<\/p>\n
\u0628\u0642\u0644\u0645 \u062f. Antonio Tejeda Encinas<\/strong><\/a> \u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a\u060c Meta Channel Corporation<\/strong><\/a> \u0627\u0644\u0631\u0626\u064a\u0633\u060c \u0627\u0644\u0644\u062c\u0646\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0644\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0631\u0642\u0645\u064a – CEA Digital Law<\/strong><\/a><\/p>\n 1. \u0646\u0642\u0637\u0629 \u0627\u0644\u0627\u0646\u0637\u0644\u0627\u0642: Securitize \u0648\u0647\u064a\u0626\u0629 CNMV \u0648\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0633\u0637\u062d\u064a\u0629 \u0644\u0644\u0625\u0646\u062c\u0627\u0632<\/strong><\/p>\n \u0627\u0633\u062a\u064f\u0642\u0628\u0644 \u062a\u0631\u062e\u064a\u0635 \u0647\u064a\u0626\u0629 CNMV (\u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0648\u0637\u0646\u064a\u0629 \u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627) \u0644\u0634\u0631\u0643\u0629 Securitize \u0628\u0648\u0635\u0641\u0647\u0627 \u0646\u0638\u0627\u0645\u064b\u0627 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0642\u0627\u0626\u0645\u064b\u0627 \u0639\u0644\u0649 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0645\u0648\u0632\u0639\u0629 (DLT) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0644\u0627\u0626\u062d\u0629 (EU) 2022\/858 \u0639\u0644\u0649 \u0623\u0646\u0647 \u062a\u0623\u0643\u064a\u062f \u0628\u0623\u0646 \u00ab\u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629\u00bb \u0623\u0635\u0628\u062d\u062a \u0648\u0627\u0642\u0639\u064b\u0627 \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627. \u0625\u0646\u0647\u0627 \u062e\u0637\u0648\u0629 \u0645\u0647\u0645\u0629: \u0641\u0644\u0644\u0645\u0631\u0629 \u0627\u0644\u0623\u0648\u0644\u0649 \u062a\u062d\u0635\u0644 \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 DLT \u062a\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0636\u0648\u0621 \u0627\u0644\u0623\u062e\u0636\u0631 \u0641\u064a \u0628\u0644\u062f\u0646\u0627.<\/p>\n \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0644\u064a\u0633\u062a \u0641\u064a \u0642\u0631\u0627\u0631 CNMV. \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0641\u064a \u0627\u0644\u0637\u0631\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u064a\u064f\u0642\u0631\u0623 \u0628\u0647\u0627.<\/p>\n \u064a\u064f\u0642\u062f\u064e\u0651\u0645 \u0647\u0630\u0627 \u0627\u0644\u0625\u0646\u062c\u0627\u0632 \u0643\u0645\u0627 \u0644\u0648 \u0643\u0627\u0646 \u0643\u0627\u0641\u064a\u064b\u0627 \u0644\u0644\u0642\u0648\u0644 \u0625\u0646 \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a\u0629 \u0628\u0627\u062a\u062a \u062a\u0645\u0644\u0643 \u0625\u0637\u0627\u0631\u064b\u0627 \u0646\u0627\u0636\u062c\u064b\u0627 \u00ab\u0644\u062a\u0631\u0645\u064a\u0632 \u0623\u064a \u0634\u064a\u0621\u00bb\u060c \u0628\u0623\u064a \u0634\u0643\u0644 \u0648\u0641\u064a \u0623\u064a \u0645\u0631\u062d\u0644\u0629. \u0648\u0627\u0644\u0623\u0645\u0631 \u0644\u064a\u0633 \u0643\u0630\u0644\u0643. \u0641\u0648\u062c\u0648\u062f \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0644\u0627 \u064a\u062d\u0633\u0645 \u0648\u062d\u062f\u0647 \u0627\u0644\u0645\u0633\u0623\u0644\u0629 \u0627\u0644\u062c\u0648\u0647\u0631\u064a\u0629: \u0643\u064a\u0641 \u0647\u064f\u064a\u0643\u0644 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0630\u064a \u064a\u064f\u0631\u0641\u0639 \u0625\u0644\u0649 \u062a\u0644\u0643 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629.<\/p>\n 2. \u0627\u0644\u062e\u0637\u0623 \u0627\u0644\u0645\u0641\u0627\u0647\u064a\u0645\u064a: \u0627\u0644\u062e\u0644\u0637 \u0628\u064a\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629 \u0648\u0628\u0646\u064a\u0629 \u0627\u0644\u0623\u0635\u0644<\/strong><\/p>\n \u062a\u062f\u0648\u0631 \u0627\u0644\u0646\u0634\u0648\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u062d\u0648\u0644 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629: \u0627\u0644\u0625\u062f\u0631\u0627\u062c\u060c \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0633\u0647\u0648\u0644\u0629 \u0627\u0644\u0648\u0635\u0648\u0644.