{"id":8380,"date":"2022-04-01T03:41:03","date_gmt":"2022-04-01T03:41:03","guid":{"rendered":"http:\/\/demo.moodbiz.vn\/?p=8380"},"modified":"2024-05-10T08:50:22","modified_gmt":"2024-05-10T08:50:22","slug":"saft-hop-dong-thuong-mai-hay-hop-dong-dau-tu","status":"publish","type":"post","link":"https:\/\/jnt.asia\/en\/saft-hop-dong-thuong-mai-hay-hop-dong-dau-tu\/","title":{"rendered":"SAFT &#8211; H\u1ee2P \u0110\u1ed2NG TH\u01af\u01a0NG M\u1ea0I HAY H\u1ee2P \u0110\u1ed2NG \u0110\u1ea6U T\u01af?"},"content":{"rendered":"<p>D\u00f9 SAFT (Simple Agreement for Future Tokens) \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i trong c\u00e1c d\u1ef1 \u00e1n blockchain, nhi\u1ec1u nh\u00e0 ph\u00e1t tri\u1ec3n v\u1eabn ch\u01b0a hi\u1ec3u r\u00f5 v\u1ec1 SAFT. \u0110a s\u1ed1 c\u00e1c d\u1ef1 \u00e1n cho r\u1eb1ng \u0111\u00e2y l\u00e0 h\u1ee3p \u0111\u1ed3ng mua tr\u01b0\u1edbc m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c h\u00ecnh th\u00e0nh trong t\u01b0\u01a1ng lai. Nh\u01b0ng li\u1ec7u \u0111\u00e2y c\u00f3 ph\u1ea3i l\u00e0 c\u00e1ch hi\u1ec3u \u0111\u00fang nh\u1ea5t v\u1ec1 SAFT? H\u00e3y c\u00f9ng JNT b\u00f3c t\u00e1ch c\u00e1c kh\u00eda c\u1ea1nh ph\u00e1p l\u00fd c\u1ee7a SAFT qua b\u00e0i vi\u1ebft n\u00e0y nh\u00e9.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p><strong>T\u1ea1i sao c\u1ea7n x\u00e1c \u0111\u1ecbnh lo\u1ea1i h\u1ee3p \u0111\u1ed3ng c\u1ee7a SAFT?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Vi\u1ec7c SAFT b\u1ecb x\u1ebfp v\u00e0o lo\u1ea1i h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 s\u1ebd d\u1eabn d\u1ef1 \u00e1n t\u1edbi m\u1ed9t lo\u1ea1t c\u00e1c h\u1ec7 l\u1ee5y ph\u00e1p l\u00fd \u0111i k\u00e8m, m\u1ed9t trong s\u1ed1 \u0111\u00f3 l\u00e0 ph\u1ea3i \u0111\u0103ng k\u00fd v\u1edbi c\u01a1 quan c\u00f3 th\u1ea9m quy\u1ec1n v\u1ec1 vi\u1ec7c mua b\u00e1n token. Do v\u1eady, quan \u0111i\u1ec3m \u201cCh\u1ec9 c\u1ea7n c\u00f3 c\u00e1i g\u00ec \u0111\u00f3 ghi l\u1ea1i th\u00f4ng tin mua b\u00e1n token\u201d c\u00f3 th\u1ec3 khi\u1ebfn c\u00e1c d\u1ef1 \u00e1n vi ph\u1ea1m ph\u00e1p lu\u1eadt ch\u1ee9ng kho\u00e1n.<\/p>\r\n\r\n\r\n\r\n<p><strong>L\u00e0m sao \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c SAFT l\u00e0 lo\u1ea1i g\u00ec?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>SAFT th\u1ef1c ch\u1ea5t ch\u1ec9 l\u00e0 c\u00f4ng c\u1ee5 \u0111\u1ec3 hi\u1ec7n th\u1ef1c h\u00f3a nh\u1eefng cam k\u1ebft c\u1ee7a m\u1ed7i b\u00ean tham gia h\u1ee3p \u0111\u1ed3ng. Do \u0111\u00f3, tr\u01b0\u1edbc khi v\u1ea1ch ra c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u01a1 b\u1ea3n trong SAFT, nh\u00e0 ph\u00e1t tri\u1ec3n d\u1ef1 \u00e1n c\u1ea7n n\u1eafm r\u00f5 c\u00e1c y\u1ebfu t\u1ed1 sau \u0111\u1ec3 hi\u1ec3u v\u00e0 tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt.