{"id":40319,"date":"2025-11-10T17:46:05","date_gmt":"2025-11-10T17:46:05","guid":{"rendered":"https:\/\/metachannelcorp.com\/en\/perspectives\/%d8%a7%d9%86%d8%b6%d9%85%d8%a7%d9%85-visa-%d9%88%d8%a7%d9%84%d8%aa%d8%b1%d9%83%d9%8a%d8%b2-%d8%b9%d9%84%d9%89-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d8%ad%d9%82%d9%8a%d9%82%d9%8a%d8%a9\/"},"modified":"2025-11-10T17:46:05","modified_gmt":"2025-11-10T17:46:05","slug":"the-incorporation-of-visa-and-the-focus-on-real-assets","status":"publish","type":"post","link":"https:\/\/metachannelcorp.com\/ar\/perspectives\/the-incorporation-of-visa-and-the-focus-on-real-assets\/","title":{"rendered":"\u0627\u0646\u0636\u0645\u0627\u0645 Visa \u0648\u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629"},"content":{"rendered":"

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\u0648\u0628\u064a\u0646\u0645\u0627 \u064a\u0628\u062a\u0643\u0631 \u062c\u0645\u064a\u0639 \u0647\u0624\u0644\u0627\u0621 \u0627\u0644\u0641\u0627\u0639\u0644\u064a\u0646 \u0628\u062c\u0631\u0623\u0629 \u0641\u064a \u0623\u062f\u0648\u0627\u0631\u0647\u0645\u060c \u064a\u0628\u0631\u0632 \u0633\u0624\u0627\u0644 \u062c\u0648\u0647\u0631\u064a \u2014\u0627\u0644\u0633\u0624\u0627\u0644 \u0646\u0641\u0633\u0647 \u0627\u0644\u0630\u064a \u0637\u0631\u062d\u0646\u0627\u0647 \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0644 \u0627\u0644\u0633\u0627\u0628\u0642\u2014: \u0645\u0646 \u064a\u0636\u0645\u0646 \u0623\u0646 \u064a\u0639\u0645\u0644 \u0647\u0630\u0627 \u0627\u0644\u062a\u0642\u0627\u0631\u0628 \u0628\u064a\u0642\u064a\u0646 \u062a\u0646\u0638\u064a\u0645\u064a \u0645\u0637\u0644\u0642\u060c \u0628\u0639\u064a\u062f\u064b\u0627 \u0639\u0646 \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629\u061f<\/em><\/p>\n

\u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629: Visa \u062a\u0641\u0631\u0636 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0641\u064a \u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0648\u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0639\u0627\u0628\u0631\u0629 \u0644\u0644\u062d\u062f\u0648\u062f<\/strong><\/p>\n

\u0628\u0635\u0641\u062a\u0647\u0627 \u0631\u0627\u0626\u062f\u0629 \u0641\u064a \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629<\/em><\/strong>\u060c \u062e\u0637\u062a Visa \u062e\u0637\u0648\u0629 \u062d\u0627\u0633\u0645\u0629 \u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 2025\u060c \u0631\u0633\u0651\u062e\u062a \u0628\u0647\u0627 \u0645\u0648\u0642\u0639\u0647\u0627 \u062c\u0633\u0631\u064b\u0627 \u0628\u064a\u0646 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0648\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0639\u0628\u0631 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629. \u0641\u0628\u0639\u062f \u0625\u0639\u0644\u0627\u0646\u0647\u0627 \u0641\u064a 28 \u0623\u0643\u062a\u0648\u0628\u0631\u060c \u0628\u0627\u062a\u062a \u0627\u0644\u0634\u0628\u0643\u0629 \u062a\u062f\u0639\u0645 \u0623\u0631\u0628\u0639 \u0639\u0645\u0644\u0627\u062a \u0645\u0633\u062a\u0642\u0631\u0629 \u062c\u062f\u064a\u062f\u0629 \u2014USDC \u0648EURC \u0648PYUSD \u0648USDG\u2014 \u0639\u0644\u0649 \u0623\u0631\u0628\u0639 \u0633\u0644\u0627\u0633\u0644 \u0628\u0644\u0648\u0643 \u062a\u0634\u064a\u0646 \u0625\u0636\u0627\u0641\u064a\u0629 (Ethereum \u0648Solana \u0648Stellar \u0648Avalanche)\u060c \u0645\u0627 \u064a\u062a\u064a\u062d \u062a\u0633\u0648\u064a\u0627\u062a \u0641\u0648\u0631\u064a\u0629 \u0648\u0639\u0627\u0628\u0631\u0629 \u0644\u0644\u062d\u062f\u0648\u062f \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062d\u0648\u064a\u0644 \u0625\u0644\u0649 \u0623\u0643\u062b\u0631 \u0645\u0646 25 \u0639\u0645\u0644\u0629 \u0648\u0631\u0642\u064a\u0629 (fiat).<\/p>\n

