{"id":67474,"date":"2026-04-02T09:50:52","date_gmt":"2026-04-02T02:50:52","guid":{"rendered":"https:\/\/hbbgroup.net\/crypto-long-short-governance-is-the-real-layer-1\/"},"modified":"2026-04-02T10:57:57","modified_gmt":"2026-04-02T03:57:57","slug":"crypto-long-short-governance-is-the-real-layer-1","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/crypto-long-short-governance-is-the-real-layer-1\/","title":{"rendered":"Crypto Long &amp; Short: Qu\u1ea3n tr\u1ecb m\u1edbi l\u00e0 Layer 1 th\u1ef1c s\u1ef1"},"content":{"rendered":"<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p data-start=\"0\" data-end=\"394\">Trong b\u1ea3n tin <strong data-start=\"14\" data-end=\"37\">Crypto Long &amp; Short<\/strong> tu\u1ea7n n\u00e0y, <strong data-start=\"48\" data-end=\"65\">Nilmini Rubin<\/strong> ph\u00e2n t\u00edch th\u00e1ch th\u1ee9c m\u00e0 c\u1ea3 th\u1ecb tr\u01b0\u1eddng <strong data-start=\"104\" data-end=\"114\">crypto<\/strong> l\u1eabn <strong data-start=\"119\" data-end=\"145\">t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng<\/strong> \u0111ang \u0111\u1ed1i m\u1eb7t trong vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t c\u1ea5u tr\u00fac <strong data-start=\"192\" data-end=\"208\">qu\u1ea3n tr\u1ecb lai<\/strong>, mang t\u00ednh chia s\u1ebb. Ti\u1ebfp \u0111\u00f3, <strong data-start=\"238\" data-end=\"262\">Meredith Fitzpatrick<\/strong> \u0111\u1ec1 c\u1eadp c\u00e1ch c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh c\u1ea7n <strong data-start=\"302\" data-end=\"347\">t\u00e1i t\u01b0 duy m\u1ed9t c\u00e1ch c\u0103n b\u1ea3n v\u1ec1 r\u1ee7i ro AML<\/strong> khi <strong data-start=\"352\" data-end=\"362\">crypto<\/strong> v\u00e0 <strong data-start=\"366\" data-end=\"376\">TradFi<\/strong>ng\u00e0y c\u00e0ng h\u1ed9i t\u1ee5.<\/p>\n<p><a href=\"https:\/\/www.google.com\/preferences\/source?q=coindesk.com\" target=\"_blank\" rel=\"noopener\">Make preferred on<\/a><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p data-start=\"427\" data-end=\"513\"><strong data-start=\"427\" data-end=\"513\">Ch\u00e0o m\u1eebng \u0111\u1ebfn v\u1edbi b\u1ea3n tin t\u1ed5 ch\u1ee9c c\u1ee7a ch\u00fang t\u00f4i, Crypto Long &amp; Short. Tu\u1ea7n n\u00e0y c\u00f3:<\/strong><\/p>\n<ul>\n<li><strong data-start=\"517\" data-end=\"534\">Nilmini Rubin<\/strong> v\u1ec1 th\u00e1ch th\u1ee9c m\u00e0 crypto v\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng truy\u1ec1n th\u1ed1ng \u0111ang \u0111\u1ed1i m\u1eb7t trong vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t c\u1ea5u tr\u00fac <strong data-start=\"636\" data-end=\"667\">qu\u1ea3n tr\u1ecb lai, \u0111\u1ed3ng qu\u1ea3n tr\u1ecb<\/strong>.<\/li>\n<li><strong data-start=\"673\" data-end=\"697\">Meredith Fitzpatrick<\/strong> ph\u00e2n t\u00edch v\u00ec sao c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh ph\u1ea3i <strong data-start=\"743\" data-end=\"777\">xem x\u00e9t l\u1ea1i t\u1eadn g\u1ed1c r\u1ee7i ro AML<\/strong> trong b\u1ed1i c\u1ea3nh <strong data-start=\"793\" data-end=\"803\">crypto<\/strong> v\u00e0 <strong data-start=\"807\" data-end=\"817\">TradFi<\/strong> h\u1ed9i t\u1ee5.<\/li>\n<li>Nh\u1eefng ti\u00eau \u0111\u1ec1 n\u1ed5i b\u1eadt m\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c n\u00ean theo d\u00f5i, do <a href=\"http:\/\/www.coindesk.com\/author\/francisco-rodrigues\">Francisco Rodrigues<\/a>\u00a0t\u1ed5ng h\u1ee3p.<\/li>\n<li><strong data-start=\"922\" data-end=\"946\">Kho\u1ea3n vay tr\u00ean Maple<\/strong> v\u01b0\u1ee3t m\u1ed1c <strong data-start=\"956\" data-end=\"968\">1 t\u1ef7 USD<\/strong> trong m\u1ee5c <strong data-start=\"979\" data-end=\"999\">Bi\u1ec3u \u0111\u1ed3 c\u1ee7a tu\u1ea7n<\/strong>.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.linkedin.com\/in\/alexandralevis\/\" target=\"_blank\" rel=\"noopener\">-Alexandra Levis<\/a><\/p>\n<hr \/>\n<h2 data-section-id=\"v17kt6\" data-start=\"1027\" data-end=\"1049\">G\u00f3c nh\u00ecn chuy\u00ean gia<\/h2>\n<h2 data-section-id=\"12eke5o\" data-start=\"1051\" data-end=\"1085\">Qu\u1ea3n tr\u1ecb m\u1edbi l\u00e0 Layer 1 th\u1ef1c s\u1ef1<\/h2>\n<p data-start=\"1087\" data-end=\"1137\"><strong data-start=\"1087\" data-end=\"1137\">B\u1edfi Nilmini Rubin, Gi\u00e1m \u0111\u1ed1c Ch\u00ednh s\u00e1ch, Hedera<\/strong><\/p>\n<p data-start=\"1139\" data-end=\"1668\">Khi <strong data-start=\"1143\" data-end=\"1166\">Silicon Valley Bank<\/strong> s\u1ee5p \u0111\u1ed5 v\u00e0o n\u0103m 2023, <strong data-start=\"1188\" data-end=\"1196\">USDC<\/strong> \u0111\u00e3 c\u00f3 l\u00fac m\u1ea5t neo v\u1edbi \u0111\u1ed3ng USD sau khi h\u00e0ng t\u1ef7 USD t\u00e0i s\u1ea3n d\u1ef1 tr\u1eef b\u1ecb m\u1eafc k\u1eb9t t\u1ea1i ng\u00e2n h\u00e0ng n\u00e0y. T\u00e1c \u0111\u1ed9ng lan r\u1ed9ng r\u1ea5t nhanh, l\u00e0m \u0111\u00ecnh tr\u1ec7 th\u1ecb tr\u01b0\u1eddng, khi\u1ebfn t\u00e0i s\u1ea3n b\u1ecb <strong data-start=\"1364\" data-end=\"1407\">repricing ngay gi\u1eefa qu\u00e1 tr\u00ecnh giao d\u1ecbch<\/strong> v\u00e0 k\u00edch ho\u1ea1t m\u1ed9t c\u00fa s\u1ed1c ni\u1ec1m tin tr\u00ean di\u1ec7n r\u1ed9ng. Trong khi c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd th\u01b0\u1eddng xuy\u00ean <strong data-start=\"1500\" data-end=\"1515\">stress-test<\/strong> c\u00e1c th\u1ecb tr\u01b0\u1eddng truy\u1ec1n th\u1ed1ng, s\u1ef1 ki\u1ec7n n\u00e0y \u0111\u00e3 l\u00e0m l\u1ed9 ra m\u1ed9t d\u1ea1ng r\u1ee7i ro m\u1edbi: nh\u1eefng c\u00fa \u0111\u1ed5 v\u1ee1 trong <strong data-start=\"1612\" data-end=\"1622\">TradFi<\/strong> c\u00f3 th\u1ec3 t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn <strong data-start=\"1653\" data-end=\"1667\">t\u00e0i s\u1ea3n s\u1ed1<\/strong>.