<\/p>\r\n\r\n\r\n\r\n<p><strong>1. Lo\u1ea1i token<\/strong><\/p>\r\n\r\n\r\n\r\n<p>\u0110\u1ed1i t\u01b0\u1ee3ng c\u1ee7a h\u1ee3p \u0111\u1ed3ng ch\u00ednh l\u00e0 c\u00e1c token v\u00e0 vi\u1ec7c x\u00e1c \u0111\u1ecbnh xem token l\u00e0 lo\u1ea1i g\u00ec c\u00f3 th\u1ec3 gi\u00fap nh\u00e0 ph\u00e1t tri\u1ec3n t\u1ef1 x\u00e1c \u0111\u1ecbnh xem SAFT c\u1ee7a d\u1ef1 \u00e1n l\u00e0 lo\u1ea1i n\u00e0o. M\u1ed9t trong nh\u1eefng c\u00e1ch \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh lo\u1ea1i token \u0111\u00f3 ch\u00ednh l\u00e0 B\u00e0i ki\u1ec3m tra Howey (Howey Test). M\u1eb7c d\u00f9 Howey Test ra \u0111\u1eddi t\u1eeb m\u1ed9t v\u1ee5 ki\u1ec7n n\u0103m 1946 \u1edf M\u1ef9 (SEC v. W. J. Howey Co.), \u0111\u00e2y v\u1eabn l\u00e0 b\u1ed9 ti\u00eau chu\u1ea9n \u0111\u01b0\u1ee3c c\u00e1c qu\u1ed1c gia kh\u00e1c th\u01b0\u1eddng xuy\u00ean s\u1eed d\u1ee5ng cho \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Theo Howey Test, \u0111\u1ec3 m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh, \u1edf \u0111\u00e2y l\u00e0 c\u00e1c token, \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n, c\u00f4ng c\u1ee5 \u0111\u00f3 ph\u1ea3i \u0111\u00e1p \u1ee9ng \u0111\u1ee7 c\u00e1c ti\u00eau ch\u00ed sau:<\/p>\r\n\r\n\r\n\r\n<ul><li>N\u00f3 ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eb1ng ti\u1ec1n (An investment of money)<\/li><li>Trong m\u1ed9t doanh nghi\u1ec7p th\u00f4ng th\u01b0\u1eddng (In a common enterprise)<\/li><li>V\u1edbi k\u1ef3 v\u1ecdng v\u1ec1 l\u1ee3i nhu\u1eadn (With the expectation of profit)<\/li><li>V\u1edbi l\u1ee3i nhu\u1eadn \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi m\u1ed9t b\u00ean th\u1ee9 ba (To be derived from the efforts of others)<\/li><\/ul>\r\n\r\n\r\n\r\n<p><strong><em>\u0110\u1ecdc th\u00eam: <\/em><\/strong><a href=\"https:\/\/www.investopedia.com\/terms\/h\/howey-test.asp#:~:text=The%20Howey%20Test%20refers%20to,Securities%20Exchange%20Act%20of%201934.\" rel=\"nofollow noopener\" target=\"_blank\"><strong><em>Howey Test<\/em><\/strong><\/a><\/p>\r\n\r\n\r\n\r\n<p><a href=\"https:\/\/www.sec.gov\/corpfin\/framework-investment-contract-analysis-digital-assets\" rel=\"nofollow noopener\" target=\"_blank\"><strong><em>Common Enterprise<\/em><\/strong><\/a><\/p>\r\n\r\n\r\n\r\n<p>Howey Test \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng linh ho\u1ea1t t\u00f9y v\u00e0o c\u00e1c tr\u01b0\u1eddng h\u1ee3p c\u1ee5 th\u1ec3. N\u1ebfu token c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong m\u1ed9t c\u00f4ng ty hay d\u1ef1 \u00e1n, ho\u1eb7c l\u1ee3i \u00edch h\u1ee3p t\u00e1c trong m\u1ed9t qu\u1ef9, token \u0111\u00f3 ch\u1eafc ch\u1eafn l\u00e0 ch\u1ee9ng kho\u00e1n (th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi v\u1edbi c\u00e1i t\u00ean Security token) b\u1edfi n\u00f3 \u0111\u00e1p \u1ee9ng c\u1ea3 4 ti\u00eau ch\u00ed tr\u00ean. T\u1eeb \u0111\u00f3 c\u00f3 th\u1ec3 kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng SAFT cho lo\u1ea1i token n\u00e0y l\u00e0 m\u1ed9t h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 \u0111\u00fang ngh\u0129a.