\u0648\u064a\u064f\u0628\u0631\u0632 \u062a\u0642\u0631\u064a\u0631 \u0633\u0627\u0628\u0642 \u0644\u0640 Visa \u0635\u062f\u0631 \u0641\u064a 16 \u0623\u0643\u062a\u0648\u0628\u0631 \u0623\u0646 \u0627\u0644\u0642\u0631\u0648\u0636 \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u062a\u062c\u0627\u0648\u0632\u062a 670 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u062e\u0644\u0627\u0644 \u062e\u0645\u0633 \u0633\u0646\u0648\u0627\u062a\u060c \u0645\u0646\u0647\u0627 51.7 \u0645\u0644\u064a\u0627\u0631 \u0641\u064a \u0623\u063a\u0633\u0637\u0633 2025 \u0648\u062d\u062f\u0647\u060c \u0645\u062f\u0641\u0648\u0639\u0629\u064b \u0628\u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629 (smart contracts) \u0627\u0644\u062a\u064a \u062a\u0624\u062a\u0645\u062a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629 \u0637\u0648\u0627\u0644 \u0623\u064a\u0627\u0645 \u0627\u0644\u0623\u0633\u0628\u0648\u0639.<\/p>\n

\u0648\u0648\u0635\u0641 \u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a Ryan McInerney \u0630\u0644\u0643 \u0628\u0623\u0646\u0647 \u062c\u0632\u0621 \u0645\u0646 \u062a\u062d\u0648\u0651\u0644 Visa \u0625\u0644\u0649 \u00abhyperscaler\u00bb \u0644\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a\u060c \u064a\u0642\u0648\u0645 \u0639\u0644\u0649 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0631\u0643\u064a\u0632\u062a\u064a\u0646\u060c \u0645\u0639 \u0623\u062d\u062c\u0627\u0645 \u062a\u0636\u0627\u0639\u0641\u062a \u0623\u0631\u0628\u0639 \u0645\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0631\u0627\u0628\u0639 \u0645\u0646 2025 (\u0628\u0645\u0639\u062f\u0644 \u0633\u0646\u0648\u064a \u064a\u0639\u0627\u062f\u0644 2.5 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0634\u0647\u0631\u064a\u064b\u0651\u0627). \u0648\u064a\u0634\u0645\u0644 \u0630\u0644\u0643 \u0645\u0634\u0627\u0631\u064a\u0639 \u062a\u062c\u0631\u064a\u0628\u064a\u0629 \u0645\u0639 \u062c\u0647\u0627\u062a \u0625\u0635\u062f\u0627\u0631 \u0645\u062b\u0644 Circle \u0644\u0633\u0643\u0651 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0648\u062d\u0631\u0642\u0647\u0627 (mint\/burn) \u0639\u0628\u0631 Visa Tokenized Asset Platform (VTAP)\u060c \u0628\u0645\u0627 \u064a\u0646\u0633\u062c\u0645 \u0645\u0639 \u062a\u0648\u0642\u0639\u0627\u062a Citi \u0648Coinbase \u0628\u0633\u0648\u0642 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u062a\u0628\u0644\u063a \u0642\u064a\u0645\u062a\u0647 4 \u062a\u0631\u064a\u0644\u064a\u0648\u0646\u0627\u062a \u062f\u0648\u0644\u0627\u0631 \u0628\u062d\u0644\u0648\u0644 2030.<\/p>\n

\u062a\u0635\u0644 Visa\u060c \u0628\u0634\u0628\u0643\u062a\u0647\u0627 \u0627\u0644\u062a\u064a \u062a\u0636\u0645 \u0623\u0643\u062b\u0631 \u0645\u0646 15,000 \u0645\u0624\u0633\u0633\u0629\u060c \u0625\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u0627\u0644 \u0628\u062d\u062c\u0645 \u0647\u0627\u0626\u0644 \u0641\u064a \u062f\u0648\u0631\u0647\u0627 \u0641\u064a \u0627\u0644\u062a\u0633\u0648\u064a\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0641\u064a \u0645\u0631\u062d\u0644\u0629 \u062a\u062c\u0631\u064a\u0628 \u062c\u0631\u064a\u0621 \u2014\u062a\u0639\u0632\u0651\u0632 \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0642\u0628\u0644 \u0623\u0646 \u062a\u064f\u0637\u0628\u064e\u0651\u0642 \u0628\u0627\u0644\u0643\u0627\u0645\u0644 \u062a\u0646\u0638\u064a\u0645\u0627\u062a \u0645\u062b\u0644 GENIUS Act<\/strong> (\u0627\u0644\u0630\u064a \u0648\u064f\u0642\u0651\u0639 \u0641\u064a \u064a\u0648\u0644\u064a\u0648 2025 \u0648\u064a\u0633\u0631\u064a \u0641\u064a \u0646\u0648\u0641\u0645\u0628\u0631 2026)\u060c \u0639\u0644\u0649 \u063a\u0631\u0627\u0631 \u0645\u0627 \u062a\u0641\u0639\u0644\u0647 BlackRock \u062d\u064a\u0646 \u062a\u0641\u0631\u0636 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n