<\/p>\n<p data-start=\"1670\" data-end=\"1927\">S\u1ef1 ki\u1ec7n \u0111\u00f3 \u0111\u1eb7t ra nh\u1eefng c\u00e2u h\u1ecfi mang t\u00ednh n\u1ec1n t\u1ea3ng v\u1ec1 \u0111i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra n\u1ebfu r\u1ee7i ro di chuy\u1ec3n theo chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, t\u1eeb <strong data-start=\"1788\" data-end=\"1798\">crypto<\/strong> sang th\u1ecb tr\u01b0\u1eddng truy\u1ec1n th\u1ed1ng: <strong data-start=\"1829\" data-end=\"1927\">ai s\u1ebd can thi\u1ec7p, ai s\u1ebd h\u1ea5p th\u1ee5 thua l\u1ed7 v\u00e0 ni\u1ec1m tin th\u1ecb tr\u01b0\u1eddng s\u1ebd \u0111\u01b0\u1ee3c kh\u00f4i ph\u1ee5c b\u1eb1ng c\u00e1ch n\u00e0o?<\/strong><\/p>\n<p data-start=\"1929\" data-end=\"2244\">Khi <strong data-start=\"1933\" data-end=\"1947\">blockchain<\/strong> b\u1eaft \u0111\u1ea7u tr\u1edf th\u00e0nh l\u1edbp h\u1ea1 t\u1ea7ng n\u1ec1n cho c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh, giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n ti\u1ebfp theo c\u1ee7a t\u00e0i s\u1ea3n s\u1ed1 s\u1ebd kh\u00f4ng ch\u1ec9 \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh b\u1edfi \u0111\u1ed5i m\u1edbi c\u00f4ng ngh\u1ec7, m\u00e0 c\u00f2n b\u1edfi <strong data-start=\"2121\" data-end=\"2166\">tr\u00e1ch nhi\u1ec7m gi\u1ea3i tr\u00ecnh mang t\u00ednh ph\u1ed1i h\u1ee3p<\/strong>. Tr\u00e1ch nhi\u1ec7m \u0111\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh b\u1edfi ch\u00ednh c\u00e1ch m\u00e0 c\u00e1c m\u1ea1ng l\u01b0\u1edbi \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf.<\/p>\n<h2 data-section-id=\"y11890\" data-start=\"2246\" data-end=\"2263\">Nh\u1ecb nguy\u00ean gi\u1ea3<\/h2>\n<p data-start=\"2265\" data-end=\"2393\">Trong nhi\u1ec1u n\u0103m, c\u00e1c cu\u1ed9c tranh lu\u1eadn v\u1ec1 blockchain xoay quanh m\u1ed9t ranh gi\u1edbi quen thu\u1ed9c: <strong data-start=\"2353\" data-end=\"2371\">m\u1ea1ng c\u00f4ng khai<\/strong> v\u00e0 <strong data-start=\"2375\" data-end=\"2392\">m\u1ea1ng ri\u00eang t\u01b0<\/strong>.<\/p>\n<p data-start=\"2395\" data-end=\"2719\">C\u00e1c m\u1ea1ng <strong data-start=\"2404\" data-end=\"2422\">permissionless<\/strong> t\u1ed1i \u0111a h\u00f3a t\u00ednh m\u1edf v\u00e0 kh\u1ea3 n\u0103ng ch\u1ed1ng ki\u1ec3m duy\u1ec7t, nh\u01b0ng th\u01b0\u1eddng g\u1eb7p kh\u00f3 kh\u0103n trong vi\u1ec7c tri\u1ec3n khai <strong data-start=\"2520\" data-end=\"2544\">n\u00e2ng c\u1ea5p c\u00f3 ph\u1ed1i h\u1ee3p<\/strong>, t\u00edch h\u1ee3p y\u00eau c\u1ea7u ph\u00e1p l\u00fd ho\u1eb7c can thi\u1ec7p kh\u1ea9n c\u1ea5p. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c h\u1ec7 th\u1ed1ng ri\u00eang t\u01b0 \u01b0u ti\u00ean <strong data-start=\"2637\" data-end=\"2650\">ki\u1ec3m so\u00e1t<\/strong> v\u00e0 <strong data-start=\"2654\" data-end=\"2666\">tu\u00e2n th\u1ee7<\/strong> h\u01a1n l\u00e0 t\u00ednh <strong data-start=\"2679\" data-end=\"2692\">trung l\u1eadp<\/strong> v\u00e0 <strong data-start=\"2696\" data-end=\"2718\">kh\u1ea3 n\u0103ng t\u01b0\u01a1ng t\u00e1c<\/strong>.<\/p>\n<p data-start=\"2721\" data-end=\"2847\">Khi m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn t\u1eeb kh\u1ed1i t\u1ed5 ch\u1ee9c t\u0103ng nhanh, c\u00e1c m\u00f4 h\u00ecnh <strong data-start=\"2782\" data-end=\"2798\">lai (hybrid)<\/strong> \u0111ang n\u1ed5i l\u00ean nh\u01b0 l\u1eddi gi\u1ea3i \u0111\u01b0\u1ee3c \u01b0a chu\u1ed9ng h\u01a1n c\u1ea3.<\/p>\n<p data-start=\"2849\" data-end=\"3305\" data-is-last-node=\"\" data-is-only-node=\"\">C\u00e1c ki\u1ebfn tr\u00fac lai k\u1ebft h\u1ee3p <strong data-start=\"2875\" data-end=\"2908\">kh\u1ea3 n\u0103ng ki\u1ec3m ch\u1ee9ng c\u00f4ng khai<\/strong> v\u1edbi <strong data-start=\"2913\" data-end=\"2931\">s\u1ef1 tham gia m\u1edf<\/strong> v\u00e0 m\u1ed9t c\u01a1 ch\u1ebf <strong data-start=\"2946\" data-end=\"2978\">qu\u1ea3n tr\u1ecb c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c<\/strong>. \u0110i\u1ec1u n\u00e0y khi\u1ebfn ch\u00fang ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi c\u00e1c <strong data-start=\"3021\" data-end=\"3046\">use case \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd<\/strong>, c\u0169ng nh\u01b0 c\u00e1c khu\u00f4n kh\u1ed5 <strong data-start=\"3071\" data-end=\"3085\">compliance<\/strong>\u0111\u00f2i h\u1ecfi m\u1ee9c \u0111\u1ed9 minh b\u1ea1ch cao h\u01a1n v\u00e0 vai tr\u00f2 tr\u00e1ch nhi\u1ec7m r\u00f5 r\u00e0ng h\u01a1n. <strong data-start=\"3155\" data-end=\"3193\">Tr\u00e1ch nhi\u1ec7m gi\u1ea3i tr\u00ecnh c\u00f3 ph\u1ed1i h\u1ee3p<\/strong>, thay v\u00ec ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 l\u1ef1a ch\u1ecdn gi\u1eefa c\u00f4ng khai hay ri\u00eang t\u01b0, m\u1edbi l\u00e0 th\u00e1ch th\u1ee9c l\u1edbn ti\u1ebfp theo c\u1ee7a blockchain.