<\/p>\n \u0644\u0643\u0646 \u0647\u0630\u0647 \u0627\u0644\u0637\u0628\u0642\u0629 \u0643\u0644\u0647\u0627 \u062a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0633\u0624\u0627\u0644 \u0633\u0627\u0628\u0642 \u0646\u0627\u062f\u0631\u064b\u0627 \u0645\u0627 \u064a\u064f\u0637\u0631\u062d \u0628\u0648\u0636\u0648\u062d:<\/p>\n \u0645\u0627 \u0627\u0644\u062d\u0642 \u0627\u0644\u0630\u064a \u064a\u0643\u062a\u0633\u0628\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0627\u0644\u0636\u0628\u0637 \u0639\u0646\u062f\u0645\u0627 \u064a\u0634\u062a\u0631\u064a \u0630\u0644\u0643 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0631\u0642\u0645\u064a (\u0627\u0644\u062a\u0648\u0643\u0646)\u061f<\/p>\n \u0625\u0630\u0627 \u0644\u0645 \u062a\u0643\u0646 \u0627\u0644\u0625\u062c\u0627\u0628\u0629 \u0645\u062d\u0635\u0651\u0646\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u064b\u0627\u060c \u0641\u0644\u0627 \u064a\u0647\u0645 \u0625\u0646 \u0643\u0627\u0646 \u0627\u0644\u0631\u0645\u0632 \u064a\u064f\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0646\u0638\u0627\u0645 \u062a\u062f\u0627\u0648\u0644 \u0648\u062a\u0633\u0648\u064a\u0629 \u0642\u0627\u0626\u0645 \u0639\u0644\u0649 DLT (SNL DLT)\u060c \u0623\u0648 \u0641\u064a \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0623\u0637\u0631\u0627\u0641 (MTF) \u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u0623\u0648 \u0641\u064a \u0645\u0646\u0635\u0629 \u00ab\u0644\u0625\u062a\u0627\u062d\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0644\u062c\u0645\u064a\u0639\u00bb. \u0633\u0646\u0638\u0644 \u0646\u062a\u062d\u062f\u062b \u0639\u0646 \u0647\u064a\u0627\u0643\u0644 \u0647\u0634\u0629\u060c \u0645\u0639\u0631\u0651\u0636\u0629 \u0644\u0645\u0634\u0643\u0644\u0627\u062a \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0648\u0636\u0631\u064a\u0628\u064a\u0629 \u0648\u0645\u0634\u0643\u0644\u0627\u062a \u062a\u0645\u0633 \u0627\u0644\u0633\u0645\u0639\u0629.<\/p>\n \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u062a\u062d\u0644 \u0645\u0633\u0623\u0644\u0629 \u0627\u0644\u0646\u0642\u0644. \u0648\u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u062a\u062d\u0644 \u0645\u0633\u0623\u0644\u0629 \u0627\u0644\u0645\u0636\u0645\u0648\u0646. \u0648\u0627\u0644\u0633\u0648\u0642 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0644\u062d\u0638\u0629 \u064a\u062a\u062d\u062f\u062b \u0643\u062b\u064a\u0631\u064b\u0627 \u0639\u0646 \u0627\u0644\u0623\u0648\u0644\u0649 \u0648\u0642\u0644\u064a\u0644\u064b\u0627 \u062c\u062f\u064b\u0627 \u0639\u0646 \u0627\u0644\u062b\u0627\u0646\u064a\u0629.<\/p>\n 3. \u062f\u0648\u0631\u064a\u0627\u0646 \u0645\u062e\u062a\u0644\u0641\u0627\u0646: \u0625\u062a\u0627\u062d\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0635\u063a\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0642\u0627\u0628\u0644 \u0627\u0644\u0647\u064a\u0643\u0644\u0629 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629<\/strong><\/p>\n \u064a\u062a\u0639\u0627\u064a\u0634 \u0627\u0644\u064a\u0648\u0645\u060c \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639\u060c \u0645\u0646\u0637\u0642\u0627\u0646 \u0645\u062e\u062a\u0644\u0641\u0627\u0646.<\/p>\n \u0641\u0645\u0646 \u062c\u0647\u0629\u060c \u0647\u0646\u0627\u0643 \u0645\u0646\u0637\u0642 \u064a\u0642\u0648\u0645 \u0639\u0644\u0649 \u0625\u062a\u0627\u062d\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0644\u062c\u0645\u064a\u0639\u060c \u0645\u0648\u062c\u0651\u0647 \u0625\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0641\u0631\u062f\u060c \u064a\u0633\u0645\u062d \u0628\u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a \u0639\u0645\u0644\u064a\u0627\u062a \u0628\u062a\u0630\u0627\u0643\u0631 \u0642\u062f\u0631\u0647\u0627 50 \u0623\u0648 100 \u0623\u0648 500 \u064a\u0648\u0631\u0648. \u0648\u0642\u064a\u0645\u062a\u0647 \u0648\u0627\u0636\u062d\u0629: \u064a\u0641\u062a\u062d \u0627\u0644\u0623\u0628\u0648\u0627\u0628 \u0623\u0645\u0627\u0645 \u0645\u0646 \u0644\u0645 \u064a\u0643\u0648\u0646\u0648\u0627 \u0644\u064a\u0635\u0644\u0648\u0627 \u0623\u0628\u062f\u064b\u0627 \u0625\u0644\u0649 \u0623\u0635\u0648\u0644 \u0645\u0639\u064a\u0646\u0629.<\/p>\n \u0648\u0645\u0646 \u062c\u0647\u0629 \u0623\u062e\u0631\u0649\u060c \u0647\u0646\u0627\u0643 \u0645\u0646\u0637\u0642 \u0645\u0624\u0633\u0633\u064a \u0623\u0648 \u0634\u0628\u0647 \u0645\u0624\u0633\u0633\u064a\u060c \u0646\u062a\u062d\u062f\u062b \u0641\u064a\u0647 \u0639\u0646 \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 5 \u064850 \u0645\u0644\u064a\u0648\u0646\u064b\u0627 (\u0623\u0648 \u0623\u0643\u062b\u0631)\u060c \u0645\u0639 \u062c\u0647\u0627\u062a \u0645\u064f\u0635\u062f\u0650\u0631\u0629 \u0644\u0627 \u062a\u0633\u0639\u0649 \u0625\u0644\u0649 \u00ab\u0625\u062a\u0627\u062d\u0629\u00bb \u0623\u064a \u0634\u064a\u0621 \u0644\u0644\u062c\u0645\u064a\u0639\u060c \u0628\u0644 \u0625\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0627\u0644\u0647\u064a\u0627\u0643\u0644\u060c \u0648\u062a\u0646\u0648\u064a\u0639 \u0645\u0635\u0627\u062f\u0631 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u060c \u0648\u062f\u0645\u062c \u0627\u0644\u0637\u0628\u0642\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0641\u064a \u0645\u0646\u0638\u0648\u0645\u0627\u062a \u062e\u0627\u0636\u0639\u0629 \u0644\u0644\u062a\u0646\u0638\u064a\u0645 \u0623\u0635\u0644\u064b\u0627\u060c \u0648\u0627\u0644\u0642\u064a\u0627\u0645 \u0628\u0630\u0644\u0643 \u062f\u0648\u0646 \u062e\u0644\u0642 \u0645\u0634\u0643\u0644\u0629 \u0645\u0639 \u062c\u0647\u062a\u0647\u0627 \u0627\u0644\u0631\u0642\u0627\u0628\u064a\u0629 \u0623\u0648 \u0645\u062f\u0642\u0642 \u062d\u0633\u0627\u0628\u0627\u062a\u0647\u0627 \u0623\u0648 \u0634\u0631\u0643\u062a\u0647\u0627 \u0627\u0644\u0623\u0645 \u0627\u0644\u062f\u0648\u0644\u064a\u0629.<\/p>\n \u0648\u0648\u0641\u0642\u064b\u0627 \u0644\u0628\u064a\u0627\u0646\u0627\u062a \u062d\u062f\u064a\u062b\u0629\u060c \u0628\u0644\u063a\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629 24 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2025\u060c \u0628\u0646\u0645\u0648 \u0642\u062f\u0631\u0647 308% \u062e\u0644\u0627\u0644 \u062b\u0644\u0627\u062b \u0633\u0646\u0648\u0627\u062a. \u0648\u062a\u0642\u062f\u0651\u0631 \u062a\u0648\u0642\u0639\u0627\u062a Standard Chartered \u0623\u0646\u0647\u0627 \u0642\u062f \u062a\u0635\u0644 \u0625\u0644\u0649 30 \u062a\u0631\u064a\u0644\u064a\u0648\u0646\u064b\u0627 \u0628\u062d\u0644\u0648\u0644 2034. \u0648\u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0633\u0639 \u0644\u0627 \u064a\u0644\u063a\u064a \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0628\u0646\u064a\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0645\u062a\u064a\u0646\u0629\u060c \u0628\u0644 \u064a\u0636\u0627\u0639\u0641\u0647\u0627.<\/p>\n \u062e\u0637\u0623 \u0627\u0644\u062e\u0637\u0627\u0628 \u0627\u0644\u062d\u0627\u0644\u064a \u0647\u0648 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0646 \u0643\u0645\u0627 \u0644\u0648 \u0643\u0627\u0646\u0627 \u0642\u0627\u0628\u0644\u064a\u0646 \u0644\u0644\u062a\u0628\u0627\u062f\u0644. \u0648\u0647\u0645\u0627 \u0644\u064a\u0633\u0627 \u0643\u0630\u0644\u0643. \u064a\u0634\u062a\u0631\u0643\u0627\u0646 \u0641\u064a \u0643\u0644\u0645\u0629 \u00ab\u062a\u0648\u0643\u0646\u00bb\u060c \u0644\u0643\u0646\u0647\u0645\u0627 \u064a\u0639\u064a\u0634\u0627\u0646 \u0641\u064a \u0623\u0637\u0631 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0648\u0623\u0637\u0631 \u0633\u0645\u0639\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u062a\u0645\u0627\u0645\u064b\u0627.<\/p>\n 4. \u00ab\u0627\u0644\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629\u00bb \u0641\u064a \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644: \u0645\u0641\u064a\u062f\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0635\u0644\u062d \u0644\u0643\u0644 \u0633\u064a\u0646\u0627\u0631\u064a\u0648<\/strong><\/p>\n \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627 \u0648\u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0623\u062e\u0631\u0649 \u062a\u062a\u0631\u0633\u062e \u0646\u0645\u0627\u0630\u062c \u0641\u0639\u0651\u0627\u0644\u0629 \u062c\u062f\u064b\u0627 \u0644\u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646\u062e\u0641\u0636 \u0627\u0644\u062a\u0643\u0644\u0641\u0629 (low cost). \u0641\u0647\u064a \u062a\u0628\u0633\u0651\u0637 \u0627\u0644\u062f\u062e\u0648\u0644\u060c \u0648\u062a\u062e\u0641\u0636 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641\u060c \u0648\u062a\u062e\u062a\u0635\u0631 \u0627\u0644\u0622\u062c\u0627\u0644\u060c \u0648\u062a\u062a\u064a\u062d \u0644\u0635\u063a\u0627\u0631 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0623\u062c\u0632\u0627\u0621 \u0645\u0646 \u0623\u0635\u0648\u0644 \u0643\u0627\u0646\u062a \u0645\u0646 \u0642\u0628\u0644 \u0628\u0639\u064a\u062f\u0629 \u0639\u0646 \u0645\u062a\u0646\u0627\u0648\u0644\u0647\u0645.<\/p>\n \u0648\u0647\u0630\u0627 \u0623\u0645\u0631 \u0625\u064a\u062c\u0627\u0628\u064a. \u0644\u0643\u0646\u0647 \u0625\u064a\u062c\u0627\u0628\u064a \u0641\u064a \u062f\u0648\u0631\u064a\u0647.