\u0648\u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627\u060c \u062f\u0645\u062c Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/strong>\u060c \u0628\u0635\u0641\u062a\u0647 \u062c\u0647\u0629 \u0625\u0635\u062f\u0627\u0631 \u0645\u0635\u0631\u0641\u064a\u0629 \u0645\u0646\u0638\u064e\u0651\u0645\u0629\u060c \u0639\u0645\u0644\u062a\u0647 \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 EURCV<\/strong> (\u0627\u0644\u062a\u064a \u0623\u064f\u0637\u0644\u0642\u062a \u0641\u064a 2023) \u0641\u064a \u0645\u0646\u0635\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi) \u0645\u062b\u0644 Morpho \u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 2025\u060c \u0641\u064a \u0625\u0637\u0627\u0631 MiCA\u060c \u0628\u063a\u0637\u0627\u0621 \u0643\u0627\u0645\u0644 100% \u0628\u0627\u0644\u064a\u0648\u0631\u0648 \u0648\u0628\u062d\u0641\u0638 \u0644\u062f\u0649 BNY Mellon \u0644\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0645\u062b\u0644 USDCV. \u0648\u064a\u064f\u0638\u0647\u0631 \u0630\u0644\u0643 \u0643\u064a\u0641 \u062a\u062a\u0642\u062f\u0651\u0645 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0628\u064a\u0642\u064a\u0646 \u062a\u0646\u0638\u064a\u0645\u064a\u060c \u0648\u0647\u0648 \u0645\u062c\u0627\u0644 \u0644\u0645 \u062a\u0628\u062f\u0623 Visa \u062a\u0633\u0631\u064a\u0639 \u0627\u0628\u062a\u0643\u0627\u0631\u0647\u0627 \u0641\u064a\u0647 \u0625\u0644\u0627 \u0645\u0624\u062e\u0631\u064b\u0627.<\/p>\n

\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629: BlackRock \u062a\u062a\u0648\u0633\u0651\u0639 \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629 (RWA) \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (ETFs)<\/strong><\/p>\n

\u0628\u0635\u0641\u062a\u0647\u0627 \u0645\u062f\u064a\u0631\u0629 \u0623\u0635\u0648\u0644 \u0636\u062e\u0645\u0629<\/em><\/strong>\u060c \u062a\u0624\u0643\u062f BlackRock<\/strong> \u0645\u062c\u062f\u062f\u064b\u0627 \u0623\u0646 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 (RWA) \u0623\u0645\u0631 \u062d\u062a\u0645\u064a\u060c \u0625\u0630 \u0635\u0631\u0651\u062d Larry Fink<\/strong> \u0641\u064a 14 \u0623\u0643\u062a\u0648\u0628\u0631 2025 \u0644\u0642\u0646\u0627\u0629 CNBC \u0628\u0623\u0646 \u0623\u0643\u062b\u0631 \u0645\u0646 4 \u062a\u0631\u064a\u0644\u064a\u0648\u0646\u0627\u062a \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u062c\u0627\u0647\u0632\u0629 \u0644\u0644\u0627\u0646\u062a\u0642\u0627\u0644.<\/p>\n

\u0648\u0642\u062f \u062a\u062c\u0627\u0648\u0632 \u0635\u0646\u062f\u0648\u0642\u0647\u0627 BUIDL<\/strong>\u060c \u0627\u0644\u0630\u064a \u0623\u064f\u0637\u0644\u0642 \u0641\u064a \u0645\u0627\u0631\u0633 2024 \u0648\u0631\u0645\u0651\u0632\u062a\u0647 Securitize\u060c \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u064f\u062f\u0627\u0631\u0629 (AUM) \u0641\u064a \u0645\u0627\u0631\u0633 2025 (\u0628\u0646\u0645\u0648 \u0634\u0647\u0631\u064a 56%)\u060c \u0648\u062a\u0648\u0633\u0651\u0639 \u0625\u0644\u0649 Avalanche \u0648Aptos \u0628\u0639\u0648\u0627\u0626\u062f \u064a\u0648\u0645\u064a\u0629 \u0648\u0627\u0639\u062a\u0645\u0627\u062f \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (\u0645\u062b\u0644 \u062a\u062e\u0635\u064a\u0635 Ethena \u0628\u0642\u064a\u0645\u0629 200 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631). \u0648\u062a\u064f\u0639\u0650\u062f\u0651 BlackRock \u0635\u0646\u062f\u0648\u0642 \u0633\u0648\u0642 \u0646\u0642\u062f\u064a\u0629 (money market fund) \u0645\u062a\u0648\u0627\u0641\u0642\u064b\u0627 \u0645\u0639 GENIUS Act \u0644\u062c\u0647\u0627\u062a \u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629\u060c \u0641\u064a \u062e\u0637\u0648\u0629 \u062a\u0636\u0639 \u0645\u062f\u064a\u0631\u0629 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0643\u0645\u0627 \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0644 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u0641\u064a \u0642\u0644\u0628 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629 \u0642\u0628\u0644 \u0623\u0646 \u064a\u0634\u062a\u062f\u0651 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u060c \u0644\u062a\u0636\u0645\u0646 \u0623\u0646 \u064a\u0643\u0648\u0646 \u0646\u0645\u0648\u0630\u062c\u0647\u0627 (\u0645\u0639 \u0623\u0643\u062b\u0631 \u0645\u0646 70 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u0648\u0632\u064e\u0651\u0639\u0629) \u0647\u0648 \u0627\u0644\u0645\u0631\u062c\u0639 \u062d\u064a\u0646 \u064a\u0635\u0644 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a.<\/p>\n