<\/p>\n<figure><img fetchpriority=\"high\" decoding=\"async\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fdae9bd3b1c7193bd4f99f78d65e1b75972e7ac23-954x402.png%3Fauto%3Dformat&amp;w=1920&amp;q=75\" alt=\"Blockchain architecture governance chart\" width=\"954\" height=\"402\" data-nimg=\"1\" \/><\/figure>\n<p><strong>Ki\u1ebfn tr\u00fac blockchain \u0111ang ng\u00e0y c\u00e0ng h\u1ed9i t\u1ee5 v\u1ec1 c\u00e1c m\u00f4 h\u00ecnh qu\u1ea3n tr\u1ecb lai.<\/strong><\/p>\n<h2>Khi qu\u1ea3n tr\u1ecb \u0111\u1ed1i m\u1eb7t v\u1edbi kh\u1ee7ng ho\u1ea3ng<\/h2>\n<p>Trong c\u00e1c h\u1ec7 th\u1ed1ng ph\u1ee9c t\u1ea1p, tr\u00e1ch nhi\u1ec7m th\u01b0\u1eddng \u0111\u01b0\u1ee3c x\u00e1c l\u1eadp t\u1eeb tr\u01b0\u1edbc khi s\u1ef1 c\u1ed1 x\u1ea3y ra. C\u00e1c b\u00ean tham gia \u0111\u1ec1u bi\u1ebft <strong>ai c\u00f3 th\u1ea9m quy\u1ec1n<\/strong>, <strong>ai h\u1ea5p th\u1ee5 t\u1ed5n th\u1ea5t<\/strong> v\u00e0 <strong>c\u00e1c t\u00ecnh hu\u1ed1ng kh\u1ea9n c\u1ea5p s\u1ebd \u0111\u01b0\u1ee3c x\u1eed l\u00fd nh\u01b0 th\u1ebf n\u00e0o<\/strong>.<\/p>\n<p>C\u00e1c m\u1ea1ng blockchain c\u0169ng n\u00ean b\u1eaft \u0111\u1ea7u v\u1edbi m\u1ee9c \u0111\u1ed9 r\u00f5 r\u00e0ng nh\u01b0 v\u1eady. Khi \u00e1p l\u1ef1c xu\u1ea5t hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng <strong>th\u1ef1c thi l\u1ec7nh tr\u1eebng ph\u1ea1t<\/strong>, <strong>l\u1ed7i giao th\u1ee9c<\/strong> hay <strong>c\u00e1c c\u00fa s\u1eadp c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/strong>, qu\u1ea3n tr\u1ecb hi\u1ec7u qu\u1ea3 s\u1ebd ph\u1ea3i tr\u1ea3i qua m\u1ed9t b\u00e0i ki\u1ec3m tra \u0111\u1ea7y kh\u1eafc nghi\u1ec7t.<\/p>\n<p>Ng\u00e0nh n\u00e0y \u0111\u00e3 t\u1eebng ch\u1ee9ng ki\u1ebfn nh\u1eefng t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o ban \u0111\u1ea7u. Trong c\u00fa s\u1eadp th\u1ecb tr\u01b0\u1eddng th\u00e1ng <strong>3\/2020<\/strong>, <strong>MakerDAO<\/strong>\u0111\u00e3 ph\u1ea3i k\u00edch ho\u1ea1t <strong>can thi\u1ec7p kh\u1ea9n c\u1ea5p<\/strong> sau khi c\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 th\u1ea5t b\u1ea1i khi\u1ebfn h\u00e0ng tri\u1ec7u USD gi\u00e1 tr\u1ecb b\u1ecb x\u00f3a s\u1ed5. Giao th\u1ee9c cu\u1ed1i c\u00f9ng \u0111\u00e3 ph\u1ee5c h\u1ed3i, nh\u01b0ng ch\u00fang ta kh\u00f4ng th\u1ec3 \u0111\u1ec3 nh\u1eefng s\u1ef1 c\u1ed1 nh\u01b0 v\u1eady l\u1eb7p l\u1ea1i th\u01b0\u1eddng xuy\u00ean v\u00e0 \u1edf quy m\u00f4 l\u1edbn. Trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p kh\u00e1c, c\u00e1c m\u1ea1ng l\u01b0\u1edbi \u0111\u00e3 s\u1eed d\u1ee5ng c\u00e1c <strong>coordinated fork<\/strong> \u0111\u1ec3 x\u1eed l\u00fd c\u00e1c v\u1ee5 hack ho\u1eb7c ho\u1ea1t \u0111\u1ed9ng b\u1ea5t h\u1ee3p ph\u00e1p, nh\u01b0ng \u0111\u1ec1u l\u00e0 ph\u1ea3n \u1ee9ng <strong>sau khi s\u1ef1 vi\u1ec7c \u0111\u00e3 x\u1ea3y ra<\/strong>.<\/p>\n<p>Khi <strong>tokenization<\/strong> m\u1edf r\u1ed9ng, vi\u1ec7c n\u00e2ng cao kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu s\u1ebd \u0111\u00f2i h\u1ecfi nh\u1eefng h\u1ec7 th\u1ed1ng qu\u1ea3n tr\u1ecb c\u00f3 th\u1ec3 <strong>d\u1ef1 li\u1ec7u kh\u1ee7ng ho\u1ea3ng<\/strong> v\u00e0 x\u00e1c \u0111\u1ecbnh r\u00f5 c\u01a1 ch\u1ebf ra quy\u1ebft \u0111\u1ecbnh <strong>tr\u01b0\u1edbc khi s\u1ef1 ki\u1ec7n x\u1ea3y ra<\/strong>, nh\u1eb1m gi\u1ea3m thi\u1ec3u r\u1ee7i ro m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3.<\/p>\n<h2>\u0110\u01b0a qu\u1ea3n tr\u1ecb v\u00e0o b\u00e0i ki\u1ec3m tra th\u1ef1c t\u1ebf<\/h2>\n<p>C\u00e1c h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh tr\u01b0\u1edfng th\u00e0nh th\u01b0\u1eddng xuy\u00ean ti\u1ebfn h\u00e0nh <strong>stress test<\/strong> \u0111\u1ed1i v\u1edbi c\u1ea5u tr\u00fac qu\u1ea3n tr\u1ecb \u0111\u1ec3 b\u1ea3o \u0111\u1ea3m kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu t\u1eeb r\u1ea5t l\u00e2u tr\u01b0\u1edbc khi x\u1ea3y ra gi\u00e1n \u0111o\u1ea1n.<\/p>\n<p>C\u00e1c m\u1ea1ng lai c\u0169ng c\u1ea7n \u0111\u01b0a k\u1ef7 lu\u1eadt \u0111\u00f3 l\u00ean <strong>on-chain<\/strong>. <strong>Stress test qu\u1ea3n tr\u1ecb<\/strong> gi\u00fap l\u00e0m r\u00f5 vai tr\u00f2, \u0111\u1ed3ng b\u1ed9 \u0111\u1ed9ng l\u1ef1c v\u00e0 c\u1ee7ng c\u1ed1 kh\u1ea3 n\u0103ng ph\u1ed1i h\u1ee3p trong \u0111i\u1ec1u ki\u1ec7n \u00e1p l\u1ef1c, t\u1eeb \u0111\u00f3 gi\u00fap ng\u00e0nh chu\u1ea9n b\u1ecb t\u1ed1t h\u01a1n cho c\u00e1c k\u1ecbch b\u1ea3n nh\u01b0 <strong>bi\u1ebfn \u0111\u1ed9ng stablecoin<\/strong>, <strong>thay \u0111\u1ed5i ph\u00e1p l\u00fd<\/strong> v\u00e0 <strong>\u0111\u1ed9ng l\u1ef1c qu\u1ea3n tr\u1ecb do AI d\u1eabn d\u1eaft<\/strong>.