c nh&agrave; qu&#7843;n l&yacute; c&#7847;n theo d&otilde;i ch&#7863;t ch&#7869; ho&#7841;t &#273;&#7897;ng c&#7911;a stablecoin, &#273;&#7843;m b&#7843;o ch&uacute;ng &#273;&#432;&#7907;c s&#7917; d&#7909;ng m&#7897;t c&aacute;ch an to&agrave;n v&agrave; minh b&#7841;ch, &#273;&#7891;ng th&#7901;i ng&#259;n ch&#7863;n c&aacute;c r&#7911;i ro ti&#7873;m &#7849;n nh&#432; r&#7917;a ti&#7873;n, t&agrave;i tr&#7907; kh&#7911;ng b&#7889; v&agrave; thao t&uacute;ng th&#7883; tr&#432;&#7901;ng.<\/p><figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"\" class=\" lazyload\" data-src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXeaNTBkSlMFikqtZDrY0B1mG5L3mbZ9IQO2tiqQFXji-5mblFepc9lZ5tWd0J1UA119Suso0Xcm89EwY3Ckn-Zc_sStUgdLfc1TlAPkO8fIRjji45GvWmL9fYeAaqoXaz-DAxMWVrCGh8YxFqjvQNi6d51a?key=avBcefgm2kDVNqQIGxqIwQ\" data-srcset=\"\"><\/figure><h2 class=\"wp-block-heading\" id=\"h-mica-mang-d&#7871;n-c&#7843;-c&#417;-h&#7897;i-l&#7851;n-thach-th&#7913;c\"><strong>MiCA mang &#273;&#7871;n c&#7843; c&#417; h&#7897;i l&#7851;n th&aacute;ch th&#7913;c<\/strong><\/h2><span class=\"replacer\"><\/span><p>&Ocirc;ng Tom Kiddle, &#273;&#7891;ng s&aacute;ng l&#7853;p Palisade, m&#7897;t c&ocirc;ng ty l&#432;u k&yacute; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;&#432;&#7907;c qu&#7843;n l&yacute; t&#7841;i Ph&aacute;p, &#273;&atilde; chia s&#7867; v&#7899;i Cryptonews v&#7873; nh&#7919;ng t&aacute;c &#273;&#7897;ng &#273;a chi&#7873;u c&#7911;a MiCA. <\/p><p>&#8220;M&#7897;t m&#7863;t, nh&#7919;ng y&ecirc;u c&#7847;u nghi&ecirc;m ng&#7863;t c&#7911;a MiCA, &#273;&#7863;c bi&#7879;t l&agrave; quy &#273;&#7883;nh v&#7873; vi&#7879;c duy tr&igrave; t&#7927; l&#7879; d&#7921; tr&#7919; thanh kho&#7843;n 1:1 v&agrave; b&#7843;o v&#7879; t&agrave;i s&#7843;n, s&#7869; gi&uacute;p c&#7911;ng c&#7889; ni&#7873;m tin c&#7911;a th&#7883; tr&#432;&#7901;ng v&agrave;o stablecoin, th&uacute;c &#273;&#7849;y s&#7921; &#7893;n &#273;&#7883;nh v&agrave; minh b&#7841;ch&#8221;, &ocirc;ng Kiddle nh&#7853;n &#273;&#7883;nh. <\/p><p>&#8220;M&#7863;t kh&aacute;c, g&aacute;nh n&#7863;ng tu&acirc;n th&#7911; gia t&#259;ng d&#7921; ki&#7871;n s&#7869; d&#7851;n &#273;&#7871;n s&#7921; h&#7907;p nh&#7845;t trong ng&agrave;nh, khi c&aacute;c c&ocirc;ng ty nh&#7887; h&#417;n c&oacute; th&#7875; g&#7863;p kh&oacute; kh&#259;n trong vi&#7879;c &#273;&aacute;p &#7913;ng c&aacute;c y&ecirc;u c&#7847;u kh&#7855;t khe v&agrave; bu&#7897;c ph&#7843;i s&aacute;p nh&#7853;p ho&#7863;c r&#7901;i kh&#7887;i th&#7883; tr&#432;&#7901;ng.