\u0648\u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627\u060c \u0623\u0637\u0644\u0642\u062a Azvalor<\/strong>\u060c \u0628\u0635\u0641\u062a\u0647\u0627 \u0645\u062f\u064a\u0631\u0629 \u0623\u0635\u0648\u0644 \u0645\u062d\u0644\u064a\u0629 \u0645\u0628\u062a\u0643\u0631\u0629\u060c \u0641\u064a 6 \u0623\u0643\u062a\u0648\u0628\u0631 2025 \u0635\u0646\u062f\u0648\u0642\u0647\u0627 Azvalor Blockchain FI<\/strong> \u0636\u0645\u0646 \u0628\u064a\u0626\u0629 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629 (sandbox) \u0644\u0647\u064a\u0626\u0629 \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\u0629 (CNMV)\u060c \u0645\u0639 \u062a\u0633\u0648\u064a\u0629 \u0641\u0648\u0631\u064a\u0629 \u0639\u0628\u0631 Allfunds Blockchain \u0648BNP Paribas \u0628\u0635\u0641\u062a\u0647 \u062c\u0647\u0629 \u0627\u0644\u0625\u064a\u062f\u0627\u0639. \u0648\u064a\u062c\u0633\u0651\u062f \u0647\u0630\u0627 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632 \u0645\u0646 \u0641\u0626\u0629 UCITS \u0646\u0636\u062c \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629 \u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627\u060c \u0628\u0645\u0627 \u064a\u062a\u0648\u0627\u0641\u0642 \u0645\u0639 MiCA \u0648\u064a\u0631\u0643\u0651\u0632 \u0639\u0644\u0649 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0628\u0639\u064a\u062f\u064b\u0627 \u0639\u0646 \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629\u060c \u0639\u0644\u0649 \u063a\u0631\u0627\u0631 \u0645\u0628\u0627\u062f\u0631\u0627\u062a Franklin Templeton \u0641\u064a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642.<\/p>\n

\u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u062a\u0639\u064a\u062f \u0627\u0628\u062a\u0643\u0627\u0631 \u0646\u0641\u0633\u0647\u0627: BBVA \u064a\u062a\u0642\u062f\u0651\u0645 \u0641\u064a \u0627\u0644\u062d\u0641\u0638 \u0648\u062e\u062f\u0645\u0627\u062a \u0627\u0644\u062a\u062c\u0632\u0626\u0629 \u0641\u064a \u0625\u0637\u0627\u0631 MiCA<\/strong><\/p>\n

\u0628\u0635\u0641\u062a\u0647 \u0645\u0635\u0631\u0641\u064b\u0627 \u0639\u0627\u0644\u0645\u064a\u064b\u0651\u0627 \u064a\u0631\u0643\u0651\u0632 \u0639\u0644\u0649 \u0627\u0644\u062d\u0641\u0638 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u060c<\/em><\/strong> \u0648\u0633\u0651\u0639 BBVA<\/strong> \u0639\u0631\u0636\u0647 \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0651\u0631\u0629 \u0641\u064a 2025 \u0645\u0639 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u0627\u0644\u0625\u0637\u0627\u0631 \u0627\u0644\u0645\u0646\u0638\u064e\u0651\u0645. \u0641\u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631\u060c \u0648\u0642\u0651\u0639 \u0627\u062a\u0641\u0627\u0642\u064b\u0627 \u0645\u0639 Ripple \u0644\u0644\u062d\u0641\u0638 \u0627\u0644\u0631\u0642\u0645\u064a \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627\u060c \u062a\u0648\u0633\u0651\u0639\u064b\u0627 \u0645\u0646 \u0633\u0648\u064a\u0633\u0631\u0627 (2021)\u060c \u0648\u0623\u0637\u0644\u0642 \u0641\u064a \u0627\u0644\u0634\u0647\u0631 \u0646\u0641\u0633\u0647 \u062a\u062f\u0627\u0648\u0644 BTC \u0648ETH \u0648\u062d\u0641\u0638\u0647\u0645\u0627 \u0644\u0639\u0645\u0644\u0627\u0621 \u0627\u0644\u062a\u062c\u0632\u0626\u0629\u060c \u0648\u0643\u0644 \u0630\u0644\u0643 \u0641\u064a \u0625\u0637\u0627\u0631 MiCA.<\/p>\n