<\/p>\n<h2>Qu\u1ea3n tr\u1ecb m\u1edbi l\u00e0 Layer 1 th\u1ef1c s\u1ef1<\/h2>\n<p>T\u00e0i s\u1ea3n s\u1ed1 \u0111ang t\u00e1i \u0111\u1ecbnh h\u00ecnh kh\u00e1i ni\u1ec7m <strong>quy\u1ec1n s\u1edf h\u1eefu<\/strong> v\u00e0 <strong>s\u1ef1 tham gia<\/strong>. Th\u00e1ch th\u1ee9c ti\u1ebfp theo l\u00e0 \u00e1p d\u1ee5ng ch\u00ednh tinh th\u1ea7n s\u00e1ng t\u1ea1o \u0111\u00f3 v\u00e0o l\u0129nh v\u1ef1c <strong>qu\u1ea3n tr\u1ecb<\/strong>.<\/p>\n<p>Nh\u1eefng m\u1ea1ng l\u01b0\u1edbi c\u00f3 th\u1ec3 t\u1ed3n t\u1ea1i l\u00e2u d\u00e0i s\u1ebd kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng m\u1ea1ng c\u00f3 <strong>nhi\u1ec1u token nh\u1ea5t<\/strong> hay <strong>throughput nhanh nh\u1ea5t<\/strong>. Ch\u00fang s\u1ebd l\u00e0 nh\u1eefng m\u1ea1ng bi\u1ebft <strong>qu\u1ea3n tr\u1ecb hi\u1ec7u qu\u1ea3 khi h\u1ec7 th\u1ed1ng r\u01a1i v\u00e0o tr\u1ea1ng th\u00e1i ch\u1ecbu \u00e1p l\u1ef1c<\/strong>.<\/p>\n<h2>C\u00e1c ti\u00eau \u0111\u1ec1 n\u1ed5i b\u1eadt trong tu\u1ea7n<\/h2>\n<ul>\n<li><strong>Francisco Rodrigues<\/strong><\/li>\n<\/ul>\n<p>Ng\u00e0nh <strong>crypto<\/strong> ti\u1ebfp t\u1ee5c \u0111i\u1ec1u h\u01b0\u1edbng m\u00f4i tr\u01b0\u1eddng ph\u00e1p l\u00fd trong tu\u1ea7n qua, t\u1eebng b\u01b0\u1edbc th\u00e2m nh\u1eadp v\u00e0o th\u1ecb tr\u01b0\u1eddng <strong>th\u1ebf ch\u1ea5p<\/strong>, \u0111\u1ed3ng th\u1eddi d\u01b0\u1eddng nh\u01b0 b\u1ecb ch\u1eb7n trong vi\u1ec7c cung c\u1ea5p <strong>l\u1ee3i su\u1ea5t tr\u00ean s\u1ed1 d\u01b0 stablecoin<\/strong>. M\u1ed9t s\u1ed1 di\u1ec5n bi\u1ebfn l\u1edbn kh\u00e1c c\u0169ng ti\u1ebfp t\u1ee5c c\u1ee7ng c\u1ed1 ni\u1ec1m tin \u0111\u1ed1i v\u1edbi ng\u00e0nh, ngay c\u1ea3 khi gi\u00e1 t\u00e0i s\u1ea3n v\u1eabn \u0111i xu\u1ed1ng.<\/p>\n<p><strong>L\u1ee3i su\u1ea5t stablecoin trong \u0110\u1ea1o lu\u1eadt Clarity s\u1ebd kh\u00f4ng cho ph\u00e9p tr\u1ea3 th\u01b0\u1edfng tr\u00ean s\u1ed1 d\u01b0, theo b\u1ea3n d\u1ef1 th\u1ea3o m\u1edbi nh\u1ea5t:<\/strong>Ng\u00f4n ng\u1eef m\u1edbi nh\u1ea5t li\u00ean quan \u0111\u1ebfn <strong>stablecoin yield<\/strong> trong <strong>Clarity Act<\/strong> s\u1ebd c\u1ea5m vi\u1ec7c tr\u1ea3 l\u1ee3i su\u1ea5t ch\u1ec9 \u0111\u01a1n thu\u1ea7n v\u00ec n\u1eafm gi\u1eef stablecoin, \u0111\u1ed3ng th\u1eddi h\u1ea1n ch\u1ebf c\u00e1c m\u00f4 h\u00ecnh khi\u1ebfn stablecoin tr\u1edf n\u00ean t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi <strong>ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng<\/strong> d\u01b0\u1edbi b\u1ea5t k\u1ef3 h\u00ecnh th\u1ee9c n\u00e0o.<\/p>\n<p><strong>Ch\u00ednh ph\u1ee7 Starmer c\u1ea5m quy\u00ean g\u00f3p ch\u00ednh tr\u1ecb b\u1eb1ng crypto t\u1ea1i Anh:<\/strong> Ch\u00ednh ph\u1ee7 Anh \u0111\u00e3 \u00e1p d\u1ee5ng l\u1ec7nh t\u1ea1m d\u1eebng ngay l\u1eadp t\u1ee9c \u0111\u1ed1i v\u1edbi c\u00e1c kho\u1ea3n quy\u00ean g\u00f3p b\u1eb1ng <strong>crypto<\/strong> cho c\u00e1c \u0111\u1ea3ng ch\u00ednh tr\u1ecb do lo ng\u1ea1i v\u1ec1 nguy c\u01a1 <strong>ngu\u1ed3n t\u00e0i tr\u1ee3 n\u01b0\u1edbc ngo\u00e0i b\u1ecb che gi\u1ea5u<\/strong> v\u00e0 <strong>kh\u1ea3 n\u0103ng truy v\u1ebft y\u1ebfu<\/strong>.<\/p>\n<p><strong>Coinbase v\u00e0 Fannie Mae \u0111\u01b0a th\u1ebf ch\u1ea5p c\u00f3 t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m b\u1eb1ng crypto \u0111\u1ebfn ng\u01b0\u1eddi mua nh\u00e0:<\/strong> Coinbase hi\u1ec7n \u0111ang h\u1ee3p t\u00e1c v\u1edbi <strong>Better Home &amp; Finance Holding Co.<\/strong>, m\u1ed9t c\u00f4ng ty th\u1ebf ch\u1ea5p \u0111\u01b0\u1ee3c <strong>Fannie Mae<\/strong> ph\u00ea duy\u1ec7t, nh\u1eb1m cho ph\u00e9p ng\u01b0\u1eddi n\u1eafm gi\u1eef <strong>cryptocurrency<\/strong> s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n s\u1ed1 c\u1ee7a m\u00ecnh l\u00e0m <strong>t\u00e0i s\u1ea3n b\u1ea3o \u0111\u1ea3m cho kho\u1ea3n tr\u1ea3 tr\u01b0\u1edbc<\/strong> khi mua nh\u00e0.<\/p>\n<p><strong>Tether thu\u00ea m\u1ed9t c\u00f4ng ty thu\u1ed9c \u201cBig Four\u201d \u0111\u1ec3 th\u1ef1c hi\u1ec7n ki\u1ec3m to\u00e1n \u0111\u1ea7y \u0111\u1ee7 \u0111\u1ed1i v\u1edbi d\u1ef1 tr\u1eef USDT:<\/strong> Tether \u0111\u00e3 thu\u00ea m\u1ed9t c\u00f4ng ty ki\u1ec3m to\u00e1n thu\u1ed9c nh\u00f3m <strong>Big Four<\/strong> \u0111\u1ec3 ti\u1ebfn h\u00e0nh <strong>cu\u1ed9c ki\u1ec3m to\u00e1n b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u1ea7y \u0111\u1ee7 \u0111\u1ea7u ti\u00ean<\/strong> \u0111\u1ed1i v\u1edbi <strong>d\u1ef1 tr\u1eef USDT<\/strong>. Tr\u01b0\u1edbc \u0111\u00f3, c\u00f4ng ty n\u00e0y v\u1eabn c\u00f4ng b\u1ed1 \u0111\u1ecbnh k\u1ef3 c\u00e1c b\u00e1o c\u00e1o <strong>attestation<\/strong> v\u1ec1 t\u00e0i s\u1ea3n b\u1ea3o ch\u1ee9ng cho stablecoin <strong>USDT<\/strong>, nh\u01b0ng ch\u01b0a t\u1eebng th\u1ef1c hi\u1ec7n m\u1ed9t cu\u1ed9c <strong>ki\u1ec3m to\u00e1n to\u00e0n di\u1ec7n<\/strong>.<\/p>\n<p><strong>G\u1ea7n m\u1ed9t n\u1eeda l\u01b0\u1ee3ng Bitcoin \u0111ang l\u01b0u h\u00e0nh hi\u1ec7n \u0111ang l\u1ed7 khi holder d\u00e0i h\u1ea1n b\u00e1n ra d\u01b0\u1edbi gi\u00e1 v\u1ed1n:<\/strong> D\u1eef li\u1ec7u cho th\u1ea5y g\u1ea7n m\u1ed9t n\u1eeda l\u01b0\u1ee3ng <strong>bitcoin l\u01b0u h\u00e0nh<\/strong> hi\u1ec7n c\u00f3 gi\u00e1 tr\u1ecb th\u1ea5p h\u01a1n m\u1ee9c gi\u00e1 mua v\u00e0o ban \u0111\u1ea7u, trong b\u1ed1i c\u1ea3nh c\u00e1c d\u00f2ng v\u1ed1n t\u1eebng h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u1ea3o chi\u1ec1u.