<\/p>\n \u062a\u0628\u062f\u0623 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u064f\u0631\u0627\u062f \u0646\u0642\u0644 \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0646\u0641\u0633\u0647 \u0625\u0644\u0649 \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u0634\u0645\u0644 \u0648\u0644\u0627\u064a\u0627\u062a \u0642\u0636\u0627\u0626\u064a\u0629 \u0645\u062a\u0639\u062f\u062f\u0629\u060c \u0623\u0648 \u062a\u062a\u0637\u0644\u0628 \u0647\u064a\u0627\u0643\u0644 \u0634\u0631\u0643\u0627\u062a \u0645\u062a\u0633\u0644\u0633\u0644\u0629\u060c \u0623\u0648 \u062a\u0646\u062f\u0631\u062c \u0641\u064a \u0642\u0637\u0627\u0639\u0627\u062a \u0634\u062f\u064a\u062f\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645 (\u0627\u0644\u0637\u0627\u0642\u0629\u060c \u0648\u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0627\u0644\u064a\u060c \u0648\u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0633\u0645\u0639\u064a \u0627\u0644\u0628\u0635\u0631\u064a)\u060c \u0623\u0648 \u062a\u0648\u0644\u0651\u062f \u062a\u062f\u0641\u0642\u0627\u062a \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u062a\u062a\u0642\u0627\u0637\u0639 \u0645\u0639 \u0623\u0646\u0638\u0645\u0629 \u0636\u0631\u064a\u0628\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629.<\/p>\n \u0625\u0646 \u0627\u0644\u0627\u062f\u0639\u0627\u0621 \u0628\u0623\u0646 \u0639\u0645\u0644\u064a\u0629 \u0645\u0639\u0642\u062f\u0629 \u064a\u0645\u0643\u0646 \u0645\u0639\u0627\u0644\u062c\u062a\u0647\u0627 \u0628\u0627\u0644\u0645\u0646\u0637\u0642 \u0646\u0641\u0633\u0647 \u0627\u0644\u0630\u064a \u064a\u062d\u0643\u0645 \u0634\u0631\u0627\u0621 \u00ab\u0642\u0637\u0639\u0629 \u0645\u0646 \u0634\u0642\u0629 \u0645\u0631\u0645\u064e\u0651\u0632\u0629\u00bb \u0628\u0645\u0628\u0644\u063a 100 \u064a\u0648\u0631\u0648 \u0648\u0647\u0645\u064c \u062e\u0637\u064a\u0631.<\/p>\n 5. \u0627\u0644\u0644\u0628 \u0627\u0644\u062d\u0642\u064a\u0642\u064a: \u0627\u0644\u0623\u0635\u0644\u060c \u0644\u0627 \u0627\u0644\u0631\u0645\u0632<\/strong><\/p>\n \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0631\u0642\u0645\u064a \u0648\u0627\u062c\u0647\u0629 \u062a\u0642\u0646\u064a\u0629. \u0644\u064a\u0633 \u0647\u0648 \u0627\u0644\u0623\u0635\u0644. \u0648\u0644\u064a\u0633 \u0647\u0648 \u0627\u0644\u0639\u0645\u0644\u064a\u0629. \u0648\u0644\u064a\u0633 \u0647\u0648 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u062c\u0627\u0631\u064a.<\/p>\n \u0639\u0646\u062f\u0645\u0627 \u064a\u0634\u062a\u0631\u064a \u0623\u062d\u062f\u0647\u0645 \u0631\u0645\u0632\u064b\u0627 \u0631\u0642\u0645\u064a\u064b\u0627\u060c \u0641\u0625\u0646\u0647 \u0641\u064a \u0627\u0644\u0648\u0627\u0642\u0639 \u064a\u0634\u062a\u0631\u064a \u0645\u0631\u0643\u0632\u064b\u0627 \u0642\u0627\u0646\u0648\u0646\u064a\u064b\u0627 \u062f\u0627\u062e\u0644 \u0647\u064a\u0643\u0644 \u0645\u062d\u062f\u062f\u060c \u0628\u0646\u0638\u0627\u0645 \u0636\u0631\u064a\u0628\u064a \u0645\u0639\u064a\u0651\u0646\u060c \u0648\u062a\u0648\u0642\u0651\u0639\u0650 \u062d\u0642\u064d\u0651 (\u062a\u062d\u0635\u064a\u0644\u060c \u0623\u0648 \u0645\u0634\u0627\u0631\u0643\u0629\u060c \u0623\u0648 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u060c \u0623\u0648 \u0648\u0635\u0648\u0644)\u060c \u0648\u0645\u0646 \u062e\u0644\u0641\u0647 \u0645\u0646\u0638\u0648\u0645\u0629 \u0645\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u062d\u0648\u0643\u0645\u0629 \u0648\u0627\u0644\u0645\u0633\u0624\u0648\u0644\u064a\u0629.<\/p>\n \u0625\u0630\u0627 \u0644\u0645 \u064a\u0643\u0646 \u0630\u0644\u0643 \u0627\u0644\u0647\u064a\u0643\u0644 \u0645\u062d\u062f\u062f\u064b\u0627 \u0628\u0625\u062d\u0643\u0627\u0645\u060c \u0641\u0642\u062f \u064a\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0645\u0632 \u0628\u0633\u0631\u0639\u0629 \u0643\u0628\u064a\u0631\u0629\u2026 \u0646\u062d\u0648 \u0646\u0632\u0627\u0639.<\/p>\n \u0644\u0642\u062f \u0648\u0644\u0651\u062f \u0627\u0644\u0647\u0648\u0633 \u0628\u0640\u00ab\u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u00bb \u0648\u0647\u0645\u064b\u0627 \u0628\u0623\u0646 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u062a\u0643\u0645\u0646 \u0641\u064a \u0627\u062e\u062a\u064a\u0627\u0631 \u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0643\u062a\u0644 (blockchain) \u0627\u0644\u0645\u0646\u0627\u0633\u0628\u0629\u060c \u0623\u0648 \u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0635\u062d\u064a\u062d\u060c \u0623\u0648 \u0627\u0644\u0645\u0646\u0635\u0629 \u0627\u0644\u0623\u0633\u0647\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u064b\u0627. \u0623\u0645\u0627 \u0641\u064a \u0627\u0644\u0634\u0631\u064a\u062d\u0629 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629 \u0641\u0647\u0630\u0627 \u0623\u0645\u0631 \u062b\u0627\u0646\u0648\u064a. \u0627\u0644\u062d\u0627\u0633\u0645 \u0647\u0648 \u0645\u0627 \u064a\u0645\u062b\u0651\u0644\u0647 \u0627\u0644\u0631\u0645\u0632 \u0648\u0643\u064a\u0641 \u062a\u064f\u0645\u0646\u062d \u0644\u0647 \u0627\u0644\u062d\u064a\u0627\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629.