\u0648\u064a\u062f\u0645\u062c \u0630\u0644\u0643 \u0627\u0644\u0628\u0644\u0648\u0643 \u062a\u0634\u064a\u0646 \u0645\u0639 Swift \u0641\u064a \u062f\u0648\u0631\u0647 \u0628\u0635\u0641\u062a\u0647 \u062c\u0647\u0629 \u062d\u0641\u0638\u060c \u0645\u0639\u0632\u0651\u0632\u064b\u0627 \u0623\u0645\u0627\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629\u060c \u0643\u0645\u0627 \u0623\u0643\u062f Francisco Maroto<\/strong>: \u062d\u0644\u0648\u0644 \u0648\u0641\u0642 \u00ab\u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u0635\u0631\u0641\u064a\u0629\u00bb \u0644\u062a\u062c\u0646\u0651\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u064a\u0629\u060c \u0645\u0639 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0639\u0644\u0649 \u0647\u0648\u0627\u0645\u0634 MiCA \u0627\u0644\u062a\u064a \u0628\u0627\u062a\u062a \u0631\u0627\u0633\u062e\u0629.<\/p>\n

\u0623\u0645\u0627 DZ Bank<\/strong>\u060c \u0641\u064a \u0623\u0644\u0645\u0627\u0646\u064a\u0627 \u0648\u0628\u0635\u0641\u062a\u0647 \u062c\u0647\u0629 \u062d\u0641\u0638 \u062a\u0639\u0627\u0648\u0646\u064a\u0629\u060c \u0641\u0642\u062f \u0623\u0637\u0644\u0642 \u0645\u0646\u0635\u062a\u0647 \u0645\u0639 Ripple \u0641\u064a \u064a\u0646\u0627\u064a\u0631 2025\u060c \u0628\u0639\u062f \u0623\u0646 \u0628\u062f\u0623 \u0645\u0634\u0627\u0631\u064a\u0639 \u062a\u062c\u0631\u064a\u0628\u064a\u0629 \u0644\u0639\u0645\u0644\u0627\u0621 \u0627\u0644\u062a\u062c\u0632\u0626\u0629 \u0645\u0639 B\u00f6rse Stuttgart \u0641\u064a \u062f\u064a\u0633\u0645\u0628\u0631 2024. \u0648\u062a\u064f\u0638\u0647\u0631 \u0647\u0630\u0647 \u0627\u0644\u062e\u0637\u0648\u0627\u062a \u0643\u064a\u0641 \u062a\u0646\u0642\u0644 \u0627\u0644\u0645\u0635\u0627\u0631\u0641 \u062f\u0648\u0631\u0647\u0627 \u0641\u064a \u0627\u0644\u062d\u0641\u0638 \u0625\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629\u060c \u0628\u062a\u062d\u0641\u064a\u0632 \u0645\u0646 MiCA\u060c \u0644\u0643\u0646 \u0645\u0639 \u062a\u0637\u0628\u064a\u0642 \u062a\u062f\u0631\u064a\u062c\u064a \u0641\u064a \u0636\u0648\u0621 \u062a\u0642\u0644\u0651\u0628\u0627\u062a \u0633\u0627\u0628\u0642\u0629.<\/p>\n

\u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0627\u0644\u0639\u0627\u0645 \u0648\u0627\u0644\u062a\u0639\u0627\u0648\u0646 \u0627\u0644\u0639\u0627\u0644\u0645\u064a: EIB \u0648Project Guardian \u0648mBridge \u062a\u062a\u0633\u0627\u0631\u0639 \u0641\u064a \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0627\u0644\u0633\u064a\u0627\u062f\u064a\u0629<\/strong><\/p>\n