<\/p>\n<hr \/>\n<h2>G\u00f3c nh\u00ecn chuy\u00ean gia<\/h2>\n<h2>Tr\u1eadt t\u1ef1 t\u00e0i ch\u00ednh m\u1edbi: c\u1eadp nh\u1eadt khung qu\u1ea3n tr\u1ecb r\u1ee7i ro TradFi cho crypto<\/h2>\n<ul>\n<li><strong>B\u1edfi Meredith Fitzpatrick, \u0111\u1ed1i t\u00e1c v\u00e0 Tr\u01b0\u1edfng b\u1ed9 ph\u1eadn ti\u1ec1n m\u00e3 h\u00f3a, Forensic Risk Alliance<\/strong><\/li>\n<\/ul>\n<p>S\u1ef1 h\u1ed9i t\u1ee5 gi\u1eefa <strong>t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng (TradFi)<\/strong> v\u00e0 <strong>crypto<\/strong> \u10d0\u10e6\u10d0\u10e0 c\u00f2n l\u00e0 m\u1ed9t vi\u1ec5n c\u1ea3nh mang t\u00ednh khoa h\u1ecdc vi\u1ec5n t\u01b0\u1edfng \u2014 n\u00f3 \u0111\u00e3 hi\u1ec7n di\u1ec7n. S\u1ef1 r\u00f5 r\u00e0ng h\u01a1n v\u1ec1 m\u1eb7t ph\u00e1p l\u00fd t\u1ea1i c\u00e1c khu v\u1ef1c ph\u00e1p l\u00fd l\u1edbn \u0111ang th\u00fac \u0111\u1ea9y d\u00f2ng v\u1ed1n t\u1ed5 ch\u1ee9c b\u01b0\u1edbc v\u00e0o th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n s\u1ed1, t\u1eeb khu\u00f4n kh\u1ed5 <strong>Markets in Crypto-Assets (MiCA)<\/strong> c\u1ee7a ch\u00e2u \u00c2u cho t\u1edbi \u0111\u00e0 ti\u1ebfn tri\u1ec3n v\u1ec1 l\u1eadp ph\u00e1p t\u1ea1i M\u1ef9 v\u1edbi <strong>\u0110\u1ea1o lu\u1eadt GENIUS<\/strong> (<em>Guiding and Establishing National Innovation for U.S. Stablecoins<\/em>). V\u1edbi c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh, c\u00e2u h\u1ecfi gi\u1edd \u0111\u00e2y kh\u00f4ng c\u00f2n l\u00e0 <strong>c\u00f3 tham gia v\u00e0o crypto hay kh\u00f4ng<\/strong>, m\u00e0 l\u00e0 <strong>tham gia th\u1ebf n\u00e0o cho an to\u00e0n<\/strong>.<\/p>\n<p>Sai l\u1ea7m mang t\u00ednh c\u1ed1t l\u00f5i m\u00e0 nhi\u1ec1u t\u1ed5 ch\u1ee9c m\u1eafc ph\u1ea3i l\u00e0 xem crypto nh\u01b0 ph\u1ea7n m\u1edf r\u1ed9ng c\u1ee7a c\u00e1c s\u1ea3n ph\u1ea9m hi\u1ec7n h\u1eefu. \u0110i\u1ec1u \u0111\u00f3 l\u00e0 kh\u00f4ng \u0111\u00fang. <strong>Crypto l\u00e0m thay \u0111\u1ed5i t\u1eadn g\u1ed1c c\u00e1ch r\u1ee7i ro ch\u1ed1ng r\u1eeda ti\u1ec1n (AML) c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1, gi\u00e1m s\u00e1t v\u00e0 ki\u1ec3m so\u00e1t.<\/strong><\/p>\n<p>V\u1ec1 b\u1ea3n ch\u1ea5t, blockchain mang l\u1ea1i ba \u0111\u1eb7c t\u00ednh mang t\u00ednh \u0111\u1ecbnh h\u00ecnh: <strong>t\u00ednh b\u1ea5t bi\u1ebfn (immutability)<\/strong>, <strong>t\u00ednh \u1ea9n danh t\u01b0\u01a1ng \u0111\u1ed1i (pseudonymity)<\/strong> v\u00e0 <strong>kh\u1ea3 n\u0103ng chuy\u1ec3n gi\u00e1 tr\u1ecb xuy\u00ean bi\u00ean gi\u1edbi kh\u00f4ng r\u00e0o c\u1ea3n<\/strong>. Ba \u0111\u1eb7c t\u00ednh n\u00e0y t\u00e1i \u0111\u1ecbnh h\u00ecnh c\u1ea3 <strong>r\u1ee7i ro t\u1ed9i ph\u1ea1m t\u00e0i ch\u00ednh<\/strong> l\u1eabn c\u00e1c c\u00f4ng c\u1ee5 c\u1ea7n thi\u1ebft \u0111\u1ec3 qu\u1ea3n l\u00fd ch\u00fang.<\/p>\n<h2>Quy\u1ec1n ki\u1ec3m so\u00e1t d\u1ecbch chuy\u1ec3n t\u1eeb t\u00e0i kho\u1ea3n sang kh\u00f3a<\/h2>\n<p>Trong t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng, t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 th\u00f4ng qua c\u00e1c h\u1ec7 th\u1ed1ng t\u1eadp trung v\u00e0 c\u00e1c giao d\u1ecbch c\u00f3 th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c. Trong crypto, quy\u1ec1n ki\u1ec3m so\u00e1t n\u1eb1m \u1edf private key. Khi c\u00e1c t\u1ed5 ch\u1ee9c cung c\u1ea5p d\u1ecbch v\u1ee5 custody, r\u1ee7i ro AML tr\u1edf n\u00ean g\u1eafn ch\u1eb7t v\u1edbi r\u1ee7i ro an ninh m\u1ea1ng. M\u1ed9t private key b\u1ecb x\u00e2m ph\u1ea1m kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t v\u1ee5 r\u00f2 r\u1ec9 \u2014 \u0111\u00f3 l\u00e0 m\u1ed9t chuy\u1ec3n d\u1ecbch gi\u00e1 tr\u1ecb kh\u00f4ng th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c, v\u00e0 th\u01b0\u1eddng g\u1ea7n nh\u01b0 kh\u00f4ng th\u1ec3 thu h\u1ed3i. \u0110i\u1ec1u n\u00e0y \u0111\u00f2i h\u1ecfi c\u00e1c bi\u1ec7n ph\u00e1p ki\u1ec3m so\u00e1t nh\u01b0 \u1ee7y quy\u1ec1n \u0111a ch\u1eef k\u00fd (multi-signature authorization), cold storage, qu\u1ea3n tr\u1ecb quy\u1ec1n truy c\u1eadp nghi\u00eam ng\u1eb7t v\u00e0 t\u00e1ch bi\u1ec7t v\u00ed, t\u1ea5t c\u1ea3 \u0111\u1ec1u n\u1eb1m ngo\u00e0i c\u00e1c khu\u00f4n kh\u1ed5 AML truy\u1ec1n th\u1ed1ng nh\u01b0ng l\u1ea1i \u0111\u00f3ng vai tr\u00f2 thi\u1ebft y\u1ebfu trong gi\u1ea3m thi\u1ec3u r\u1ee7i ro.<\/p>\n<h2>V\u00ed non-custodial \u0111\u1ed3ng ngh\u0129a v\u1edbi \u0111\u00e1nh gi\u00e1 r\u1ee7i ro ph\u1ea3i mang t\u00ednh \u0111\u1ed9ng<\/h2>\n<p>AML truy\u1ec1n th\u1ed1ng ph\u1ee5 thu\u1ed9c l\u1edbn v\u00e0o nh\u1eadn di\u1ec7n kh\u00e1ch h\u00e0ng v\u00e0 l\u1eadp h\u1ed3 s\u01a1 r\u1ee7i ro t\u0129nh. Trong crypto, m\u00f4 h\u00ecnh n\u00e0y kh\u00f4ng c\u00f2n ph\u00f9 h\u1ee3p. Kh\u00e1ch h\u00e0ng c\u00f3 th\u1ec3 giao d\u1ecbch th\u00f4ng qua v\u00ed non-custodial n\u1eb1m ngo\u00e0i c\u00e1c khu\u00f4n kh\u1ed5 onboarding c\u1ee7a t\u1ed5 ch\u1ee9c, v\u00e0 ho\u1ea1t \u0111\u1ed9ng b\u1ea5t h\u1ee3p ph\u00e1p th\u01b0\u1eddng \u1ea9n trong h\u00e0nh vi giao d\u1ecbch, ch\u1ee9 kh\u00f4ng ch\u1ec9 trong danh t\u00ednh.