<\/p>\n 6. \u0644\u0627\u0626\u062d\u0629 MiCA \u0644\u064a\u0633\u062a \u0645\u0644\u0627\u0630\u064b\u0627 \u0644\u0623\u064a \u0631\u0645\u0632 \u0645\u0631\u062a\u0628\u0637 \u0628\u0623\u0635\u0644 \u062d\u0642\u064a\u0642\u064a<\/strong><\/p>\n \u0645\u0646\u0630 \u0625\u0642\u0631\u0627\u0631 \u0644\u0627\u0626\u062d\u0629 MiCA \u062a\u0631\u0633\u0651\u062e\u062a \u0631\u0648\u0627\u064a\u0629 \u062e\u0637\u064a\u0631\u0629: \u0641\u0643\u0631\u0629 \u0648\u062c\u0648\u062f \u0645\u0633\u0627\u062d\u0629 \u0648\u0627\u0633\u0639\u0629 \u0645\u0646 \u00ab\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u00bb \u064a\u062a\u0633\u0639 \u0641\u064a\u0647\u0627 \u0643\u0644 \u0634\u064a\u0621 \u0645\u0627 \u062f\u0627\u0645 \u0644\u0627 \u064a\u064f\u0633\u0645\u0651\u0649 \u00ab\u0648\u0631\u0642\u0629 \u0645\u0627\u0644\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644\u00bb.<\/p>\n \u0647\u0630\u0647 \u0642\u0631\u0627\u0621\u0629 \u062e\u0627\u0637\u0626\u0629.<\/p>\n \u062a\u0646\u0637\u0628\u0642 MiCA \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u062a\u064a \u0644\u064a\u0633\u062a \u0623\u062f\u0648\u0627\u062a \u0645\u0627\u0644\u064a\u0629. \u0644\u0643\u0646 \u0625\u0630\u0627 \u0643\u0627\u0646 \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0631\u0645\u0632 \u064a\u064e\u0639\u0650\u062f \u0628\u0639\u0627\u0626\u062f\u060c \u0623\u0648 \u064a\u0631\u0628\u0637 \u0627\u0644\u0646\u062c\u0627\u062d \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0646\u062c\u0627\u062d \u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u0645\u064f\u0635\u062f\u0650\u0631\u0629\u060c \u0623\u0648 \u064a\u0645\u0646\u062d \u062d\u0642\u0648\u0642 \u062f\u0627\u0626\u0646\u064a\u0629 \u0623\u0648 \u0645\u0634\u0627\u0631\u0643\u0629\u060c \u0623\u0648 \u064a\u062d\u0627\u0643\u064a \u0633\u0644\u0648\u0643\u064a\u0627\u062a \u062e\u0627\u0635\u0629 \u0628\u0627\u0644\u0648\u0631\u0642\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0646\u0637\u0627\u0642 \u0644\u064a\u0633 MiCA\u060c \u0628\u0644 MiFID II \/ \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a (Ley del Mercado de Valores).<\/strong><\/p>\n \u0648\u0647\u0643\u0630\u0627\u060c \u0641\u0625\u0646 \u0643\u062b\u064a\u0631\u064b\u0627 \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u062a\u064a \u062a\u064f\u0633\u0648\u064e\u0651\u0642 \u0627\u0644\u064a\u0648\u0645 \u0639\u0644\u0649 \u0623\u0646\u0647\u0627 \u00ab\u0631\u0645\u0648\u0632 \u0645\u0646\u0641\u0639\u0629 (utility tokens) \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0623\u0635\u0648\u0644 \u062d\u0642\u064a\u0642\u064a\u0629\u00bb \u0644\u064a\u0633\u062a \u0641\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u0629 \u0636\u0645\u0646 \u0646\u0637\u0627\u0642 MiCA\u060c \u0628\u0644 \u0639\u0644\u0649 \u062a\u062e\u0648\u0645 \u0646\u0637\u0627\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u2014\u0623\u0648 \u0641\u064a \u062f\u0627\u062e\u0644\u0647 \u0645\u0628\u0627\u0634\u0631\u0629\u2014. \u0648\u0647\u0630\u0627 \u0627\u0644\u0641\u0631\u0642 \u0644\u0627 \u064a\u064f\u062d\u0633\u0645 \u0628\u0627\u0644\u0634\u0639\u0627\u0631\u0627\u062a.<\/p>\n 7. \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a\u0629: \u0645\u0627 \u062a\u0639\u0644\u0651\u0645\u0647 (\u062d\u0642\u064b\u0627) \u0639\u0645\u0644\u064a\u0629 \u0625\u0635\u062f\u0627\u0631 \u0645\u062a\u0642\u0646\u0629<\/strong><\/p>\n \u0625\u0646 \u0645\u062b\u0627\u0644 \u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0645\u062b\u0644 Dianelum\u060c \u0645\u0639 \u062c\u0647\u0629 ERIR \u0645\u0631\u062e\u0651\u0635\u0629 (\u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u0629 \u0639\u0646 \u0642\u064a\u062f \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629 \u0648\u062a\u0633\u062c\u064a\u0644\u0647\u0627)\u060c \u0648\u0645\u0646\u0635\u0629 SaaS\u060c \u0648\u0648\u0643\u0627\u0644\u0629 \u0623\u0648\u0631\u0627\u0642 \u0645\u0627\u0644\u064a\u0629\u060c \u0648\u062d\u0641\u0638 \u0627\u062d\u062a\u0631\u0627\u0641\u064a\u060c \u0644\u0627 \u064a\u064f\u062b\u0628\u062a \u0623\u0646 \u00ab\u0623\u064a \u0623\u062d\u062f \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u062a\u0631\u0645\u064a\u0632\u00bb. \u0628\u0644 \u064a\u064f\u062b\u0628\u062a \u0627\u0644\u0639\u0643\u0633.