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>N\u1ebfu token \u0111\u1ea1i di\u1ec7n cho m\u1ed9t s\u1ed1 quy\u1ec1n \u0111\u1ed1i v\u1edbi h\u00e0ng h\u00f3a ho\u1eb7c d\u1ecbch v\u1ee5, token \u0111\u00f3 c\u00f3 th\u1ec3 l\u00e0 utility token. C\u00e1c d\u1ef1 \u00e1n th\u01b0\u1eddng nh\u1ea7m t\u01b0\u1edfng m\u00ecnh \u1edf trong \u201cv\u00f9ng an to\u00e0n\u201d khi t\u1ef1 qu\u1ea3ng c\u00e1o token c\u1ee7a h\u1ecd l\u00e0 utility token. H\u1ecd ngh\u0129 r\u1eb1ng m\u1ed9t khi d\u1ef1 \u00e1n ch\u1ea1y v\u00e0 ng\u01b0\u1eddi n\u1eafm gi\u1eef token c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng token trong h\u1ec7 th\u1ed1ng ho\u1eb7c s\u1ea3n ph\u1ea9m c\u1ee7a h\u1ecd, token \u0111\u00f3 ch\u1eafc ch\u1eafn kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 v\u00e0 do \u0111\u00f3 kh\u00f4ng v\u01b0\u1ee3t qua Howey Test. Tuy nhi\u00ean, ngay c\u1ea3 khi token \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng theo c\u00e1ch nh\u01b0 v\u1eady th\u00ec token v\u1eabn c\u00f3 th\u1ec3 b\u1ecb coi l\u00e0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u1ebfu nh\u01b0 m\u1ee5c \u0111\u00edch c\u1ee7a SAFT l\u00e0 \u0111\u1ea7u t\u01b0. Do v\u1eady s\u1ebd kh\u00f4ng c\u00f3 s\u1ef1 \u0111\u1ea3m b\u1ea3o tuy\u1ec7t \u0111\u1ed1i r\u1eb1ng c\u00e1c d\u1ef1 \u00e1n ph\u00e1t h\u00e0nh utility token s\u1ebd \u0111\u01b0\u1ee3c lo\u1ea1i tr\u1eeb ho\u00e0n to\u00e0n ra kh\u1ecfi s\u1ef1 ki\u1ec3m so\u00e1t c\u1ee7a ph\u00e1p lu\u1eadt ch\u1ee9ng kho\u00e1n.<\/p>\r\n\r\n\r\n\r\n<p><strong><em>\u0110\u1ecdc th\u00eam: <a href=\"https:\/\/vi.jnt.asia\/bai-viet\/nft-security-token-va-utility-token\/\">NFT, Security token v\u00e0 Utility token<\/a><\/em><\/strong><\/p>\r\n\r\n\r\n\r\n<p><\/p>\r\n\r\n\r\n\r\n<p><strong>2. Qu\u1ed1c gia n\u01a1i th\u00e0nh l\u1eadp<\/strong><\/p>\r\n\r\n\r\n\r\n<p>Do t\u00ednh ch\u1ea5t xuy\u00ean qu\u1ed1c gia c\u1ee7a c\u00e1c d\u1ef1 \u00e1n blockchain, kh\u00f4ng c\u01a1 quan t\u00e0i ph\u00e1n n\u00e0o c\u00f3 \u0111\u1ee7 quy\u1ec1n qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi to\u00e0n b\u1ed9 d\u1ef1 \u00e1n. Tuy v\u1eady, \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro ph\u00e1p l\u00fd, c\u00e1c ti\u00eau chu\u1ea9n n\u00e2ng cao do L\u1ef1c l\u01b0\u1ee3ng \u0110\u1eb7c nhi\u1ec7m T\u00e0i ch\u00ednh (\u201cFATF\u201d) y\u00eau