{"id":122964,"date":"2025-11-30T19:38:57","date_gmt":"2025-11-30T18:38:57","guid":{"rendered":"https:\/\/ceadigilaw.org\/blog\/the-low-cost-approach-to-tokenization-and-the-true-architecture-of-assets\/"},"modified":"2025-11-30T19:38:57","modified_gmt":"2025-11-30T18:38:57","slug":"the-low-cost-approach-to-tokenization-and-the-true-architecture-of-assets","status":"publish","type":"post","link":"https:\/\/ceadigilaw.org\/ar\/blog\/the-low-cost-approach-to-tokenization-and-the-true-architecture-of-assets\/","title":{"rendered":"\u0627\u0644\u062a\u0631\u0645\u064a\u0632 \u00ab\u0645\u0646\u062e\u0641\u0636 \u0627\u0644\u062a\u0643\u0644\u0641\u0629\u00bb \u0648\u0627\u0644\u0647\u0646\u062f\u0633\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0644\u0644\u0623\u0635\u0648\u0644: \u0639\u0627\u0644\u0645\u0627\u0646 \u064a\u0644\u0639\u0628\u0627\u0646 \u0641\u064a \u062f\u0648\u0631\u064a\u064a\u0646 \u0645\u062e\u062a\u0644\u0641\u064a\u0646 \u0648\u064a\u062e\u062a\u0644\u0637\u0627\u0646 \u0627\u0644\u064a\u0648\u0645 \u0639\u0644\u0649 \u0646\u062d\u0648 \u062e\u0637\u064a\u0631"},"content":{"rendered":"

<\/h1>\n

\u0628\u0642\u0644\u0645 \u0627\u0644\u062f\u0643\u062a\u0648\u0631 Antonio Tejeda Encinas<\/strong><\/a>\u060c \u0627\u0644\u0631\u0626\u064a\u0633 \u0627\u0644\u062a\u0646\u0641\u064a\u0630\u064a \u0644\u0634\u0631\u0643\u0629 Meta Channel Corporation<\/strong><\/a>\u060c \u0648\u0631\u0626\u064a\u0633 Euro-American Committee of Digital Law - CEA Digital Law<\/strong><\/a><\/p>\n

1. \u0646\u0642\u0637\u0629 \u0627\u0644\u0627\u0646\u0637\u0644\u0627\u0642: Securitize \u0648CNMV \u0648\u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0633\u0637\u062d\u064a\u0629 \u0644\u0644\u062d\u062f\u062b<\/strong><\/p>\n

\u0627\u0633\u062a\u064f\u0642\u0628\u0644 \u062a\u0631\u062e\u064a\u0635 CNMV (\u0627\u0644\u0644\u062c\u0646\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\u0640Securitize \u0628\u0648\u0635\u0641\u0647\u0627 \u0646\u0638\u0627\u0645 \u062a\u062f\u0627\u0648\u0644 \u0648\u062a\u0633\u0648\u064a\u0629 \u0642\u0627\u0626\u0645\u0627\u064b \u0639\u0644\u0649 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0645\u0648\u0632\u0639\u0629 (SNL DLT) \u0628\u0645\u0648\u062c\u0628 \u0627\u0644\u0644\u0627\u0626\u062d\u0629 (\u0627\u0644\u0627\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a) 2022\/858\u060c \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 \u0635\u0627\u0631\u062a \u0648\u0627\u0642\u0639\u0627\u064b \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 \u0641\u064a \u0628\u0644\u062f\u0646\u0627 \u062a\u062d\u0635\u0644 \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u0645\u0648\u0632\u0639\u0629 \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.<\/p>\n

\u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0644\u064a\u0633\u062a \u0641\u064a \u0642\u0631\u0627\u0631 CNMV\u060c \u0628\u0644 \u0641\u064a \u0637\u0631\u064a\u0642\u0629 \u0642\u0631\u0627\u0621\u062a\u0647.<\/p>\n

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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\u0647\u0646\u062f\u0633\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