\u0628\u0635\u0641\u062a\u0647 \u062c\u0647\u0629 \u0625\u0635\u062f\u0627\u0631 \u0633\u064a\u0627\u062f\u064a\u0629\u060c<\/em><\/strong> \u0623\u0635\u062f\u0631 \u0628\u0646\u0643 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a (EIB)<\/strong> \u0633\u0646\u062f\u0647 \u0627\u0644\u0631\u0642\u0645\u064a \u0627\u0644\u062e\u0627\u0645\u0633 \u0628\u0642\u064a\u0645\u0629 100 \u0645\u0644\u064a\u0648\u0646 \u064a\u0648\u0631\u0648 \u0641\u064a 15 \u0646\u0648\u0641\u0645\u0628\u0631 2024\u060c \u0648\u062c\u0631\u062a \u062a\u0633\u0648\u064a\u062a\u0647 \u0628\u0631\u0645\u0648\u0632 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0644\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0628\u0627\u0644\u062c\u0645\u0644\u0629 (wholesale CBDC) \u0627\u0644\u0635\u0627\u062f\u0631\u0629 \u0639\u0646 \u0628\u0646\u0643 \u0641\u0631\u0646\u0633\u0627 \u0639\u0644\u0649 DL3S\u060c \u0645\u0639 \u062f\u0645\u062c \u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 HSBC Orion \u0648GS DAP. \u0648\u0641\u064a \u0623\u0628\u0631\u064a\u0644 2025\u060c \u0623\u0637\u0644\u0642 \u0633\u0646\u062f Climate Awareness Bond \u0628\u0642\u064a\u0645\u0629 3,000 \u0645\u0644\u064a\u0648\u0646 \u0645\u062a\u0648\u0627\u0641\u0642\u064b\u0627 \u0645\u0639 \u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0636\u0631\u0627\u0621 \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a (EuGBS)\u060c \u0645\u0628\u0631\u0647\u0646\u064b\u0627 \u0639\u0644\u0649 \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0634\u063a\u064a\u0644 \u0627\u0644\u0628\u064a\u0646\u064a \u0641\u064a \u062f\u0648\u0631\u0647 \u0627\u0644\u0645\u062a\u0639\u0644\u0642 \u0628\u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0627\u0644\u0639\u0627\u0645 \u0645\u0646 \u0623\u062c\u0644 \u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0627\u0639\u062a\u064a\u0627\u062f\u064a\u0629 \u0641\u064a 2025-2026.<\/p>\n

\u0648\u0642\u062f \u062a\u0637\u0648\u0651\u0631 Project Guardian<\/strong> \u0627\u0644\u062a\u0627\u0628\u0639 \u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u0646\u0642\u062f \u0641\u064a \u0633\u0646\u063a\u0627\u0641\u0648\u0631\u0629 (MAS)\u060c \u0628\u062f\u0648\u0631\u0647 \u0628\u064a\u0626\u0629\u064e \u0627\u062e\u062a\u0628\u0627\u0631 \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0622\u0633\u064a\u0648\u064a\u0629\u060c \u0641\u064a 2025: \u0641\u0641\u064a \u0623\u063a\u0633\u0637\u0633 \u0637\u0648\u0651\u0631 \u0623\u0637\u0631\u064b\u0627 \u0644\u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 \u0623\u0637\u0644\u0642 BLOOM<\/strong> \u0644\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0628\u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645\u0627\u062a \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u064e\u0651\u0632\u0629 (tokenized bank liabilities)\u060c \u0645\u0639 \u0645\u0634\u0627\u0631\u064a\u0639 \u062a\u062c\u0631\u064a\u0628\u064a\u0629 \u0645\u062b\u0644 Ant International \u0641\u064a \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a. \u0648\u064a\u064f\u0628\u0631\u0632 \u0630\u0644\u0643 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0641\u064a \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0648\u0627\u0644\u0635\u0631\u0641 \u0627\u0644\u0623\u062c\u0646\u0628\u064a (FX)\u060c \u0645\u0639 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0639\u0628\u0631 \u062a\u0635\u0627\u0645\u064a\u0645 \u0645\u0631\u062c\u0639\u064a\u0629 \u0644\u0622\u0644\u064a\u0627\u062a DvP\/PvP.<\/p>\n