c\u1ea7u c\u00e1c nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 t\u00e0i s\u1ea3n \u1ea3o (\u201cVASP\u201d)<sup>(1)<\/sup> \u00edt nh\u1ea5t ph\u1ea3i \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p ho\u1eb7c \u0111\u0103ng k\u00fd t\u1ea1i khu v\u1ef1c ph\u00e1p l\u00fd n\u01a1i th\u00e0nh l\u1eadp c\u00f4ng ty, ho\u1eb7c n\u1ebfu l\u00e0 c\u00e1 nh\u00e2n th\u00ec ph\u1ea3i \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p ho\u1eb7c \u0111\u0103ng k\u00fd t\u1ea1i khu v\u1ef1c ph\u00e1p l\u00fd th\u1ef1c hi\u1ec7n ho\u1ea1t \u0111\u1ed9ng. \u0110i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 hi\u1ec3u r\u1ed9ng ra l\u00e0 c\u00e1c c\u00f4ng ty s\u1edf h\u1eefu d\u1ef1 \u00e1n t\u1ed1i thi\u1ec3u ph\u1ea3i tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt t\u1ea1i qu\u1ed1c gia n\u01a1i h\u1ecd th\u00e0nh l\u1eadp.<\/p>\r\n\r\n\r\n\r\n<p>M\u1ed7i qu\u1ed1c gia l\u1ea1i c\u00f3 th\u1ec3 c\u00f3 quy \u0111\u1ecbnh kh\u00e1c nhau v\u1ec1 lo\u1ea1i token v\u00e0 vi\u1ec7c mua b\u00e1n token. Do v\u1eady, \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c li\u1ec7u SAFT c\u00f3 l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 v\u00e0 vi\u1ec7c mua b\u00e1n token c\u00f3 ph\u1ea3i xin ph\u00e9p hay kh\u00f4ng, c\u00e1c nh\u00e0 ph\u00e1t tri\u1ec3n ph\u1ea3i d\u1ef1a v\u00e0o ph\u00e1p lu\u1eadt c\u1ee7a t\u1eebng qu\u1ed1c gia \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn ch\u00ednh x\u00e1c nh\u1ea5t.<\/p>\r\n\r\n\r\n\r\n<p><strong><em>T\u1ea1i M\u1ef9, <\/em><\/strong>n\u0103m 2017, \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch M\u1ef9 (SEC) \u0111\u01b0a ra h\u01b0\u1edbng d\u1eabn x\u00e1c \u0111\u1ecbnh khi n\u00e0o \u0111\u1ee3t ch\u00e0o b\u00e1n coin (ICO) ho\u1eb7c token \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c coi l\u00e0 b\u00e1n ch\u1ee9ng kho\u00e1n. Howey Test \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng \u0111\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 tr\u00ean. Th\u1ef1c t\u1ebf \u0111\u00e3 c\u00f3 2 v\u1ee5 ki\u1ec7n l\u00e0 SEC v. Kik Interactive Inc. (n\u0103m 2020) v\u00e0 SEC v. Telegram Group Inc. (n\u0103m 2019) x\u00e1c \u0111\u1ecbnh c\u00e1c token \u0111\u00e3 ph\u00e1t h\u00e0nh l\u00e0 security token d\u00f9 c\u00e1c c\u00f4ng ty cho r\u1eb1ng \u0111\u00f3 l\u00e0 utility token.