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\u0625\u0630\u0627 \u0644\u0645 \u064a\u0643\u0646 \u0627\u0644\u062c\u0648\u0627\u0628 \u0645\u062d\u0635\u0651\u0646\u0627\u064b \u0642\u0627\u0646\u0648\u0646\u064a\u0627\u064b\u060c \u0641\u0644\u0627 \u0641\u0631\u0642 \u0625\u0646 \u062c\u0631\u0649 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0645\u0632 \u0641\u064a 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 \u062a\u064e\u0639\u0650\u062f \u0628\u0640\u00ab\u062f\u0645\u0642\u0631\u0637\u0629\u00bb \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631. \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\u0623\u062e\u0631\u0649 \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\u0651 \u0645\u0633\u0623\u0644\u0629 \u0627\u0644\u0646\u0642\u0644\u060c \u0648\u0627\u0644\u0647\u0646\u062f\u0633\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u062a\u062d\u0644\u0651 \u0645\u0633\u0623\u0644\u0629 \u0627\u0644\u0645\u0636\u0645\u0648\u0646. \u0648\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u064a\u0648\u0645 \u062a\u062a\u062d\u062f\u062b \u0643\u062b\u064a\u0631\u0627\u064b \u0639\u0646 \u0627\u0644\u0623\u0648\u0644\u0649 \u0648\u0642\u0644\u064a\u0644\u0627\u064b \u062c\u062f\u0627\u064b \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: \u062f\u0645\u0642\u0631\u0637\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

\u0645\u0646 \u062c\u0647\u0629\u060c \u0645\u0646\u0637\u0642 \u00ab\u062f\u064a\u0645\u0642\u0631\u0627\u0637\u064a\u00bb \u0645\u0648\u062c\u0651\u0647 \u0625\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u0641\u0631\u062f\u060c \u064a\u062a\u064a\u062d \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0628\u0645\u0628\u0627\u0644\u063a \u0644\u0627 \u062a\u062a\u062c\u0627\u0648\u0632 50 \u0623\u0648 100 \u0623\u0648 500 \u064a\u0648\u0631\u0648. \u0648\u0642\u064a\u0645\u062a\u0647 \u0648\u0627\u0636\u062d\u0629: \u0641\u0647\u0648 \u064a\u0641\u062a\u062d \u0627\u0644\u0623\u0628\u0648\u0627\u0628 \u0623\u0645\u0627\u0645 \u0645\u0646 \u0644\u0645 \u064a\u0643\u0646 \u0644\u064a\u0635\u0644 \u064a\u0648\u0645\u0627\u064b \u0625\u0644\u0649 \u0623\u0635\u0648\u0644 \u0628\u0639\u064a\u0646\u0647\u0627.<\/p>\n

\u0648\u0645\u0646 \u062c\u0647\u0629 \u0623\u062e\u0631\u0649\u060c \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\u0627\u064b (\u0623\u0648 \u0623\u0643\u062b\u0631)\u060c \u064a\u0642\u0641 \u0648\u0631\u0627\u0621\u0647\u0627 \u0645\u064f\u0635\u062f\u0650\u0631\u0648\u0646 \u0644\u0627 \u064a\u0633\u0639\u0648\u0646 \u0625\u0644\u0649 \u00ab\u062f\u0645\u0642\u0631\u0637\u0629\u00bb \u0623\u064a \u0634\u064a\u0621\u060c \u0628\u0644 \u0625\u0644\u0649 \u062a\u062d\u0633\u064a\u0646 \u0647\u064a\u0627\u0643\u0644\u0647\u0645\u060c \u0648\u062a\u0646\u0648\u064a\u0639 \u0645\u0635\u0627\u062f\u0631 \u062a\u0645\u0648\u064a\u0644\u0647\u0645\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\u0627\u064b\u060c \u0648\u0643\u0644 \u0630\u0644\u0643 \u062f\u0648\u0646 \u0623\u0646 \u064a\u064f\u062d\u062f\u062b\u0648\u0627 \u0645\u0634\u0643\u0644\u0629 \u0645\u0639 \u062c\u0647\u062a\u0647\u0645 \u0627\u0644\u0631\u0642\u0627\u0628\u064a\u0629 \u0623\u0648 \u0645\u062f\u0642\u0642 \u062d\u0633\u0627\u0628\u0627\u062a\u0647\u0645 \u0623\u0648 \u0634\u0631\u0643\u062a\u0647\u0645 \u0627\u0644\u0623\u0645 \u0627\u0644\u062f\u0648\u0644\u064a\u0629.<\/p>\n