\u0623\u0645\u0627 mBridge<\/strong>\u060c \u0627\u0644\u0630\u064a \u0642\u0627\u062f\u0647 \u0628\u0646\u0643 \u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u064a\u0629 (BIS) \u0628\u0635\u0641\u062a\u0647 \u062a\u062d\u0627\u0644\u0641\u064b\u0627 \u0644\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0639\u0627\u0628\u0631\u0629 \u0644\u0644\u062d\u062f\u0648\u062f\u060c \u0641\u0642\u062f \u0628\u0644\u063a \u0645\u0631\u062d\u0644\u0629 \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u0623\u062f\u0646\u0649 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u0637\u0628\u064a\u0642 (MVP) \u0641\u064a \u0645\u0646\u062a\u0635\u0641 2024\u060c \u0648\u0631\u063a\u0645 \u0627\u0646\u0633\u062d\u0627\u0628 \u0628\u0646\u0643 \u0627\u0644\u062a\u0633\u0648\u064a\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u064a\u0629 \u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 2024\u060c \u062a\u0642\u062f\u0651\u0645 \u0641\u064a \u0646\u0648\u0641\u0645\u0628\u0631 2025 \u0628\u062a\u062d\u062f\u064a\u062b\u0627\u062a \u0628\u0634\u0623\u0646 \u0627\u0644\u062a\u0639\u0627\u0648\u0646\u060c \u062a\u0634\u0645\u0644 \u0639\u064f\u0642\u062f\u064b\u0627 \u0644\u0628\u0646\u0648\u0643 \u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u062b\u0644 \u0628\u0646\u0643 \u0627\u0644\u0634\u0639\u0628 \u0627\u0644\u0635\u064a\u0646\u064a (PBoC) \u0648\u0645\u0631\u0627\u0642\u0628\u064a\u0646 \u0639\u0627\u0644\u0645\u064a\u064a\u0646 (\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a \u0648\u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a). \u0648\u0647\u0648 \u064a\u0631\u0643\u0651\u0632 \u0639\u0644\u0649 \u0627\u0644\u0645\u062f\u0641\u0648\u0639\u0627\u062a \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0645\u0646 \u0646\u0638\u064a\u0631 \u0625\u0644\u0649 \u0646\u0638\u064a\u0631 (P2P)\u060c \u0648\u064a\u062e\u0641\u0651\u0636 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629\u060c \u0644\u0643\u0646 \u0645\u0633\u062a\u0642\u0628\u0644\u0647 \u0631\u0647\u064a\u0646 \u0628\u0627\u0644\u0645\u0648\u0627\u0621\u0645\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629.<\/p>\n

TokenLab by META Channel corp.: \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0639\u0645\u0644\u064a \u0644\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a<\/strong><\/p>\n

\u0647\u0630\u0647 \u0627\u0644\u0631\u0624\u064a\u0629 \u0644\u064a\u0633\u062a \u0646\u0638\u0631\u064a\u0629. \u0641\u0641\u064a TokenLab<\/strong>\u060c \u0630\u0631\u0627\u0639 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0641\u064a META Channel Corporation<\/strong>\u060c \u0646\u0637\u0628\u0651\u0642 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0628\u0627\u0644\u0641\u0639\u0644 \u0641\u064a \u0645\u0634\u0627\u0631\u064a\u0639 \u062d\u0642\u064a\u0642\u064a\u0629: \u0645\u0646 \u062a\u0631\u0645\u064a\u0632 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0641\u0643\u0631\u064a\u0629 \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627 \u0625\u0644\u0649 \u0627\u0644\u0647\u064a\u0627\u0643\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629 \u0641\u064a \u0623\u0645\u0631\u064a\u0643\u0627 \u0627\u0644\u0644\u0627\u062a\u064a\u0646\u064a\u0629 \u060c \u0648\u0625\u0630\u0627 \u0644\u0632\u0645 \u0627\u0644\u0623\u0645\u0631 \u0623\u0648 \u0643\u0627\u0646 \u0630\u0644\u0643 \u0641\u064a \u0645\u0635\u0644\u062d\u0629 \u0639\u0645\u064a\u0644\u0646\u0627\u060c \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0631\u0643\u0632 ZEC (\u0627\u0644\u0645\u0646\u0637\u0642\u0629 \u0627\u0644\u062e\u0627\u0635\u0629 \u0644\u062c\u0632\u0631 \u0627\u0644\u0643\u0646\u0627\u0631\u064a)<\/strong>.<\/p>\n

\u0646\u062d\u0648\u0651\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u063a\u064a\u0631 \u0627\u0644\u0633\u0627\u0626\u0644\u0629 \u0625\u0644\u0649 \u0645\u0646\u062a\u062c\u0627\u062a \u0631\u0642\u0645\u064a\u0629 \u0628\u0645\u0633\u062a\u0648\u0649 \u0645\u0624\u0633\u0633\u064a \u2014\u0645\u062a\u064a\u0646\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u064b\u0651\u0627\u060c \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062f\u0642\u064a\u0642 \u062a\u0642\u0646\u064a\u064b\u0651\u0627\u060c \u0648\u062c\u0627\u0647\u0632\u0629 \u0644\u0644\u0633\u0648\u0642\u2014 \u062f\u0627\u0626\u0645\u064b\u0627 \u0641\u064a \u0625\u0637\u0627\u0631 MiCA<\/strong>.<\/p>\n

\u0644\u0627 \u0646\u0646\u0634\u0626 \u0639\u0645\u0644\u0627\u062a \u0645\u0634\u0641\u0651\u0631\u0629 \u0645\u0636\u0627\u0631\u0628\u064a\u0629\u061b \u0628\u0644 \u0646\u0628\u0646\u064a \u0642\u064a\u0645\u0629 \u0645\u0644\u0645\u0648\u0633\u0629 \u0628\u0633\u0646\u062f \u0642\u0627\u0646\u0648\u0646\u064a.<\/p>\n