<\/p>\n<p>Do \u0111\u00f3, \u0111\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ea7n chuy\u1ec3n t\u1eeb c\u00e2u h\u1ecfi \u201ckh\u00e1ch h\u00e0ng l\u00e0 ai\u201d sang \u201cv\u00ed \u0111\u00f3 \u0111ang l\u00e0m g\u00ec.\u201d \u0110i\u1ec1u n\u00e0y \u0111\u00f2i h\u1ecfi ph\u1ea3i gi\u00e1m s\u00e1t li\u00ean t\u1ee5c ho\u1ea1t \u0111\u1ed9ng on-chain, bao g\u1ed3m m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi counterparty r\u1ee7i ro cao, mixer v\u00e0 c\u00e1c giao th\u1ee9c phi t\u1eadp trung. R\u1ee7i ro khi \u0111\u00f3 tr\u1edf th\u00e0nh bi\u1ebfn \u0111\u1ed9ng theo th\u1eddi gian th\u1ef1c, thay v\u00ec ch\u1ec9 \u0111\u01b0\u1ee3c xem x\u00e9t theo t\u1eebng k\u1ef3.<\/p>\n<h2>T\u1ed9i ph\u1ea1m t\u00e0i ch\u00ednh trong crypto ph\u1ee9c t\u1ea1p h\u01a1n v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac<\/h2>\n<p>Ho\u1ea1t \u0111\u1ed9ng r\u1eeda ti\u1ec1n b\u1eb1ng cryptocurrency c\u00f3 th\u1ec3 li\u00ean quan \u0111\u1ebfn c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi h\u01a1n, ch\u1eb3ng h\u1ea1n nh\u01b0 chain-hoppingv\u00e0 vi\u1ec7c s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng ngh\u1ec7 t\u0103ng c\u01b0\u1eddng quy\u1ec1n ri\u00eang t\u01b0 nh\u01b0 mixer, v\u1ed1n kh\u00f4ng c\u00f3 \u0111\u1ed1i chi\u1ebfu tr\u1ef1c ti\u1ebfp trong t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng. Giao d\u1ecbch c\u00f3 th\u1ec3 \u0111i qua nhi\u1ec1u khu v\u1ef1c ph\u00e1p l\u00fd ch\u1ec9 trong v\u00e0i ph\u00fat, khi\u1ebfn c\u00e1c h\u1ec7 th\u1ed1ng s\u00e0ng l\u1ecdc ki\u1ec3u c\u0169 tr\u1edf n\u00ean kh\u00f4ng c\u00f2n \u0111\u1ee7 hi\u1ec7u qu\u1ea3. AML hi\u1ec7u qu\u1ea3 gi\u1edd \u0111\u00e2y ph\u1ee5 thu\u1ed9c v\u00e0o blockchain intelligence: kh\u1ea3 n\u0103ng truy v\u1ebft d\u00f2ng ti\u1ec1n, x\u00e1c \u0111\u1ecbnh m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac tr\u1ef1c ti\u1ebfp v\u00e0 gi\u00e1n ti\u1ebfp v\u1edbi c\u00e1c ch\u1ee7 th\u1ec3 r\u1ee7i ro, v\u00e0 di\u1ec5n gi\u1ea3i c\u00e1c m\u00f4 h\u00ecnh giao d\u1ecbch tr\u00ean nhi\u1ec1u m\u1ea1ng l\u01b0\u1edbi.<\/p>\n<p>Nh\u1eefng thay \u0111\u1ed5i n\u00e0y \u0111\u00f2i h\u1ecfi m\u1ed9t s\u1ef1 ti\u1ebfn h\u00f3a t\u01b0\u01a1ng \u1ee9ng trong qu\u1ea3n tr\u1ecb v\u00e0 qu\u1ea3n l\u00fd r\u1ee7i ro. H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb v\u00e0 c\u00e1c \u1ee7y ban r\u1ee7i ro ph\u1ea3i x\u00e1c \u0111\u1ecbnh l\u1ea1i kh\u1ea9u v\u1ecb r\u1ee7i ro \u0111\u1ec3 ph\u1ea3n \u00e1nh c\u00e1c m\u1ee9c \u0111\u1ed9 ph\u01a1i nhi\u1ec5m \u0111\u1eb7c th\u00f9 c\u1ee7a crypto. C\u00e1c t\u1ed5 ch\u1ee9c n\u00ean thi\u1ebft l\u1eadp nh\u1eefng \u0111\u1ed9i ng\u0169 chuy\u00ean tr\u00e1ch, ch\u1eb3ng h\u1ea1n nh\u01b0 \u1ee7y ban ph\u00ea duy\u1ec7t t\u00e0i s\u1ea3n s\u1ed1 ho\u1eb7c nh\u00f3m x\u1eed l\u00fd kh\u00e1ch h\u00e0ng r\u1ee7i ro cao, nh\u1eb1m qu\u1ea3n l\u00fd c\u00e1c r\u1ee7i ro thay \u0111\u1ed5i nhanh ch\u00f3ng.<\/p>\n<p>Quan tr\u1ecdng nh\u1ea5t, \u0110\u00e1nh gi\u00e1 R\u1ee7i ro To\u00e0n doanh nghi\u1ec7p (Enterprise-Wide Risk Assessment \u2013 EWRA) ph\u1ea3i tr\u1edf n\u00ean mang t\u00ednh \u0111\u1ed9ng. C\u00e1c \u0111\u00e1nh gi\u00e1 t\u0129nh t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m c\u1ee5 th\u1ec3 l\u00e0 kh\u00f4ng \u0111\u1ee7 trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng n\u01a1i h\u1ed3 s\u01a1 r\u1ee7i ro c\u00f3 th\u1ec3 thay \u0111\u1ed5i ch\u1ec9 sau m\u1ed9t giao d\u1ecbch duy nh\u1ea5t.<\/p>\n<p><strong>B\u1ea3ng d\u01b0\u1edbi \u0111\u00e2y minh h\u1ecda c\u00e1ch \u0111\u00e1nh gi\u00e1 r\u1ee7i ro kh\u00e1ch h\u00e0ng c\u1ea7n ph\u1ea3i thay \u0111\u1ed5i:<\/strong><\/p>\n<div>\n<table>\n<tbody>\n<tr>\n<th>\n<h6>Area of focus<\/h6>\n<\/th>\n<th>\n<h6>TradFi<\/h6>\n<\/th>\n<th>\n<h6>Crypto<\/h6>\n<\/th>\n<\/tr>\n<tr>\n<td>Customer identity<\/td>\n<td>Typically, through identification and verification using government-issued IDs, physical addresses and relevant databases (e.g., credit history).<\/td>\n<td>Most centralized virtual asset service providers (VASPs) have KYC\/CDD\/EDD procedures like TradFi institutions. However, \u201cnon-custodial wallets\u201d (wallets where the user retains private key control) exist outside of a centralized body that collects KYC. In this case, on-chain activity may be used when assessing the risk of the customer.<\/td>\n<\/tr>\n<tr>\n<td>Risk indicators<\/td>\n<td>Based on factors like employment, income, geography and transaction history with the institution.<\/td>\n<td>Based on wallet behaviour, age, transaction counterparties, interactions with high-risk services (e.g., mixers), and exposure to certain smart contracts, non-custodial wallets, or DeFi platforms.<\/td>\n<\/tr>\n<tr>\n<td>Transaction transparency<\/td>\n<td>Transaction data is private and accessed through internal banking records.