&#8221;<\/p><p>&#272;&#7889;i v&#7899;i c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin ngo&agrave;i Ch&acirc;u &Acirc;u, th&aacute;ch th&#7913;c c&agrave;ng tr&#7903; n&ecirc;n r&otilde; r&#7879;t h&#417;n. MiCA y&ecirc;u c&#7847;u t&#7845;t c&#7843; c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh, b&#7845;t k&#7875; ngu&#7891;n g&#7889;c, ph&#7843;i thi&#7871;t l&#7853;p m&#7897;t ph&aacute;p nh&acirc;n &#273;&#432;&#7907;c &#7911;y quy&#7873;n trong EU, tu&acirc;n th&#7911; c&aacute;c quy &#273;&#7883;nh v&#7873; quy&#7873;n mua l&#7841;i v&#297;nh vi&#7877;n v&agrave; duy tr&igrave; d&#7921; tr&#7919; &#273;&#432;&#7907;c h&#7895; tr&#7907; &#273;&#7847;y &#273;&#7911;. <\/p><p>&#8220;&#272;i&#7873;u n&agrave;y &#273;&#7843;m b&#7843;o t&iacute;nh &#7893;n &#273;&#7883;nh cho stablecoin, nh&#432;ng &#273;&#7891;ng th&#7901;i c&#361;ng n&acirc;ng cao r&agrave;o c&#7843;n gia nh&#7853;p th&#7883; tr&#432;&#7901;ng, t&#7841;o ra l&#7907;i th&#7871; c&#7841;nh tranh cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin c&oacute; tr&#7909; s&#7903; t&#7841;i Ch&acirc;u &Acirc;u&#8221;, &ocirc;ng Kiddle gi&#7843;i th&iacute;ch.<\/p><p><\/p><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83e\ude99<a href=\"https:\/\/twitter.com\/Ripple?ref_src=twsrc%5Etfw\">@Ripple<\/a> has announced global partnerships with crypto exchanges to launch <a href=\"https:\/\/twitter.com\/search?q=%24RLUSD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$RLUSD<\/a>, an enterprise-grade USD stablecoin focused on compliance.<a href=\"https:\/\/twitter.com\/hashtag\/Stablecoins?src=hash&amp;ref_src=twsrc%5Etfw\">#Stablecoins<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BlockchainNews?src=hash&amp;ref_src=twsrc%5Etfw\">#BlockchainNews<\/a><a href=\"https:\/\/t.co\/owvd7mjx6e\">https:\/\/t.co\/owvd7mjx6e<\/a><\/p>&mdash; Cryptonews.com (@cryptonews) <a href=\"https:\/\/twitter.com\/cryptonews\/status\/1846206492325957937?ref_src=twsrc%5Etfw\">October 15, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><p>Ripple, m&#7897;t c&ocirc;ng ty c&ocirc;ng ngh&#7879; n&#7893;i ti&#7871;ng v&#7899;i c&aacute;c gi&#7843;i ph&aacute;p thanh to&aacute;n d&#7921;a tr&ecirc;n blockchain, l&agrave; m&#7897;t v&iacute; d&#7909; &#273;i&#7875;n h&igrave;nh v&#7873; c&aacute;ch c&aacute;c c&ocirc;ng ty &#273;ang n&#7895; l&#7921;c th&iacute;ch &#7913;ng v&#7899;i MiCA. <\/p><p>&Ocirc;ng Chris Myers, C&#7889; v&#7845;n c&#7845;p cao khu v&#7921;c EMEA t&#7841;i Ripple, cho bi&#7871;t c&ocirc;ng ty hi&#7879;n &#273;ang n&#7855;m gi&#7919; gi&#7845;y ph&eacute;p Nh&agrave; cung c&#7845;p d&#7883;ch v&#7909; t&agrave;i s&#7843;n &#7843;o (VASP) do Ng&acirc;n h&agrave;ng Trung &#432;&#417;ng Ireland c&#7845;p v&agrave; &#273;ang trong qu&aacute; tr&igrave;nh chuy&#7875;n &#273;&#7893;i sang gi&#7845;y ph&eacute;p Nh&agrave; cung c&#7845;p d&#7883;ch v&#7909; t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; (CASP) theo MiCA.