<\/p>\n \u064a\u064f\u062b\u0628\u062a \u0623\u0646\u0647 \u0643\u0627\u0646 \u0644\u0627 \u0628\u062f \u0645\u0646 \u0628\u0646\u064a\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0645\u062a\u064a\u0646\u0629\u060c \u0648\u062a\u0646\u0633\u064a\u0642 \u062f\u0642\u064a\u0642 \u0628\u064a\u0646 \u0627\u0644\u0645\u0646\u0635\u0629 \u0648\u062c\u0647\u0629 ERIR \u0648\u0627\u0644\u062d\u0627\u0641\u0638 \u0648\u0627\u0644\u0627\u0633\u062a\u0634\u0627\u0631\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629\u060c \u0648\u062a\u0645\u0648\u0636\u0639 \u0648\u0627\u0636\u062d \u0636\u0645\u0646 \u0642\u0627\u0646\u0648\u0646 \u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629.<\/p>\n \u0623\u064a \u0625\u0646 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u062c\u0627\u062f\u0629 \u062a\u0639\u064a\u062f\u0646\u0627 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\u0641\u062c\u0648\u0629<\/strong><\/p>\n \u0633\u064a\u0643\u0648\u0646 \u0645\u0646 \u063a\u064a\u0631 \u0627\u0644\u0635\u062d\u064a\u062d \u0627\u0644\u0642\u0648\u0644 \u0625\u0646 \u0645\u0633\u0627\u062d\u0629 \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062a\u0631\u0627\u0648\u062d \u0628\u064a\u0646 5 \u064850 \u0645\u0644\u064a\u0648\u0646\u064b\u0627 \u00ab\u0644\u0627 \u064a\u063a\u0637\u064a\u0647\u0627 \u0623\u062d\u062f\u00bb. \u0648\u0633\u064a\u0643\u0648\u0646 \u0645\u0646 \u0627\u0644\u0633\u0630\u0627\u062c\u0629 \u0643\u0630\u0644\u0643 \u0625\u0646\u0643\u0627\u0631 \u062f\u0648\u0631 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0645\u062d\u0627\u0645\u0627\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 \u0648\u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u062a\u0643\u0627\u0645\u0644\u0629 \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u062a\u062e\u0635\u0635\u0629 (\u0627\u0644\u0628\u0648\u062a\u064a\u0643) \u0631\u0641\u064a\u0639\u0629 \u0627\u0644\u0645\u0633\u062a\u0648\u0649.<\/p>\n \u0647\u0630\u0627 \u0627\u0644\u0646\u0633\u064a\u062c \u0645\u0648\u062c\u0648\u062f. \u0648\u0641\u064a \u062d\u0627\u0644\u0627\u062a \u0643\u062b\u064a\u0631\u0629 \u064a\u0639\u0645\u0644 \u062c\u064a\u062f\u064b\u0627.<\/p>\n \u0623\u0645\u0627 \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u062a\u064a \u0644\u0627 \u062a\u0632\u0627\u0644 \u0642\u0627\u0626\u0645\u0629 \u0641\u0647\u064a \u0641\u064a \u0645\u062c\u0627\u0644 \u0645\u062d\u062f\u062f: \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u0639\u0628\u0631 \u0648\u0644\u0627\u064a\u0627\u062a \u0642\u0636\u0627\u0626\u064a\u0629 \u0645\u062a\u0639\u062f\u062f\u0629 \u0628\u0637\u0631\u064a\u0642\u0629 \u063a\u064a\u0631 \u0645\u0639\u064a\u0627\u0631\u064a\u0629 (\u0623\u0648\u0631\u0648\u0628\u0627\u2013\u0623\u0645\u0631\u064a\u0643\u0627 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\u0645\u0639 \u0639\u062f\u0629 \u0623\u0637\u0631\u0627\u0641 \u0645\u0642\u0627\u0628\u0644\u0629.<\/p>\n \u0641\u064a \u062a\u0644\u0643 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0644\u0627 \u062a\u0642\u062f\u0651\u0645 \u0627\u0644\u0647\u064a\u0627\u0643\u0644 \u0627\u0644\u0639\u0645\u0648\u062f\u064a\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u2014\u0627\u0644\u0642\u0648\u064a\u0629 \u062c\u062f\u064b\u0627 \u0641\u064a \u0645\u062c\u0627\u0644\u0647\u0627 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u2014 \u062f\u0627\u0626\u0645\u064b\u0627 \u0627\u0644\u0645\u0631\u0648\u0646\u0629 \u0648\u0627\u0644\u062a\u0646\u0633\u064a\u0642 \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0644\u0627\u0632\u0645\u064a\u0646 \u0639\u0646\u062f\u0645\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0641\u064a \u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u062a\u0635\u0648\u0651\u0631.<\/p>\n \u0648\u0647\u0646\u0627 \u064a\u0635\u0628\u062d \u0644\u0644\u062d\u062f\u064a\u062b \u0639\u0646 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0628\u0648\u0635\u0641\u0647\u0627 \u0648\u0638\u064a\u0641\u0629 \u0642\u0627\u0626\u0645\u0629 \u0628\u0630\u0627\u062a\u0647\u0627 \u0645\u0639\u0646\u0627\u0647.