<\/td>\n<td>On-chain transactions are publicly available, enabling advanced analytics, but only for those with the tools and expertise to interpret them.<\/td>\n<\/tr>\n<tr>\n<td>Dynamic risk monitoring<\/td>\n<td>Risk profiles are usually static or periodically updated.<\/td>\n<td>Risk can change dynamically with wallet activity, based on real-time blockchain analysis and ongoing monitoring.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p data-start=\"0\" data-end=\"350\">Cu\u1ed1i c\u00f9ng, c\u00e1c \u0111\u1ecbnh ch\u1ebf c\u1ea7n \u0111\u1ea7u t\u01b0 v\u00e0o nh\u1eefng n\u0103ng l\u1ef1c m\u1edbi. Kh\u1ea3 n\u0103ng th\u00e0nh th\u1ea1o ph\u00e2n t\u00edch blockchain ph\u1ee5c v\u1ee5 gi\u00e1m s\u00e1t giao d\u1ecbch v\u00e0 \u0111i\u1ec1u tra ph\u00e1p y kh\u00f4ng c\u00f2n l\u00e0 k\u1ef9 n\u0103ng ng\u00e1ch n\u1eefa \u2014 m\u00e0 \u0111\u00e3 tr\u1edf th\u00e0nh c\u00e1c ch\u1ee9c n\u0103ng c\u1ed1t l\u00f5i trong AML. Ph\u1ea7n l\u1edbn t\u1ed5 ch\u1ee9c s\u1ebd c\u1ea7n m\u1ed9t m\u00f4 h\u00ecnh lai, k\u1ebft h\u1ee3p gi\u1eefa n\u0103ng l\u1ef1c n\u1ed9i b\u1ed9 v\u00e0 c\u00e1c chuy\u00ean gia b\u00ean ngo\u00e0i.<\/p>\n<p data-start=\"352\" data-end=\"1018\">Nh\u1eefng ng\u01b0\u1eddi l\u00e0m vi\u1ec7c trong l\u0129nh v\u1ef1c n\u00e0y c\u1ea7n nh\u1eadn th\u1ee9c r\u1eb1ng tu\u00e2n th\u1ee7 trong crypto kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 \u0111i\u1ec1u ch\u1ec9nh c\u00e1c khu\u00f4n kh\u1ed5 hi\u1ec7n c\u00f3, m\u00e0 \u0111\u00f2i h\u1ecfi nh\u1eefng c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c bi\u1ec7t m\u1ed9t c\u00e1ch c\u0103n b\u1ea3n \u0111\u1ed1i v\u1edbi gi\u00e1m s\u00e1t giao d\u1ecbch, th\u1ea9m \u0111\u1ecbnh (due diligence) v\u00e0 \u0111i\u1ec1u tra s\u1ef1 c\u1ed1. Th\u00e0nh c\u00f4ng \u0111\u00f2i h\u1ecfi c\u00e1c \u0111\u1ed9i ng\u0169 tu\u00e2n th\u1ee7 ph\u1ea3i hi\u1ec3u c\u1ea3 y\u00eau c\u1ea7u ph\u00e1p l\u00fd truy\u1ec1n th\u1ed1ngl\u1eabn nh\u1eefng th\u00e1ch th\u1ee9c \u0111i\u1ec1u tra \u0111\u1eb7c th\u00f9 c\u1ee7a crypto. Nh\u1eefng t\u1ed5 ch\u1ee9c ti\u1ebfp c\u1eadn vi\u1ec7c \u1ee9ng d\u1ee5ng crypto v\u1edbi m\u1ee9c \u0111\u1ed9 nghi\u00eam ng\u1eb7t ph\u00e1p y ph\u00f9 h\u1ee3p \u2014 xem \u0111\u00e2y l\u00e0 m\u1ed9t cu\u1ed9c chuy\u1ec3n \u0111\u1ed5i tu\u00e2n th\u1ee7 mang t\u00ednh n\u1ec1n t\u1ea3ng ch\u1ee9 kh\u00f4ng ch\u1ec9 l\u00e0 b\u1ed5 sung th\u00eam m\u1ed9t s\u1ea3n ph\u1ea9m \u2014 s\u1ebd \u1edf v\u1ecb th\u1ebf t\u1ed1t nh\u1ea5t \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u00e0nh c\u00f4ng b\u1ec1n v\u1eefng.<\/p>\n<hr \/>\n<h2 data-section-id=\"5vgyqf\" data-start=\"1020\" data-end=\"1039\">Bi\u1ec3u \u0111\u1ed3 c\u1ee7a tu\u1ea7n<\/h2>\n<h2 data-section-id=\"1envphk\" data-start=\"1041\" data-end=\"1122\">Kho\u1ea3n vay tr\u00ean Maple v\u01b0\u1ee3t m\u1ed1c 1 t\u1ef7 USD sau ng\u00e0y ph\u00e1t h\u00e0nh k\u1ef7 l\u1ee5c 350 tri\u1ec7u USD<\/h2>\n<p data-start=\"1124\" data-end=\"1492\">T\u1ed5ng d\u01b0 n\u1ee3 cho vay \u0111ang l\u01b0u h\u00e0nh tr\u00ean Maple \u0111\u00e3 t\u0103ng tr\u1edf l\u1ea1i v\u01b0\u1ee3t 1 t\u1ef7 USD trong tu\u1ea7n tr\u01b0\u1edbc, sau khi giao th\u1ee9c n\u00e0y gi\u1ea3i ng\u00e2n 350 tri\u1ec7u USD kho\u1ea3n vay ch\u1ec9 trong m\u1ed9t ng\u00e0y. Trong b\u1ed1i c\u1ea3nh t\u1ed5ng t\u00e0i s\u1ea3n qu\u1ea3n l\u00fd (AuM) hi\u1ec7n \u0111\u00e3 v\u01b0\u1ee3t 4,6 t\u1ef7 USD, \u0111ang xu\u1ea5t hi\u1ec7n s\u1ef1 ph\u00e2n k\u1ef3 gi\u1eefa n\u1ec1n t\u1ea3ng c\u01a1 b\u1ea3n m\u1ea1nh c\u1ee7a giao th\u1ee9c v\u00e0 di\u1ec5n bi\u1ebfn gi\u00e1 token SYRUP li\u00ean quan.<\/p>\n<p data-start=\"1494\" data-end=\"1674\" data-is-last-node=\"\" data-is-only-node=\"\">\u0110\u00e0 t\u0103ng tr\u01b0\u1edfng n\u00e0y, b\u1ea5t ch\u1ea5p \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng chung, ti\u1ebfp t\u1ee5c cho th\u1ea5y nhu c\u1ea7u b\u1ec1n b\u1ec9 \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng cho vay \u0111\u1ea1t chu\u1ea9n t\u1ed5 ch\u1ee9c trong nh\u00f3m doanh nghi\u1ec7p crypto-native.<img decoding=\"async\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F480e24ac38c82608e469f71242adffd4accff616-1600x931.png%3Fauto%3Dformat&amp;w=3840&amp;q=75\" alt=\"Maple loans record chart\" width=\"1600\" height=\"931\" data-nimg=\"1\" \/><\/p>\n<hr \/>\n<p><strong>Nghe. \u0110\u1ecdc. Xem. T\u01b0\u01a1ng t\u00e1c.<\/strong><\/p>\n<p>Nghe: B\u1ea1n \u0111\u00e3 bi\u1ebft ch\u01b0a? CoinDesk Data &amp; Indices API cung c\u1ea5p d\u1eef li\u1ec7u t\u00e0i s\u1ea3n s\u1ed1 \u0111\u1ea1t chu\u1ea9n t\u1ed5 ch\u1ee9c, \u0111\u01b0\u1ee3c streaming theo th\u1eddi gian th\u1ef1c t\u1eeb h\u01a1n 300 s\u00e0n giao d\u1ecbch v\u00e0 bao ph\u1ee7 h\u01a1n 300.000 c\u1eb7p ti\u1ec1n.