<\/p><p>Tuy nhi&ecirc;n, Ripple v&#7851;n &#273;ang t&#7853;p trung v&agrave;o vi&#7879;c ra m&#7855;t s&#7843;n ph&#7849;m stablecoin RLUSD t&#7841;i M&#7929; tr&#432;&#7899;c khi xem x&eacute;t m&#7903; r&#7897;ng sang c&aacute;c th&#7883; tr&#432;&#7901;ng kh&aacute;c. &#8220;Ch&uacute;ng t&ocirc;i s&#7869; &#273;&aacute;nh gi&aacute; vi&#7879;c ra m&#7855;t th&#7883; tr&#432;&#7901;ng ti&#7871;p theo khi m&#7903; r&#7897;ng ho&#7841;t &#273;&#7897;ng, c&oacute; t&iacute;nh &#273;&#7871;n c&aacute;c ch&iacute;nh s&aacute;ch v&#7873; t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; v&agrave; stablecoin &#273;ang ph&aacute;t tri&#7875;n &#7903; c&aacute;c khu v&#7921;c ph&aacute;p l&yacute; kh&aacute;c nhau, nh&#432;ng s&#7869; b&#7855;t &#273;&#7847;u b&#7857;ng vi&#7879;c ph&aacute;t h&agrave;nh s&#7843;n ph&#7849;m stablecoin USD c&#7911;a ch&uacute;ng t&ocirc;i t&#7915; M&#7929;&#8221;, &ocirc;ng Myers chia s&#7867;.<\/p><p>Chi&#7871;n l&#432;&#7907;c n&agrave;y cho th&#7845;y Ripple &#273;ang th&#7853;n tr&#7885;ng c&acirc;n nh&#7855;c c&aacute;c y&#7871;u t&#7889; ph&aacute;p l&yacute; v&agrave; th&#7883; tr&#432;&#7901;ng tr&#432;&#7899;c khi &#273;&#432;a ra quy&#7871;t &#273;&#7883;nh quan tr&#7885;ng v&#7873; vi&#7879;c m&#7903; r&#7897;ng stablecoin sang c&aacute;c khu v&#7921;c kh&aacute;c. MiCA, v&#7899;i nh&#7919;ng quy &#273;&#7883;nh to&agrave;n di&#7879;n v&agrave; nghi&ecirc;m ng&#7863;t, &#273;&ograve;i h&#7887;i c&aacute;c c&ocirc;ng ty ph&#7843;i c&oacute; s&#7921; chu&#7849;n b&#7883; k&#7929; l&#432;&#7905;ng v&#7873; m&#7863;t ph&aacute;p l&yacute;, t&agrave;i ch&iacute;nh v&agrave; v&#7853;n h&agrave;nh &#273;&#7875; &#273;&#7843;m b&#7843;o tu&acirc;n th&#7911; v&agrave; th&agrave;nh c&ocirc;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng.<\/p><p>M&#7863;c d&ugrave; MiCA &#273;&#7863;t ra nhi&#7873;u th&aacute;ch th&#7913;c, nh&#432;ng n&oacute; c&#361;ng m&#7903; ra c&#417; h&#7897;i to l&#7899;n cho c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin neo gi&aacute; euro. Trong b&#7889;i c&#7843;nh &#273;&#7891;ng euro &#273;ang ng&agrave;y c&agrave;ng &#273;&#432;&#7907;c s&#7917; d&#7909;ng r&#7897;ng r&atilde;i trong th&#432;&#417;ng m&#7841;i qu&#7889;c t&#7871;, stablecoin neo gi&aacute; euro c&oacute; ti&#7873;m n&#259;ng tr&#7903; th&agrave;nh m&#7897;t c&ocirc;ng c&#7909; thanh to&aacute;n quan tr&#7885;ng, th&uacute;c &#273;&#7849;y s&#7921; ph&aacute;t tri&#7875;n c&#7911;a n&#7873;n kinh t&#7871; k&#7929; thu&#7853;t s&#7889; v&agrave; c&#7911;ng c&#7889; v&#7883; th&#7871; c&#7911;a Ch&acirc;u &Acirc;u tr&ecirc;n tr&#432;&#7901;ng qu&#7889;c t&#7871;.<\/p><p>Tuy nhi&ecirc;n, &#273;&#7875; t&#7853;n d&#7909;ng t&#7889;i &#273;a c&#417; h&#7897;i n&agrave;y, c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin c&#7847;n ch&#7911; &#273;&#7897;ng th&iacute;ch &#7913;ng v&#7899;i MiCA, &#273;&#7847;u t&#432; v&agrave;o c&ocirc;ng ngh&#7879;, n&acirc;ng cao n&#259;ng l&#7921;c qu&#7843;n tr&#7883; v&agrave; h&#7907;p t&aacute;c ch&#7863;t ch&#7869; v&#7899;i c&aacute;c c&#417; quan qu&#7843;n