\u0648\u0648\u0641\u0642\u0627\u064b \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 \u0639\u0627\u0645 2025\u060c \u0628\u0646\u0645\u0648\u0651 \u0646\u0633\u0628\u062a\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\u0627\u064b \u0628\u062d\u0644\u0648\u0644 \u0639\u0627\u0645 2034. \u0648\u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0633\u0639 \u0644\u0627 \u064a\u064f\u0644\u063a\u064a \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0647\u0646\u062f\u0633\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

\u0648\u062e\u0637\u0623 \u0627\u0644\u062e\u0637\u0627\u0628 \u0627\u0644\u0631\u0627\u0647\u0646 \u0623\u0646\u0647 \u064a\u0639\u0627\u0645\u0644 \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. \u0641\u0647\u0645\u0627 \u064a\u0634\u062a\u0631\u0643\u0627\u0646 \u0641\u064a \u0643\u0644\u0645\u0629 \u00abtoken\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\u0645\u0639\u0627\u064a\u064a\u0631 \u0633\u0645\u0639\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u062a\u0645\u0627\u0645\u0627\u064b.<\/p>\n

4. \u0627\u0644\u062a\u0631\u0645\u064a\u0632 \u00ab\u0645\u0646\u062e\u0641\u0636 \u0627\u0644\u062a\u0643\u0644\u0641\u0629\u00bb: \u0645\u0641\u064a\u062f\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u0635\u0644\u062d \u0644\u0643\u0644 \u0633\u064a\u0646\u0627\u0631\u064a\u0648<\/strong><\/p>\n

\u062a\u062a\u0631\u0633\u062e \u0641\u064a \u0625\u0633\u0628\u0627\u0646\u064a\u0627 \u0648\u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0623\u062e\u0631\u0649 \u0646\u0645\u0627\u0630\u062c \u0641\u0639\u0651\u0627\u0644\u0629 \u062c\u062f\u0627\u064b \u0644\u0644\u062a\u0631\u0645\u064a\u0632 \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 \u062d\u0635\u0635 \u0645\u0646 \u0623\u0635\u0648\u0644 \u0643\u0627\u0646\u062a \u0645\u0646 \u0642\u0628\u0644 \u062e\u0627\u0631\u062c \u0645\u062a\u0646\u0627\u0648\u0644\u0647\u0645.<\/p>\n

\u0648\u0647\u0630\u0627 \u0623\u0645\u0631 \u0625\u064a\u062c\u0627\u0628\u064a\u060c \u0644\u0643\u0646\u0647 \u0625\u064a\u062c\u0627\u0628\u064a \u0641\u064a \u062f\u0648\u0631\u064a\u0651\u0647.<\/p>\n

\u062a\u0628\u062f\u0623 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u062d\u064a\u0646 \u064a\u064f\u0631\u0627\u062f \u0646\u0642\u0644 \u0647\u0630\u0627 \u0627\u0644\u0646\u0647\u062c \u0630\u0627\u062a\u0647 \u0625\u0644\u0649 \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u0634\u0645\u0644 \u0639\u062f\u0629 \u0648\u0644\u0627\u064a\u0627\u062a \u0642\u0636\u0627\u0626\u064a\u0629\u060c \u0623\u0648 \u062a\u0642\u062a\u0636\u064a \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

\u0623\u0645\u0627 \u0627\u0644\u0632\u0639\u0645 \u0628\u0623\u0646 \u0639\u0645\u0644\u064a\u0629 \u0645\u0639\u0642\u062f\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u064f\u0639\u0627\u0644\u062c \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\u0626\u0629 \u064a\u0648\u0631\u0648\u060c \u0641\u0647\u0648 \u0648\u0647\u0645 \u062e\u0637\u064a\u0631.<\/p>\n