<\/p>\n<p>\u0110\u1ecdc: Trong chuy\u00ean m\u1ee5c Crypto for Advisors, Claudia M. Hern\u00e1ndez ph\u00e2n t\u00edch c\u00e1ch stablecoin \u0111\u00e3 v\u01b0\u1ee3t ra kh\u1ecfi vai tr\u00f2 c\u00f4ng c\u1ee5 gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng \u0111\u1ec3 tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n settlement n\u1ec1n t\u1ea3ng cho c\u00e1c th\u1ecb tr\u01b0\u1eddng tokenized to\u00e0n c\u1ea7u v\u00e0 thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi. Ti\u1ebfp \u0111\u00f3, Morva R. ph\u00e2n t\u00edch s\u00e2u v\u1ec1 quy \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi stablecoin.<\/p>\n<p>Xem: Simeon Hyman, Chi\u1ebfn l\u01b0\u1ee3c gia \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u t\u1ea1i ProShares, tham gia ch\u01b0\u01a1ng tr\u00ecnh Public Keys c\u1ee7a CoinDesk t\u1ea1i S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n New York (NYSE) \u0111\u1ec3 ph\u1ea3n bi\u1ec7n l\u1ea1i \u201cnarrative sai l\u1ea7m\u201d cho r\u1eb1ng crypto thu\u1ea7n t\u00fay ch\u1ec9 l\u00e0 m\u1ed9t risk asset.<\/p>\n<p>T\u01b0\u01a1ng t\u00e1c: B\u1ea1n \u0111\u00e3 mua v\u00e9 tham d\u1ef1 Consensus Miami ch\u01b0a? M\u1ee9c gi\u00e1 early bird s\u1ebd k\u1ebft th\u00fac v\u00e0o th\u1ee9 S\u00e1u, ng\u00e0y 10\/4 l\u00fac 4 gi\u1edd chi\u1ec1u ET. Xem ch\u01b0\u01a1ng tr\u00ecnh ngh\u1ecb s\u1ef1 v\u00e0 \u0111\u0103ng k\u00fd ngay h\u00f4m nay!<\/p>\n<p>Mu\u1ed1n xem th\u00eam? Nh\u1eadn nh\u1eefng tin t\u1ee9c crypto m\u1edbi nh\u1ea5t t\u1eeb coindesk.com v\u00e0 c\u00e1c c\u1eadp nh\u1eadt th\u1ecb tr\u01b0\u1eddng t\u1eeb <a style=\"font-size: revert; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" href=\"https:\/\/indices.coindesk.com\/institutions\">coindesk.com\/institutions<\/a><span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">.<\/span><\/p>\n<hr \/>\n<p><strong>L\u01b0u \u00fd:<\/strong> Nh\u1eefng quan \u0111i\u1ec3m \u0111\u01b0\u1ee3c n\u00eau trong chuy\u00ean m\u1ee5c n\u00e0y l\u00e0 quan \u0111i\u1ec3m c\u1ee7a t\u00e1c gi\u1ea3 v\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3n \u00e1nh quan \u0111i\u1ec3m c\u1ee7a CoinDesk, Inc., CoinDesk Indices hay c\u00e1c ch\u1ee7 s\u1edf h\u1eefu v\u00e0 \u0111\u01a1n v\u1ecb li\u00ean k\u1ebft c\u1ee7a t\u1ed5 ch\u1ee9c n\u00e0y.<\/p>\n<\/div>\n<div data-module-name=\"promotional-article\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<figure><img decoding=\"async\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F99ca9383b31a691939d862e5a8b73b6acb35de8b-1920x1080.png%3Fauto%3Dformat&amp;w=3840&amp;q=75\" alt=\"Encryption Supremacy - Zcash and Privacy in the Age of Scale\" width=\"1920\" height=\"1080\" data-nimg=\"1\" \/><\/figure>\n<p>Ph\u1ea7n l\u1edbn c\u00e1c m\u00f4 h\u00ecnh privacy trong crypto s\u1ebd suy y\u1ebfu khi d\u1eef li\u1ec7u blockchain ng\u00e0y c\u00e0ng ph\u00ecnh to. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c m\u00f4 h\u00ecnh d\u1ef1a tr\u00ean m\u00e3 h\u00f3a nh\u01b0 Zcash l\u1ea1i c\u00e0ng tr\u1edf n\u00ean m\u1ea1nh h\u01a1n. CoinDesk Research \u0111\u00e3 ph\u00e1c h\u1ecda 5 h\u01b0\u1edbng ti\u1ebfp c\u1eadn quy\u1ec1n ri\u00eang t\u01b0 trong crypto v\u00e0 ph\u00e2n t\u00edch kho\u1ea3ng c\u00e1ch ng\u00e0y c\u00e0ng n\u1edbi r\u1ed9ng gi\u1eefa c\u00e1c m\u00f4 h\u00ecnh n\u00e0y.<\/p>\n<p><strong>V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng:<\/strong><\/p>\n<p>Khi m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn blockchain m\u1edf r\u1ed9ng, l\u01b0\u1ee3ng metadata c\u00f3 s\u1eb5n cho c\u00e1c m\u00f4 h\u00ecnh machine learning c\u0169ng t\u0103ng theo. V\u00ec v\u1eady, c\u00e1c c\u00e1ch ti\u1ebfp c\u1eadn quy\u1ec1n ri\u00eang t\u01b0 d\u1ef1a tr\u00ean che gi\u1ea5u\/obfuscation \u0111ang suy gi\u1ea3m v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac. B\u00e1o c\u00e1o n\u00e0y cung c\u1ea5p m\u1ed9t b\u1ee9c tranh so s\u00e1nh to\u00e0n di\u1ec7n v\u1ec1 5 ki\u1ebfn tr\u00fac privacy ch\u1ee7 \u0111\u1ea1o trong crypto, \u0111\u1ed3ng th\u1eddi \u0111\u01b0a ra m\u1ed9t khung \u0111\u00e1nh gi\u00e1 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh m\u00f4 h\u00ecnh n\u00e0o v\u1eabn c\u00f2n \u0111\u1ee7 b\u1ec1n v\u1eefng khi n\u0103ng l\u1ef1c AI ti\u1ebfp t\u1ee5c c\u1ea3i thi\u1ec7n.<\/p>\n<p><a href=\"http:\/\/www.coindesk.com\/research\/encryption-supremacy-zcash-and-privacy-in-the-age-of-scale\">View Full Report<\/a><\/p>\n<p><em>(\u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Trong b\u1ea3n tin Crypto Long &amp; Short tu\u1ea7n n\u00e0y, Nilmini Rubin ph\u00e2n t\u00edch th\u00e1ch th\u1ee9c m\u00e0 c\u1ea3 th\u1ecb tr\u01b0\u1eddng crypto [&hellip;]<\/p>","protected":false},"author":5,"featured_media":67475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-67474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=67474"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67474\/revisions"}],"predecessor-version":[{"id":67521,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/67474\/revisions\/67521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/67475"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=67474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=67474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=67474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}