l&yacute;. &#272;&#7891;ng th&#7901;i, c&aacute;c nh&agrave; ho&#7841;ch &#273;&#7883;nh ch&iacute;nh s&aacute;ch c&#361;ng c&#7847;n theo d&otilde;i s&aacute;t sao t&aacute;c &#273;&#7897;ng c&#7911;a MiCA, &#273;i&#7873;u ch&#7881;nh quy &#273;&#7883;nh khi c&#7847;n thi&#7871;t &#273;&#7875; &#273;&#7843;m b&#7843;o s&#7921; c&acirc;n b&#7857;ng gi&#7919;a vi&#7879;c th&uacute;c &#273;&#7849;y &#273;&#7893;i m&#7899;i v&agrave; b&#7843;o v&#7879; ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng.<\/p><h2 class=\"wp-block-heading\" id=\"h-stablecoin-theo-quy-d&#7883;nh-mica-d&#7851;n-d&#7871;n-th&#7883;-tr&#432;&#7901;ng-phan-m&#7843;nh\"><strong>Stablecoin theo quy &#273;&#7883;nh MiCA d&#7851;n &#273;&#7871;n th&#7883; tr&#432;&#7901;ng ph&acirc;n m&#7843;nh<\/strong><\/h2><span class=\"replacer\"><\/span><p>Li&ecirc;n minh Ch&acirc;u &Acirc;u &#273;ang ti&ecirc;n phong trong vi&#7879;c thi&#7871;t l&#7853;p khung ph&aacute;p l&yacute; to&agrave;n di&#7879;n cho th&#7883; tr&#432;&#7901;ng stablecoin v&#7899;i quy &#273;&#7883;nh MiCA. <\/p><p>M&#7863;c d&ugrave; MiCA mang l&#7841;i s&#7921; r&otilde; r&agrave;ng v&#7873; quy &#273;&#7883;nh cho Khu v&#7921;c Kinh t&#7871; Ch&acirc;u &Acirc;u, nh&#432;ng n&oacute; c&#361;ng &#273;&#7891;ng th&#7901;i t&#7841;o ra nguy c&#417; ph&acirc;n m&#7843;nh th&#7883; tr&#432;&#7901;ng stablecoin to&agrave;n c&#7847;u do s&#7921; kh&aacute;c bi&#7879;t v&#7873; y&ecirc;u c&#7847;u ph&aacute;p l&yacute; gi&#7919;a c&aacute;c khu v&#7921;c.<\/p><p>&Ocirc;ng Chris Myers, C&#7889; v&#7845;n c&#7845;p cao khu v&#7921;c EMEA t&#7841;i Ripple, m&#7897;t trong nh&#7919;ng c&ocirc;ng ty h&agrave;ng &#273;&#7847;u v&#7873; c&ocirc;ng ngh&#7879; blockchain, &#273;&atilde; l&ecirc;n ti&#7871;ng c&#7843;nh b&aacute;o v&#7873; v&#7845;n &#273;&#7873; n&agrave;y. &Ocirc;ng nh&#7845;n m&#7841;nh r&#7857;ng s&#7921; ph&acirc;n m&#7843;nh th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; c&#7843;n tr&#7903; nh&#7919;ng l&#7907;i &iacute;ch to l&#7899;n m&agrave; stablecoin mang l&#7841;i, ch&#7859;ng h&#7841;n nh&#432; kh&#7843; n&#259;ng giao d&#7883;ch kh&ocirc;ng bi&ecirc;n gi&#7899;i, t&iacute;nh thay th&#7871; l&#7851;n nhau v&agrave; t&iacute;nh thanh kho&#7843;n cao.<\/p><p>&#8220;&#272;&#7875; stablecoin th&#7921;c s&#7921; ph&aacute;t huy ti&#7873;m n&#259;ng c&#7911;a m&igrave;nh, ch&uacute;ng ta c&#7847;n s&#7921; h&#7907;p t&aacute;c ch&#7863;t ch&#7869; gi&#7919;a c&aacute;c c&#417; quan qu&#7843;n l&yacute; h&agrave;ng &#273;&#7847;u tr&ecirc;n th&#7871; gi&#7899;i nh&#7857;m thi&#7871;t l&#7853;p m&#7897;t khu&ocirc;n kh&#7893; chung cho ho&#7841;t &#273;&#7897;ng qu&#7889;c t&#7871; c&#7911;a stablecoin,&#8221; &ocirc;ng Myers chia s&#7867;. &#8220;S&#7921; thi&#7871;u &#273;&#7891;ng b&#7897; v&#7873; quy &#273;&#7883;nh c&oacute; th&#7875; t&#7841;o ra r&agrave;o c&#7843;n, l&agrave;m gi&#7843;m hi&#7879;u qu&#7843; ho&#7841;t &#273;&#7897;ng v&agrave; h&#7841;n ch&#7871; s&#7921; ph&aacute;t tri&#7875;n c&#7911;a stablecoin tr&ecirc;n ph&#7841;m vi to&agrave;n c&#7847;u.