5. \u0627\u0644\u0646\u0648\u0627\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629: \u0627\u0644\u0623\u0635\u0644 \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\u060c \u0648\u0644\u0627 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u0648\u0644\u0627 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u062c\u0627\u0631\u064a.<\/p>\n

\u0641\u0645\u0646 \u064a\u0634\u062a\u0631\u064a \u0631\u0645\u0632\u0627\u064b \u0631\u0642\u0645\u064a\u0627\u064b \u0625\u0646\u0645\u0627 \u064a\u0634\u062a\u0631\u064a \u0641\u064a \u0627\u0644\u062d\u0642\u064a\u0642\u0629 \u0645\u0631\u0643\u0632\u0627\u064b \u0642\u0627\u0646\u0648\u0646\u064a\u0627\u064b \u062f\u0627\u062e\u0644 \u0647\u064a\u0643\u0644 \u0645\u062d\u062f\u062f\u060c \u0644\u0647 \u0646\u0638\u0627\u0645 \u0636\u0631\u064a\u0628\u064a \u0645\u0639\u064a\u0651\u0646\u060c \u0648\u062a\u0648\u0642\u0651\u0639 \u0644\u062d\u0642\u0651 \u0645\u0627 (\u062a\u062d\u0635\u064a\u0644\u060c \u0623\u0648 \u0645\u0634\u0627\u0631\u0643\u0629\u060c \u0623\u0648 \u0627\u0633\u062a\u0639\u0645\u0627\u0644\u060c \u0623\u0648 \u0648\u0635\u0648\u0644)\u060c \u0648\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 \u062a\u0642\u0641 \u0648\u0631\u0627\u0621\u0647.<\/p>\n

\u0648\u0625\u0646 \u0644\u0645 \u064a\u0643\u0646 \u0630\u0644\u0643 \u0627\u0644\u0647\u064a\u0643\u0644 \u0645\u062d\u062f\u062f\u0627\u064b \u0628\u0625\u062d\u0643\u0627\u0645\u060c \u0641\u0642\u062f \u064a\u0646\u062a\u0642\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\u0627\u064b \u0645\u0641\u0627\u062f\u0647 \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\u064a\u0633\u0631 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0627\u064b. \u0648\u0641\u064a \u0627\u0644\u0634\u0631\u064a\u062d\u0629 \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629\u060c \u0647\u0630\u0627 \u0643\u0644\u0647 \u0623\u0645\u0631 \u062b\u0627\u0646\u0648\u064a. \u0641\u0627\u0644\u062d\u0627\u0633\u0645 \u0647\u0648 \u0645\u0627 \u064a\u0645\u062b\u0651\u0644\u0647 \u0627\u0644\u0631\u0645\u0632\u060c \u0648\u0643\u064a\u0641 \u062a\u064f\u0645\u0646\u062d \u0644\u0647 \u062d\u064a\u0627\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u062a\u0646\u0638\u064a\u0645\u064a\u0629.<\/p>\n

6. \u0644\u0627\u0626\u062d\u0629 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0634\u0641\u0651\u0631\u0629 (MiCA) \u0644\u064a\u0633\u062a \u0645\u0644\u0627\u0630\u0627\u064b \u0644\u0623\u064a \u0631\u0645\u0632 \u064a\u0645\u062b\u0651\u0644 \u0623\u0635\u0644\u0627\u064b \u062d\u0642\u064a\u0642\u064a\u0627\u064b<\/strong><\/p>\n

\u0645\u0646\u0630 \u0627\u0639\u062a\u0645\u0627\u062f 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 \u0641\u0636\u0627\u0621 \u0648\u0627\u0633\u0639 \u0644\u0640\u00ab\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0634\u0641\u0651\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u00bb \u064a\u062a\u0633\u0639 \u0644\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

\u0648\u0647\u064a \u0642\u0631\u0627\u0621\u0629 \u062e\u0627\u0637\u0626\u0629.<\/p>\n