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>B\u00ean c\u1ea1nh \u0111\u00f3, m\u1ed9t s\u1ed1 d\u1ef1 \u00e1n c\u00f3 th\u1ec3 vin v\u00e0o Quy t\u1eafc 506 (c) c\u1ee7a Regulation D \u0111\u1ec3 lo\u1ea1i tr\u1eeb b\u1ea3n th\u00e2n kh\u1ecfi ngh\u0129a v\u1ee5 \u0111\u0103ng k\u00fd v\u1edbi SEC khi ch\u1ec9 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn (accredited investors) &#8211; nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 nhi\u1ec1u ti\u1ec1n &#8211; \u0111\u01b0\u1ee3c tham gia v\u00e0o SAFT. Tuy nhi\u00ean, trong v\u1ee5 ki\u1ec7n SEC v. Kik Interactive, m\u1eb7c d\u00f9 v\u00f2ng private sale v\u00e0 public sale c\u1ee7a Kin token s\u1eed d\u1ee5ng cho hai \u0111\u1ed1i t\u01b0\u1ee3ng v\u00e0 \u0111\u1ed3ng ti\u1ec1n kh\u00e1c nhau: private sale s\u1eed d\u1ee5ng USD cho accredited investors th\u00f4ng qua SAFT, public sale s\u1eed d\u1ee5ng ETH cho \u0111\u1ed1i t\u01b0\u1ee3ng \u0111\u1ea1i ch\u00fang qua c\u00e1c s\u00e0n giao d\u1ecbch, t\u00f2a \u00e1n v\u1eabn cho r\u1eb1ng kh\u00f4ng th\u1ec3 t\u00e1ch b\u1ea1ch c\u00e1c giao d\u1ecbch n\u00e0y v\u1edbi nhau v\u00e0 ch\u00fang c\u00f3 c\u00f9ng m\u1ee5c \u0111\u00edch: ph\u1ee5c v\u1ee5 h\u1ec7 th\u1ed1ng \u0111i\u1ec7n t\u1eed c\u1ee7a Kik. Do v\u1eady, Kik vi ph\u1ea1m quy \u0111\u1ecbnh v\u1ec1 vi\u1ec7c \u0111\u0103ng k\u00fd v\u1edbi SEC.<\/p>\r\n\r\n\r\n\r\n<p>C\u00f3 th\u1ec3 th\u1ea5y M\u1ef9 quy \u0111\u1ecbnh kh\u00e1 ch\u1eb7t ch\u1ebd v\u1ec1 vi\u1ec7c mua b\u00e1n token c\u0169ng nh\u01b0 s\u1eed d\u1ee5ng SAFT. Tuy nhi\u00ean, v\u1edbi v\u1ecb tr\u00ed ti\u00ean phong trong vi\u1ec7c \u0111\u1eb7t ra c\u00e1c quy \u0111\u1ecbnh v\u1ec1 blockchain, M\u1ef9 c\u00f3 th\u1ec3 s\u1ebd l\u00e0 h\u00ecnh m\u1eabu \u0111\u1ec3 c\u00e1c qu\u1ed1c gia kh\u00e1c x\u00e2y d\u1ef1ng khung ph\u00e1p l\u00fd theo.<\/p>\r\n\r\n\r\n\r\n<p><strong><em>Singapore<\/em><\/strong> ch\u01b0a c\u00f3 quy \u0111\u1ecbnh ri\u00eang bi\u1ec7t n\u00e0o \u0111i\u1ec1u ch\u1ec9nh SAFT, tuy nhi\u00ean, trong H\u01b0\u1edbng d\u1eabn ph\u00e1t h\u00e0nh Digital Token c\u1ee7a C\u01a1 quan Ti\u1ec1n t\u1ec7 Singapore (MAS) c\u00f3 m\u1ed9t v\u00ed d\u1ee5 li\u00ean quan \u0111\u1ebfn SAFT nh\u01b0 sau:<\/p>\r\n\r\n\r\n\r\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>C\u00f4ng ty G \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp v\u00e0 c\u00f3 tr\u1ee5 s\u1edf kinh doanh t\u1ea1i Hoa K\u1ef3. C\u00f4ng ty G d\u1ef1 \u0111\u1ecbnh ph\u00e1t h\u00e0nh m\u00e3 th\u00f4ng b\u00e1o k\u1ef9 thu\u1eadt s\u1ed1 (\u201cToken G\u201d) cho b\u1ea5t k\u1ef3 ai tr\u00ean th\u1ebf gi\u1edbi, bao g\u1ed3m c\u1ea3 \u1edf Singapore. Token G \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh b\u1edfi SAFT v\u00e0 l\u00e0 \u201ch\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0\u201d (n\u00ean token G l\u00e0 ch\u1ee9ng kho\u00e1n) theo lu\u1eadt c\u1ee7a Hoa K\u1ef3 (v\u01b0\u1ee3t qua Howey Test). Token G s\u1ebd \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p tr\u00ean c\u01a1 s\u1edf ngo\u00e0i lu\u1ed3ng (over-the-counter) ho\u1eb7c tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u1ee7a b\u00ean th\u1ee9 ba.