<\/p>\n 9. \u0623\u064a\u0646 \u062a\u0642\u0639 META Channel Corporation \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u062e\u0631\u064a\u0637\u0629<\/strong><\/p>\n \u0644\u064a\u0633\u062a META Channel Corporation \u0645\u0646\u0635\u0629 \u0644\u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0644\u0627 \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0633\u0648\u0642\u060c \u0648\u0644\u0627 \u0646\u0638\u0627\u0645 \u062a\u062f\u0627\u0648\u0644 \u0648\u062a\u0633\u0648\u064a\u0629 (SNL)\u060c \u0648\u0644\u0627 \u0645\u0632\u0648\u0651\u062f SaaS \u064a\u0646\u0627\u0641\u0633 Securitize \u0623\u0648 Token City \u0623\u0648 \u063a\u064a\u0631\u0647\u0645\u0627 \u0645\u0646 \u0627\u0644\u0641\u0627\u0639\u0644\u064a\u0646 \u0641\u064a \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629.<\/p>\n \u0648\u0644\u0627 \u062a\u0642\u062f\u0651\u0645 \u0646\u0641\u0633\u0647\u0627 \u0628\u062f\u064a\u0644\u064b\u0627 \u0639\u0646 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0645\u062d\u0627\u0645\u0627\u0629 \u0627\u0644\u0643\u0628\u0631\u0649 \u0623\u0648 \u0634\u0631\u0643\u0627\u062a Big Four \u0641\u064a \u0645\u062c\u0627\u0644\u0647\u0627 \u0627\u0644\u0637\u0628\u064a\u0639\u064a.<\/p>\n \u0641\u0648\u0638\u064a\u0641\u062a\u0647\u0627\u060c \u0639\u0628\u0631 \u0642\u0633\u0645 TokenLab by META Channel Corporation\u060c \u062a\u0642\u0639 \u0641\u064a \u0627\u0644\u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0633\u0627\u0628\u0642\u0629 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\u0644\u0644\u062c\u0645\u064a\u0639. \u0648\u062a\u0646\u0645\u0651\u064a \u0627\u0644\u062b\u0642\u0627\u0641\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0648\u062a\u0641\u062a\u062d \u0627\u0644\u0623\u0628\u0648\u0627\u0628. \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0635\u0628\u062d \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0630\u0647\u0646\u064a \u0644\u062a\u0635\u0645\u064a\u0645 \u0639\u0645\u0644\u064a\u0627\u062a \u0645\u0639\u0642\u062f\u0629 \u0641\u064a \u0628\u064a\u0626\u0627\u062a \u0639\u0627\u0628\u0631\u0629 \u0644\u0644\u062d\u062f\u0648\u062f.<\/em><\/p>\n \u0641\u064a \u062a\u0644\u0643 \u0627\u0644\u0634\u0631\u064a\u062d\u0629\u060c \u0644\u064a\u0633 \u0627\u0644\u0633\u0624\u0627\u0644 \u00ab\u0623\u064a\u0646 \u0646\u062f\u0631\u062c \u0627\u0644\u0631\u0645\u0632\u061f\u00bb\u060c \u0628\u0644 \u00ab\u0645\u0627 \u0627\u0644\u0630\u064a \u0635\u0645\u0651\u0645\u0646\u0627\u0647 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Antonio Tejeda Encinas \u0647\u0648 \u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a \u0644\u0634\u0631\u0643\u0629 META Channel Corporation\u060c \u0648\u0647\u064a Praxis House \u0645\u062a\u062e\u0635\u0635\u0629 \u0641\u064a \u0627\u0644\u062f\u0645\u062c \u0628\u064a\u0646 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0648\u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627 \u0644\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0639\u0627\u0628\u0631\u0629 \u0644\u0644\u062d\u062f\u0648\u062f. \u062a\u0639\u0645\u0644 META Channel Corporation \u0641\u064a \u062b\u0644\u0627\u062b\u0629 \u0645\u062c\u0627\u0644\u0627\u062a \u0631\u0626\u064a\u0633\u064a\u0629: \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0647\u064a\u0627\u0643\u0644 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0641\u064a \u0628\u064a\u0626\u0627\u062a \u0623\u0648\u0631\u0648\u0628\u0627\u2013\u0623\u0645\u0631\u064a\u0643\u0627 \u0627\u0644\u0644\u0627\u062a\u064a\u0646\u064a\u0629\u2013\u0623\u0641\u0631\u064a\u0642\u064a\u0627\u061b \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0648\u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0641\u064a \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u062b\u0648\u0631\u064a\u0629 (MiCA\u060c AI Act\u060c DORA\u060c NIS2\u060c GDPR)\u061b \u0648\u062a\u0637\u0648\u064a\u0631 \u062d\u0644\u0648\u0644 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629 \u0645\u0637\u0628\u064e\u0651\u0642\u0629 \u0639\u0644\u0649 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 (RegTech \u0648GovTech). \u0648META Channel \u0644\u064a\u0633\u062a \u0645\u0646\u0635\u0629 \u0644\u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644. \u0648\u064a\u0639\u0645\u0644 \u0642\u0633\u0645 TokenLab by META Channel \u0648\u062d\u062f\u0629\u064b \u0645\u062a\u062e\u0635\u0635\u0629 \u0641\u064a \u0627\u0644\u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0648\u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0627\u0644\u0645\u0633\u0628\u0642 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u064f\u0631\u0645\u064e\u0651\u0632\u060c \u0628\u0645\u0627 \u064a\u0636\u0645\u0646 \u062a\u0648\u0627\u0641\u0642\u0647\u0627 \u0645\u0639 \u0627\u0644\u0623\u0637\u0631 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0648\u063a\u064a\u0631 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629.