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7. \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0625\u0633\u0628\u0627\u0646\u064a\u0629: \u0645\u0627 \u064a\u0639\u0644\u0651\u0645\u0646\u0627 \u0625\u064a\u0627\u0647 (\u062d\u0642\u0627\u064b) \u0625\u0635\u062f\u0627\u0631 \u0623\u064f\u0646\u062c\u0632 \u0643\u0645\u0627 \u064a\u0646\u0628\u063a\u064a<\/strong><\/p>\n

\u0625\u0646 \u0645\u062b\u0627\u0644 \u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0645\u062b\u0644 Dianelum\u060c \u0628\u0648\u062c\u0648\u062f \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 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0642\u064a\u062f \u0648\u0627\u0644\u062a\u0633\u062c\u064a\u0644)\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 \u0623\u0645\u064a\u0646 \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\u060c \u0628\u0644 \u064a\u064f\u062b\u0628\u062a \u0627\u0644\u0639\u0643\u0633.<\/p>\n

\u064a\u064f\u062b\u0628\u062a \u0623\u0646 \u0627\u0644\u0623\u0645\u0631 \u0627\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0647\u0646\u062f\u0633\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\u062c\u0647\u0629 \u0627\u0644\u062d\u0627\u0641\u0638\u0629 \u0648\u0627\u0644\u0645\u0633\u062a\u0634\u0627\u0631 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u060c \u0648\u0627\u0646\u0633\u062c\u0627\u0645 \u0648\u0627\u0636\u062d \u0645\u0639 Ley del Mercado de Valores.<\/p>\n

\u0628\u0639\u0628\u0627\u0631\u0629 \u0623\u062e\u0631\u0649: \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u062c\u0627\u062f \u064a\u0639\u064a\u062f\u0646\u0627 \u0625\u0644\u0649 \u0646\u0642\u0637\u0629 \u0627\u0644\u0628\u062f\u0627\u064a\u0629. \u0641\u0644\u0625\u0635\u062f\u0627\u0631 \u0623\u0635\u0644 \u0645\u0631\u0645\u064e\u0651\u0632 \u0642\u0627\u0628\u0644 \u0644\u0644\u0635\u0645\u0648\u062f \u0642\u0627\u0646\u0648\u0646\u064a\u0627\u064b\u060c \u0644\u064a\u0633 \u0627\u0644\u0633\u0624\u0627\u0644 \u0627\u0644\u062d\u0627\u0633\u0645 \u00ab\u0639\u0644\u0649 \u0623\u064a \u0634\u0628\u0643\u0629 \u0646\u0628\u0646\u064a\u0647\u061f\u00bb\u060c \u0628\u0644 \u00ab\u0645\u0627 \u0627\u0644\u0630\u064a \u0646\u064f\u0635\u062f\u0631\u0647 \u0628\u0627\u0644\u0636\u0628\u0637\u060c \u0648\u0628\u0645\u0648\u062c\u0628 \u0623\u064a \u0646\u0638\u0627\u0645 \u0642\u0627\u0646\u0648\u0646\u064a\u061f\u00bb.<\/p>\n

8. \u0645\u0646 \u064a\u062e\u062f\u0645 \u0627\u0644\u064a\u0648\u0645 \u0627\u0644\u0641\u0636\u0627\u0621 \u0627\u0644\u0645\u0639\u0642\u062f\u2026 \u0648\u0623\u064a\u0646 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0647\u0646\u0627\u0643 \u062b\u063a\u0631\u0629<\/strong><\/p>\n