<\/em><\/p><\/blockquote>\r\n\r\n\r\n\r\n<p>Vi\u1ec7c ph\u00e2n ph\u1ed1i Token G s\u1ebd \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi lu\u1eadt ch\u1ee9ng kho\u00e1n do MAS qu\u1ea3n l\u00fd nh\u01b0 sau:&nbsp;<\/p>\r\n\r\n\r\n\r\n<ul><li>Kh\u1ea3 n\u0103ng m\u1ed9t token ch\u1ec9 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p kh\u00f4ng d\u1eabn \u0111\u1ebfn vi\u1ec7c token \u0111\u00f3 \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 c\u00e1c s\u1ea3n ph\u1ea9m th\u1ecb tr\u01b0\u1eddng v\u1ed1n (capital markets product) theo Lu\u1eadt Ch\u1ee9ng kho\u00e1n v\u00e0 T\u00e0i s\u1ea3n t\u01b0\u01a1ng lai (SFA).<\/li><li>Vi\u1ec7c x\u1eed l\u00fd token theo B\u00e0i ki\u1ec3m tra Howey kh\u00f4ng ph\u1ea3i l\u00e0 c\u0103n c\u1ee9 \u0111\u1ec3 quy\u1ebft \u0111\u1ecbnh xem token c\u00f3 ph\u1ea3i l\u00e0 s\u1ea3n ph\u1ea9m \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd theo SFA hay kh\u00f4ng.<\/li><li>C\u00f4ng ty G ph\u1ea3i xem x\u00e9t li\u1ec7u vi\u1ec7c ch\u00e0o b\u00e1n Token G c\u1ee7a m\u00ecnh \u1edf Singapore c\u00f3 tu\u00e2n th\u1ee7 lu\u1eadt ch\u1ee9ng kho\u00e1n do MAS qu\u1ea3n l\u00fd hay kh\u00f4ng, k\u1ec3 c\u1ea3 tr\u01b0\u1eddng h\u1ee3p Token G \u0111\u00e3 tu\u00e2n th\u1ee7 lu\u1eadt ch\u1ee9ng kho\u00e1n Hoa K\u1ef3.<\/li><\/ul>\r\n\r\n\r\n\r\n<p>Nh\u01b0 v\u1eady, n\u1ebfu token c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n b\u1ecb coi l\u00e0 ch\u1ee9ng kho\u00e1n v\u00e0 SAFT \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 th\u00ec c\u00f4ng ty s\u1ebd ph\u1ea3i tu\u00e2n th\u1ee7 ph\u00e1p lu\u1eadt v\u1ec1 ch\u1ee9ng kho\u00e1n t\u1ea1i Singapore n\u1ebfu nh\u01b0 token \u0111\u00f3 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i t\u1ea1i Singapore. Theo \u0110i\u1ec1u 240 c\u1ee7a SFA, m\u1ed9t c\u00f4ng ty ph\u1ea3i l\u00e0m b\u00e1o c\u00e1o khi b\u00e1n \u201cch\u1ee9ng kho\u00e1n\u201d cho nh\u1eefng ng\u01b0\u1eddi \u1edf Singapore, tr\u1eeb c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u01b0\u1ee3c mi\u1ec5n. M\u1ed9t trong s\u1ed1 nh\u1eefng mi\u1ec5n tr\u1eeb \u0111\u00f3 l\u00e0 ch\u00e0o b\u00e1n cho &#8220;nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c&#8221; (institutional investors &#8211; g\u1ea7n gi\u1ed1ng nh\u01b0 accredited investors t\u1ea1i M\u1ef9) n\u1ebfu \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c c\u00e1c \u0111i\u1ec1u ki\u1ec7n nh\u1ea5t \u0111\u1ecbnh nh\u01b0 qu\u1ea3ng c\u00e1o v\u00e0 h\u1ea1n ch\u1ebf b\u00e1n l\u1ea1i.