\u0627\u0646\u0636\u0645\u0627\u0645 VISA \u0641\u064a \u0623\u0643\u062a\u0648\u0628\u0631 2025 <\/strong>\u064a\u0633\u0631\u0651\u0639 \u0627\u0644\u062a\u0642\u0627\u0631\u0628 \u0646\u062d\u0648 \u062a\u0645\u0648\u064a\u0644 \u0647\u062c\u064a\u0646\u060c \u0645\u0639 \u0628\u0644\u0648\u063a BlackRock \u0648BBVA \u0648EIB \u0648\u062a\u062d\u0627\u0644\u0641\u0627\u062a \u0645\u062b\u0644 Guardian \u0648mBridge \u0639\u062a\u0628\u0627\u062a \u0645\u0646 \u0627\u0644\u062d\u062c\u0645 \u0648\u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0641\u064a \u0623\u062f\u0648\u0627\u0631\u0647\u0627 \u0627\u0644\u0645\u062d\u062f\u062f\u0629\u060c \u062a\u0639\u0632\u0651\u0632 \u0627\u0644\u062a\u0646\u0638\u064a\u0645 \u2014\u0648\u062a\u0633\u062a\u0628\u0642\u0647.<\/p>\n

\u0644\u0643\u0646\u060c \u0643\u0645\u0627 \u0641\u064a \u0627\u0644\u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0633\u0627\u0628\u0642\u060c \u062a\u062a\u0628\u0627\u064a\u0646 \u0647\u0630\u0647 \u0627\u0644\u062c\u0631\u0623\u0629 \u0645\u0639 \u064a\u0642\u064a\u0646 Meta Channel Corporation<\/strong>: \u0641\u0646\u062d\u0646 \u0646\u0639\u0645\u0644 \u0636\u0645\u0646 \u064a\u0642\u064a\u0646 MiCA \u0644\u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629\u060c \u0648\u0646\u064f\u0639\u0650\u062f\u0651 \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u062c\u0639\u0644 \u0627\u0644\u0645\u0646\u0638\u0648\u0645\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0637\u0628\u064a\u0642 \u0628\u0639\u064a\u062f\u064b\u0627 \u0639\u0646 \u0627\u0644\u0645\u0636\u0627\u0631\u0628\u0629.<\/p>\n

\u0648\u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0634\u0647\u062f \u0627\u0644\u0645\u0647\u064a\u0628\u060c \u0644\u064a\u0633\u062a MCC \u0645\u062c\u0631\u062f \u0641\u0627\u0639\u0644 \u0622\u062e\u0631 \u0639\u0644\u0649 \u0627\u0644\u0637\u0627\u0648\u0644\u0629\u061b \u0628\u0644 \u0646\u062d\u0646 \u0627\u0644\u0645\u064a\u0633\u0651\u0631 \u0627\u0644\u0645\u062a\u062e\u0635\u0635 \u0627\u0644\u0630\u064a \u064a\u0636\u0645\u0646 \u0623\u0646 \u064a\u0635\u0644 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0628\u0645\u062a\u0627\u0646\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u062a\u0634\u063a\u064a\u0644\u064a\u0629<\/strong>\u060c \u0645\u0627 \u064a\u062c\u0639\u0644\u0646\u0627 \u062d\u0644\u0641\u0627\u0621 \u0623\u0633\u0627\u0633\u064a\u064a\u0646 \u0641\u064a \u0639\u0635\u0631 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0646\u0638\u064e\u0651\u0645.<\/p>\n

\u0644\u0643\u0644 \u0641\u0627\u0639\u0644 \u062f\u0648\u0631\u0647 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u0631\u0642\u0639\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u2014\u0628\u0639\u0636\u0647\u0645 \u0628\u062c\u0631\u0623\u0629 \u0633\u0627\u0628\u0642\u0629 \u0644\u0644\u062a\u0646\u0638\u064a\u0645\u060c \u0648\u0622\u062e\u0631\u0648\u0646 \u0628\u062f\u0642\u0629 \u0645\u0627 \u0628\u0639\u062f MiCA\u2014. \u0648\u0643\u0644 \u0645\u0627 \u0646\u0631\u064a\u062f\u0647 \u0647\u0646\u0627 \u0647\u0648 \u062a\u062d\u062f\u064a\u062b \u0627\u0644\u0645\u0639\u0631\u0641\u0629\u060c \u0648\u0645\u0634\u0627\u0631\u0643\u0629 \u0627\u0644\u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629\u060c \u0648\u0627\u0644\u062a\u0623\u0645\u0644 \u0641\u064a \u0623\u062b\u0631\u0647\u0627.<\/p>\n

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Antonio Tejeda Encinas | <\/strong>\u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a\u060c META Channel Corporation<\/p>\n","protected":false},"excerpt":{"rendered":"

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