&#8221;<\/p><p>Quan &#273;i&#7875;m n&agrave;y nh&#7853;n &#273;&#432;&#7907;c s&#7921; &#273;&#7891;ng thu&#7853;n t&#7915; nhi&#7873;u chuy&ecirc;n gia trong ng&agrave;nh. &Ocirc;ng Tom Kiddle, &#273;&#7891;ng s&aacute;ng l&#7853;p Palisade, m&#7897;t c&ocirc;ng ty l&#432;u k&yacute; t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;&#432;&#7907;c qu&#7843;n l&yacute; t&#7841;i Ph&aacute;p, cho r&#7857;ng MiCA c&oacute; th&#7875; l&agrave; &#8220;h&igrave;nh m&#7851;u&#8221; &#273;&#7875; c&aacute;c khu v&#7921;c kh&aacute;c, &#273;&#7863;c bi&#7879;t l&agrave; Hoa K&#7923;, tham kh&#7843;o v&agrave; x&acirc;y d&#7921;ng khu&ocirc;n kh&#7893; ph&aacute;p l&yacute; ri&ecirc;ng.<\/p><p>&#8220;MiCA cung c&#7845;p cho c&aacute;c doanh nghi&#7879;p ti&#7873;n &#273;i&#7879;n t&#7917; s&#7921; r&otilde; r&agrave;ng v&#7873; quy &#273;&#7883;nh m&agrave; h&#7885; mong mu&#7889;n, bao g&#7891;m c&aacute;c y&ecirc;u c&#7847;u v&#7873; c&#7845;p ph&eacute;p, &#273;&#7911; v&#7889;n v&agrave; b&#7843;o v&#7879; ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng, t&#7915; &#273;&oacute; t&#7841;o ra m&#7897;t l&#7897; tr&igrave;nh tu&acirc;n th&#7911; r&otilde; r&agrave;ng,&#8221; &ocirc;ng Kiddle nh&#7853;n &#273;&#7883;nh. <\/p><p>&#8220;N&#7871;u M&#7929; mu&#7889;n duy tr&igrave; v&#7883; th&#7871; d&#7851;n &#273;&#7847;u trong l&#297;nh v&#7921;c c&ocirc;ng ngh&#7879; t&agrave;i ch&iacute;nh, h&#7885; c&#7847;n h&agrave;nh &#273;&#7897;ng nhanh ch&oacute;ng &#273;&#7875; thi&#7871;t l&#7853;p m&#7897;t khu&ocirc;n kh&#7893; ph&aacute;p l&yacute; t&#432;&#417;ng t&#7921;, t&#7841;o &#273;i&#7873;u ki&#7879;n thu&#7853;n l&#7907;i cho s&#7921; ph&aacute;t tri&#7875;n c&#7911;a th&#7883; tr&#432;&#7901;ng stablecoin.&#8221;<\/p><p>S&#7921; ph&acirc;n m&#7843;nh th&#7883; tr&#432;&#7901;ng stablecoin ti&#7873;m &#7849;n nhi&#7873;u r&#7911;i ro. N&oacute; c&oacute; th&#7875; d&#7851;n &#273;&#7871;n s&#7921; s&#7909;t gi&#7843;m thanh kho&#7843;n, g&acirc;y kh&oacute; kh&#259;n cho vi&#7879;c giao d&#7883;ch v&agrave; s&#7917; d&#7909;ng stablecoin tr&ecirc;n quy m&ocirc; to&agrave;n c&#7847;u. N&oacute; c&#361;ng c&oacute; th&#7875; k&igrave;m h&atilde;m s&#7921; &#273;&#7893;i m&#7899;i v&agrave; c&#7841;nh tranh, khi c&aacute;c c&ocirc;ng ty ph&#7843;i &#273;&#7889;i m&#7863;t v&#7899;i m&#7897;t &#8220;m&ecirc; cung&#8221; quy &#273;&#7883;nh ph&#7913;c t&#7841;p v&agrave; kh&aacute;c bi&#7879;t &#7903; m&#7895;i khu v&#7921;c.