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>M\u1ed9t s\u1ed1 qu\u1ed1c gia nh\u01b0 <strong><em>Panama, Cayman<\/em><\/strong> \u00e1p d\u1ee5ng \u0111\u1ecbnh ngh\u0129a T\u00e0i s\u1ea3n \u1ea3o (VA) c\u1ee7a FATF quy \u0111\u1ecbnh r\u1eb1ng VA l\u00e0 m\u1ed9t \u0111\u1ea1i di\u1ec7n k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a gi\u00e1 tr\u1ecb c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c giao d\u1ecbch ho\u1eb7c trao \u0111\u1ed5i tr\u00ean n\u1ec1n t\u1ea3ng k\u1ef9 thu\u1eadt s\u1ed1, v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho m\u1ee5c \u0111\u00edch thanh to\u00e1n ho\u1eb7c \u0111\u1ea7u t\u01b0. \u0110\u1ed3ng th\u1eddi, nh\u1eefng nh\u00e0 cung c\u1ea5p t\u00e0i s\u1ea3n \u1ea3o n\u00e0y ph\u1ea3i xin ph\u00e9p n\u1ebfu nh\u01b0 mua b\u00e1n ho\u1eb7c trao \u0111\u1ed5i. Do \u0111\u00f3, nh\u1eefng token b\u1ecb coi nh\u01b0 m\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 th\u00ec vi\u1ec7c s\u1eed d\u1ee5ng SAFT \u0111\u1ec3 b\u00e1n token ch\u1eafc ch\u1eafn ph\u1ea3i xin ph\u00e9p c\u1ee7a c\u01a1 quan c\u00f3 th\u1ea9m quy\u1ec1n.<\/p>\r\n\r\n\r\n\r\n<p><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/vi.jnt.asia\/wp-content\/uploads\/2022\/05\/businessman-use-electronic-pen-sign-signature-electronic-esigning-data-sheet-document-management-paperless-office-concept-businessman-using-stylus-pen-signing-e-document-digital-tablet-1024x577.jpg\" alt=\"\" class=\"wp-image-23731\"\/><figcaption><em>Freepik<\/em><\/figcaption><\/figure>\r\n\r\n\r\n\r\n<p><strong>3. Gi\u1ea3i ph\u00e1p n\u00e0o cho SAFT?<\/strong><\/p>\r\n\r\n\r\n\r\n<p>V\u1eady SAFT l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 hay h\u1ee3p \u0111\u1ed3ng mua b\u00e1n t\u00e0i s\u1ea3n h\u00ecnh th\u00e0nh trong t\u01b0\u01a1ng lai? V\u1edbi nh\u1eefng n\u1ed9i dung m\u00e0 JNT chia s\u1ebb b\u00ean tr\u00ean, c\u00e1c D\u1ef1 \u00e1n v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 s\u1ebd d\u00e1n nh\u00e3n \u201c\u0111\u1ea7u t\u01b0\u201d cho lo\u1ea1i h\u1ee3p \u0111\u1ed3ng n\u00e0y. Tuy nhi\u00ean, vi\u1ec7c x\u00e1c \u0111\u1ecbnh xem SAFT l\u00e0 lo\u1ea1i h\u1ee3p \u0111\u1ed3ng g\u00ec c\u1ea7n ph\u1ea3i d\u1ef1a tr\u00ean c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng c\u1ee7a token, quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt, c\u0169ng nh\u01b0 n\u1ed9i dung th\u1ecfa thu\u1eadn gi\u1eefa c\u00e1c b\u00ean. V\u1edbi tinh th\u1ea7n c\u1ee7a SAFT, vi\u1ec7c ph\u00e1c th\u1ea3o c\u00e1c \u0111i\u1ec1u kho\u1ea3n trong h\u1ee3p \u0111\u1ed3ng c\u1ea7n ph\u1ea3i c\u1ea9n tr\u1ecdng \u0111\u1ec3 kh\u00f4ng vi ph\u1ea1m nh\u1eefng \u0111i\u1ec1u c\u1ea5m c\u1ee7a lu\u1eadt.