\u0645\u0646 \u0627\u0644\u062e\u0637\u0623 \u0627\u0644\u0642\u0648\u0644 \u0625\u0646 \u0641\u0636\u0627\u0621 \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\u0627\u064b \u00ab\u0644\u0627 \u064a\u063a\u0637\u064a\u0647 \u0623\u062d\u062f\u00bb. \u0648\u0645\u0646 \u0627\u0644\u0633\u0630\u0627\u062c\u0629 \u0623\u064a\u0636\u0627\u064b \u0625\u0646\u0643\u0627\u0631 \u062f\u0648\u0631 \u0643\u0628\u0631\u0649 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0645\u062d\u0627\u0645\u0627\u0629 \u0627\u0644\u062f\u0648\u0644\u064a\u0629\u060c \u0648\u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u062a\u0643\u0627\u0645\u0644\u0629\u060c \u0648\u0627\u0644\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0645\u062a\u062e\u0635\u0635\u0629 \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\u060c \u0648\u064a\u0639\u0645\u0644 \u062c\u064a\u062f\u0627\u064b \u0641\u064a \u062d\u0627\u0644\u0627\u062a \u0643\u062b\u064a\u0631\u0629.<\/p>\n

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\u0641\u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0644\u0627 \u062a\u0648\u0641\u0631 \u0627\u0644\u0647\u064a\u0627\u0643\u0644 \u0627\u0644\u0639\u0645\u0648\u062f\u064a\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u0639\u0644\u0649 \u0642\u0648\u062a\u0647\u0627 \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0641\u064a \u0645\u062c\u0627\u0644\u0647\u0627 \u0627\u0644\u0637\u0628\u064a\u0639\u064a\u060c \u0645\u0627 \u064a\u0644\u0632\u0645 \u062f\u0627\u0626\u0645\u0627\u064b \u0645\u0646 \u0645\u0631\u0648\u0646\u0629 \u0648\u062a\u0646\u0633\u064a\u0642 \u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0645\u0633\u062a\u0648\u064a\u0627\u062a \u062d\u064a\u0646 \u062a\u0643\u0648\u0646 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0641\u064a \u0637\u0648\u0631 \u0627\u0644\u062a\u0635\u0648\u0651\u0631.<\/p>\n

\u0648\u0647\u0646\u0627 \u064a\u0643\u062a\u0633\u0628 \u0627\u0644\u062d\u062f\u064a\u062b \u0639\u0646 \u0627\u0644\u0647\u0646\u062f\u0633\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 \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u062e\u0631\u064a\u0637\u0629<\/strong><\/p>\n

\u0644\u064a\u0633\u062a META Channel Corporation \u0645\u0646\u0635\u0629 \u062a\u0631\u0645\u064a\u0632\u060c \u0648\u0644\u0627 \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0633\u0648\u0642\u060c \u0648\u0644\u0627 SNL DLT\u060c \u0648\u0644\u0627 \u0645\u0632\u0648\u0651\u062f \u062e\u062f\u0645\u0627\u062a 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

\u0643\u0645\u0627 \u0623\u0646\u0647\u0627 \u0644\u0627 \u062a\u0642\u062f\u0651\u0645 \u0646\u0641\u0633\u0647\u0627 \u0628\u062f\u064a\u0644\u0627\u064b \u0639\u0646 \u0643\u0628\u0631\u0649 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0645\u062d\u0627\u0645\u0627\u0629 \u0623\u0648 \u0639\u0646 \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 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0642\u0633\u0645 TokenLab by META Channel Corporation\u060c \u062a\u0623\u062a\u064a \u0642\u0628\u0644 \u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0645\u0646\u0635\u0629 \u0623\u0648 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629.<\/strong> \u064a\u0646\u0635\u0628\u0651 \u0627\u0644\u062a\u0631\u0643\u064a\u0632 \u0639\u0644\u0649 \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u0644\u0627 \u0639\u0644\u0649 \u062a\u0646\u0641\u064a\u0630\u0647\u0627 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a.<\/em><\/p>\n

\u0648\u0645\u0646 \u0627\u0644\u0646\u0627\u062d\u064a\u0629 \u0627\u0644\u0648\u0638\u064a\u0641\u064a\u0629\u060c \u0641\u0625\u0646 META Channel Corporation:<\/p>\n