<\/p><p>&#272;&#7875; ng&#259;n ch&#7863;n nh&#7919;ng h&#7879; qu&#7843; n&agrave;y, s&#7921; h&#7907;p t&aacute;c qu&#7889;c t&#7871; l&agrave; ch&igrave;a kh&oacute;a then ch&#7889;t. C&aacute;c c&#417; quan qu&#7843;n l&yacute; c&#7847;n t&#259;ng c&#432;&#7901;ng trao &#273;&#7893;i th&ocirc;ng tin, chia s&#7867; kinh nghi&#7879;m v&agrave; ph&#7889;i h&#7907;p h&agrave;nh &#273;&#7897;ng &#273;&#7875; x&acirc;y d&#7921;ng m&#7897;t khu&ocirc;n kh&#7893; ph&aacute;p l&yacute; chung cho stablecoin, &#273;&#7843;m b&#7843;o s&#7921; h&agrave;i h&ograve;a v&agrave; &#273;&#7891;ng b&#7897; gi&#7919;a c&aacute;c quy &#273;&#7883;nh &#7903; c&aacute;c khu v&#7921;c kh&aacute;c nhau.<\/p><p>M&#7897;t khu&ocirc;n kh&#7893; ph&aacute;p l&yacute; to&agrave;n c&#7847;u s&#7869; gi&uacute;p t&#7841;o ra m&#7897;t s&acirc;n ch&#417;i b&igrave;nh &#273;&#7859;ng cho t&#7845;t c&#7843; c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin, khuy&#7871;n kh&iacute;ch s&#7921; &#273;&#7893;i m&#7899;i, th&uacute;c &#273;&#7849;y c&#7841;nh tranh l&agrave;nh m&#7841;nh v&agrave; b&#7843;o v&#7879; quy&#7873;n l&#7907;i c&#7911;a ng&#432;&#7901;i ti&ecirc;u d&ugrave;ng. <\/p><p>N&oacute; c&#361;ng s&#7869; t&#7841;o &#273;i&#7873;u ki&#7879;n thu&#7853;n l&#7907;i cho vi&#7879;c s&#7917; d&#7909;ng stablecoin trong c&aacute;c giao d&#7883;ch qu&#7889;c t&#7871;, thanh to&aacute;n xuy&ecirc;n bi&ecirc;n gi&#7899;i v&agrave; c&aacute;c ho&#7841;t &#273;&#7897;ng kinh t&#7871; kh&aacute;c, g&oacute;p ph&#7847;n th&uacute;c &#273;&#7849;y t&#259;ng tr&#432;&#7903;ng kinh t&#7871; v&agrave; t&agrave;i ch&iacute;nh to&agrave;n di&#7879;n trong k&#7927; nguy&ecirc;n s&#7889;.<\/p>","protected":false},"excerpt":{"rendered":"<p>Th&#7883; tr&#432;&#7901;ng ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang ch&#7913;ng ki&#7871;n s&#7921; tr&#7895;i d&#7853;y m&#7841;nh m&#7869; c&#7911;a stablecoin, m&#7897;t lo&#7841;i ti&#7873;n m&atilde; h&oacute;a &#273;&#432;&#7907;c thi&#7871;t k&#7871; &#273;&#7875; gi&#7843;m thi&#7875;u bi&#7871;n &#273;&#7897;ng gi&aacute; b&#7857;ng c&aacute;ch neo gi&aacute; tr&#7883; v&agrave;o m&#7897;t t&agrave;i s&#7843;n &#7893;n &#273;&#7883;nh nh&#432; USD, v&agrave;ng ho&#7863;c m&#7897;t r&#7893; ti&#7873;n t&#7879;. T&iacute;nh &#273;&#7871;n th&aacute;ng 10 n&#259;m 2023, t&#7893;ng [&hellip;]<\/p>\n","protected":false},"author":481,"featured_media":134322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26],"tags":[],"editors":[57],"sponsored_companies":[],"class_list":["post-134321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","editors-thach-tuan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chuy\u00ean gia d\u1ef1 \u0111o\u00e1n MiCA s\u1ebd ph\u00e2n m\u1ea3nh th\u1ecb tr\u01b0\u1eddng stablecoin t\u1ef7 \u0111\u00f4<\/title>\n<meta name=\"description\" content=\"Th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111ang ch\u1ee9ng ki\u1ebfn s\u1ef1 tr\u1ed7i d\u1eady m\u1ea1nh m\u1ebd c\u1ee7a stablecoin, 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