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p><em>H\u00e3y \u0111\u1ec3 JNT b\u1ea3o v\u1ec7 D\u1ef1 \u00e1n c\u1ee7a b\u1ea1n b\u1eb1ng d\u1ecbch v\u1ee5 t\u01b0 v\u1ea5n v\u00e0 so\u1ea1n th\u1ea3o SAFT c\u1ee7a ch\u00fang t\u00f4i. T\u1ef1 h\u00e0o l\u00e0 \u0111\u01a1n v\u1ecb t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh &#8211; ph\u00e1p l\u00fd chuy\u00ean nghi\u1ec7p ti\u00ean phong trong l\u0129nh v\u1ef1c blockchain, JNT \u0111\u00e3 gi\u00fap \u0111\u1ee1 h\u00e0ng tr\u0103m Kh\u00e1ch h\u00e0ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau kinh doanh c\u1ee7a m\u00ecnh. Li\u00ean h\u1ec7 ngay v\u1edbi ch\u00fang t\u00f4i \u0111\u1ec3 nh\u1eadn \u0111\u01b0\u1ee3c gi\u1ea3i ph\u00e1p to\u00e0n di\u1ec7n nh\u1ea5t cho D\u1ef1 \u00e1n c\u1ee7a b\u1ea1n!<\/em><\/p>\r\n\r\n\r\n\r\n<p><\/p>\r\n\r\n\r\n\r\n<p class=\"has-text-align-right\"><strong>Auth. Zed Nguyen<\/strong><\/p>\r\n\r\n\r\n\r\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\r\n\r\n\r\n\r\n<p><\/p>\r\n\r\n\r\n\r\n<p><sup><em>(1) FATF \u0111\u1ecbnh ngh\u0129a VASP (Virtual Asset Service Provider) bao g\u1ed3m nh\u1eefng ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n \u00edt nh\u1ea5t m\u1ed9t trong n\u0103m ho\u1ea1t \u0111\u1ed9ng sau: (i) trao \u0111\u1ed5i t\u00e0i s\u1ea3n \u1ea3o (Virtual Asset &#8211; VA) v\u00e0 ti\u1ec1n t\u1ec7 fiat; (ii) trao \u0111\u1ed5i gi\u1eefa m\u1ed9t ho\u1eb7c nhi\u1ec1u lo\u1ea1i VA; (iii) trao \u0111\u1ed5i VA; (iv) l\u01b0u gi\u1eef v\u00e0 \/ ho\u1eb7c qu\u1ea3n l\u00fd VA ho\u1eb7c c\u00e1c c\u00f4ng c\u1ee5 cho ph\u00e9p ki\u1ec3m so\u00e1t VA; v\u00e0 (v) tham gia v\u00e0 cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 t\u00e0i ch\u00ednh li\u00ean quan \u0111\u1ebfn vi\u1ec7c mua b\u00e1n c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh VA.<\/em><\/sup><\/p>","protected":false},"excerpt":{"rendered":"<p>D\u00f9 SAFT (Simple Agreement for Future Tokens) \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i trong c\u00e1c d\u1ef1 \u00e1n blockchain, nhi\u1ec1u nh\u00e0 ph\u00e1t [&hellip;]<\/p>","protected":false},"author":1,"featured_media":12630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[135,154,136,156],"tags":[138,139,141,157,197],"_links":{"self":[{"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/posts\/8380"}],"collection":[{"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/comments?post=8380"}],"version-history":[{"count":1,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/posts\/8380\/revisions"}],"predecessor-version":[{"id":12649,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/posts\/8380\/revisions\/12649"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/media\/12630"}],"wp:attachment":[{"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/media?parent=8380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/categories?post=8380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jnt.asia\/en\/wp-json\/wp\/v2\/tags?post=8380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}