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\u0648\u062a\u064f\u0639\u062f\u0651 \u0627\u0644\u0623\u0635\u0644 \u0643\u064a \u064a\u0646\u062f\u0631\u062c \u0627\u0644\u062a\u0631\u0645\u064a\u0632\u060c \u0625\u0646 \u0643\u0627\u0646 \u0644\u0647 \u0645\u062d\u0644\u060c \u0641\u064a \u0647\u064a\u0643\u0644 \u0645\u062a\u064a\u0646 \u0642\u0627\u0646\u0648\u0646\u064a\u0627\u064b.<\/p>\n

\u0644\u0627 \u062a\u0639\u0645\u0644 META Channel Corporation \u0628\u0648\u0635\u0641\u0647\u0627 \u0645\u0632\u0648\u0651\u062f\u0627\u064b \u064a\u0642\u062f\u0651\u0645 \u062c\u0645\u064a\u0639 \u0627\u0644\u062e\u062f\u0645\u0627\u062a \u00ab\u062f\u0627\u062e\u0644\u064a\u0627\u064b\u00bb\u060c \u0628\u0644 \u0628\u0648\u0635\u0641\u0647\u0627 \u0645\u0647\u0646\u062f\u0633\u0627\u064b \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u064b \u0648\u0636\u0627\u0628\u0637\u0627\u064b \u0644\u0644\u0625\u064a\u0642\u0627\u0639\u060c \u064a\u0646\u0633\u0651\u0642 \u0639\u0645\u0644 \u0627\u0644\u0645\u062a\u062e\u0635\u0635\u064a\u0646 \u0627\u0644\u062a\u0642\u0646\u064a\u064a\u0646 \u0648\u0627\u0644\u0636\u0631\u064a\u0628\u064a\u064a\u0646 \u0648\u0627\u0644\u0642\u0637\u0627\u0639\u064a\u064a\u0646 \u0648\u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u064a\u0646 \u0628\u062d\u0633\u0628 \u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0643\u0644 \u0645\u0634\u0631\u0648\u0639.<\/p>\n

\u0627\u0644\u0646\u0637\u0627\u0642 \u0627\u0644\u062c\u063a\u0631\u0627\u0641\u064a: \u064a\u0645\u0643\u0646\u060c \u0628\u062d\u0633\u0628 \u0645\u0627 \u064a\u062e\u062a\u0627\u0631\u0647 \u0627\u0644\u0639\u0645\u064a\u0644\u060c \u0623\u0646 \u064a\u062a\u0631\u0643\u0651\u0632 \u0627\u0644\u0639\u0645\u0644 \u0623\u0648 \u0644\u0627 \u064a\u062a\u0631\u0643\u0651\u0632 \u0639\u0644\u0649 \u0631\u0628\u0637 \u062c\u0632\u0631 \u0627\u0644\u0643\u0646\u0627\u0631\u064a\u060c \u0628\u0648\u0635\u0641\u0647\u0627 \u0645\u0631\u0643\u0632\u0627\u064b \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627\u064b \u0648\u0636\u0631\u064a\u0628\u064a\u0627\u064b\u060c \u0628\u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0641\u064a \u0643\u0648\u0644\u0648\u0645\u0628\u064a\u0627 \u0648\u0623\u0646\u063a\u0648\u0644\u0627 \u0648\u0628\u0644\u062f\u0627\u0646 \u0627\u0644\u0645\u062e\u0631\u0648\u0637 \u0627\u0644\u062c\u0646\u0648\u0628\u064a\u060c \u0645\u0639 \u0627\u0644\u0627\u0633\u062a\u0641\u0627\u062f\u0629 \u0645\u0646 \u0623\u0637\u0631 R\u00e9gimen Econ\u00f3mico y Fiscal Canario (\u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u0627\u0644\u0636\u0631\u064a\u0628\u064a \u0627\u0644\u062e\u0627\u0635 \u0628\u062c\u0632\u0631 \u0627\u0644\u0643\u0646\u0627\u0631\u064a)\u060c \u0648\u0645\u0646\u0647\u0627 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) \u0648RIC (\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0641\u064a \u062c\u0632\u0631 \u0627\u0644\u0643\u0646\u0627\u0631\u064a)\u060c \u0648\u0645\u0646 \u0645\u0648\u0642\u0639 \u0627\u0644\u062c\u0632\u0631 \u0627\u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a \u0628\u064a\u0646 \u0623\u0648\u0631\u0648\u0628\u0627 \u0648\u0623\u0641\u0631\u064a\u0642\u064a\u0627 \u0648\u0623\u0645\u0631\u064a\u0643\u0627 \u0627\u0644\u0644\u0627\u062a\u064a\u0646\u064a\u0629.<\/p>\n