<\/p>\n \u0648\u064a\u0631\u0623\u0633 \u062f. Tejeda Encinas \u0623\u064a\u0636\u064b\u0627 \u0627\u0644\u0644\u062c\u0646\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0644\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0631\u0642\u0645\u064a – CEA Digital Law\u060c \u0648\u0647\u064a \u0634\u0628\u0643\u0629 \u062f\u0648\u0644\u064a\u0629 \u062d\u0627\u0636\u0631\u0629 \u0641\u064a 25 \u062f\u0648\u0644\u0629\u060c \u0645\u0643\u0631\u0651\u0633\u0629 \u0644\u0644\u062d\u0648\u0643\u0645\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0648\u062f\u0628\u0644\u0648\u0645\u0627\u0633\u064a\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0648\u0627\u0644\u0628\u062d\u062b \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a.<\/p>\n","protected":false},"excerpt":{"rendered":" \u0628\u0642\u0644\u0645 \u062f. Antonio Tejeda Encinas \u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a\u060c Meta Channel Corporation \u0627\u0644\u0631\u0626\u064a\u0633\u060c \u0627\u0644\u0644\u062c\u0646\u0629 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a\u0629 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0644\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0631\u0642\u0645\u064a – CEA Digital Law 1. \u0646\u0642\u0637\u0629 \u0627\u0644\u0627\u0646\u0637\u0644\u0627\u0642: Securitize \u0648\u0647\u064a\u0626\u0629 CNMV \u0648\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0633\u0637\u062d\u064a\u0629 \u0644\u0644\u0625\u0646\u062c\u0627\u0632 \u0627\u0633\u062a\u064f\u0642\u0628\u0644 \u062a\u0631\u062e\u064a\u0635 \u0647\u064a\u0626\u0629 CNMV (\u0627\u0644\u0647\u064a\u0626\u0629 \u0627\u0644\u0648\u0637\u0646\u064a\u0629 \u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627) \u0644\u0634\u0631\u0643\u0629 Securitize \u0628\u0648\u0635\u0641\u0647\u0627 \u0646\u0638\u0627\u0645\u064b\u0627 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0642\u0627\u0626\u0645\u064b\u0627 \u0639\u0644\u0649 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0645\u0648\u0632\u0639\u0629 (DLT) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0644\u0627\u0626\u062d\u0629 […]<\/p>\n","protected":false},"author":1,"featured_media":37619,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4380,4382,4385],"tags":[4529,4439,4420,4521,4514,4538,4540,4513,4523,4525,4536,4531,4520,4533,4518,4528,4517,4539,4526,4450,4530,4519,4537,4541,4527,4524,4534,4535,4522,4516,4532,4515],"class_list":["post-40315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-and-compliance-ar","category-blockchain-and-web3-finance-ar","category-corporate-law-and-litigation-ar","tag-cnmv-crypto-assets-ar","tag-meta-channel-corporation-ar","tag-mica-ar","tag-mifid-ii-ar","tag-securitize-cnmv-ar","tag-tokenlab-by-meta-channel-ar","tag-digital-financial-markets-ar","tag-tokenized-assets-ar","tag-non-financial-crypto-assets-ar","tag-tokenized-transferable-securities-ar","tag-europe-latin-america-africa-investment-ar","tag-institutional-blockchain-ar","tag-blockchain-and-financial-markets-ar","tag-blockchain-regulatory-architecture-ar","tag-legal-architecture-of-the-asset-ar","tag-european-financial-regulation-ar","tag-dlt-secondary-market-ar","tag-european-digital-law-ar","tag-legal-structuring-tokenization-ar","tag-asset-tokenization-ar","tag-real-world-asset-tokenization-ar","tag-institutional-tokenization-ar","tag-legal-structure-design-ar","tag-crypto-asset-regulation-spain-ar","tag-digital-asset-governance-ar","tag-utility-tokens-ar","tag-taxation-of-tokenized-assets-ar","tag-transnational-tokenization-transactions-ar","tag-securities-market-act-ar","tag-eu-regulation-2022-858-ar","tag-tokenization-platforms-ar","tag-dlt-trading-and-settlement-system-ar"],"_links":{"self":[{"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/posts\/40315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/comments?post=40315"}],"version-history":[{"count":0,"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/posts\/40315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/media\/37619"}],"wp:attachment":[{"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/media?parent=40315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/categories?post=40315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/metachannelcorp.com\/ar\/wp-json\/wp\/v2\/tags?post=40315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}