\u0644\u0627 \u062a\u0628\u064a\u0639 META Channel Corporation \u00ab\u0627\u0644\u062a\u0631\u0645\u064a\u0632\u00bb. \u0625\u0646\u0647\u0627 \u062a\u0628\u064a\u0639 \u0627\u0644\u0647\u064a\u0643\u0644\u0629:<\/strong> \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0623\u0635\u0644 \u0648\u0627\u0644\u0623\u062f\u0627\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u0628\u062d\u064a\u062b \u064a\u0643\u0648\u0646 \u0627\u0644\u062a\u0631\u0645\u064a\u0632\u060c \u062d\u064a\u0646 \u064a\u0643\u0648\u0646 \u0644\u0647 \u0645\u0639\u0646\u0649\u060c \u0645\u0645\u0643\u0646\u0627\u064b \u0648\u0622\u0645\u0646\u0627\u064b \u0648\u0642\u0627\u0628\u0644\u0627\u064b \u0644\u0644\u062a\u0648\u0633\u0639.<\/p>\n

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\u0644\u064a\u0633 \u062a\u0631\u062e\u064a\u0635 Securitize \u0628\u0648\u0635\u0641\u0647\u0627 SNL DLT \u0646\u0647\u0627\u064a\u0629 \u0623\u064a \u0634\u064a\u0621\u060c \u0628\u0644 \u0628\u062f\u0627\u064a\u0629 \u0645\u0631\u062d\u0644\u0629 \u0633\u064a\u062a\u0636\u062d \u0641\u064a\u0647\u0627 \u062c\u0644\u064a\u0627\u064b \u0645\u0646 \u0641\u0647\u0645 \u0623\u0646 \u0645\u0631\u0643\u0632 \u0627\u0644\u062b\u0642\u0644 \u064a\u0643\u0645\u0646 \u0641\u064a \u0627\u0644\u0623\u0635\u0644 \u0648\u0647\u0646\u062f\u0633\u062a\u0647\u060c \u0648\u0645\u0646 \u0628\u0642\u064a \u0623\u0633\u064a\u0631 \u0627\u0644\u0627\u0641\u062a\u062a\u0627\u0646 \u0628\u0627\u0644\u0631\u0645\u0632 \u0648\u0628\u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0625\u0644\u0643\u062a\u0631\u0648\u0646\u064a\u0629 (marketplace).<\/p>\n

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\u0641\u064a \u0647\u0630\u0647 \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 \u0628\u0627\u0644\u0636\u0628\u0637 \u062d\u062a\u0649 \u064a\u0643\u0648\u0646 \u0644\u0625\u062f\u0631\u0627\u062c\u0647 \u0645\u0639\u0646\u0649\u061f\u00bb.<\/p>\n

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\u0627\u0644\u062f\u0643\u062a\u0648\u0631 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 \u00abPraxis House\u00bb \u0645\u062a\u062e\u0635\u0635\u0629 \u0641\u064a \u0627\u0644\u062c\u0645\u0639 \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 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0639\u0627\u0628\u0631\u0629 \u0644\u0644\u062d\u062f\u0648\u062f. \u0648\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\u0647\u0646\u062f\u0633\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u0647\u0646\u062f\u0633\u0629 \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 \u0645\u062c\u0627\u0644 \u0627\u0644\u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0627\u062a \u0627\u0644\u062b\u0648\u0631\u064a\u0629 (\u0644\u0627\u0626\u062d\u0629 MiCA\u060c \u0648\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0630\u0643\u0627\u0621 \u0627\u0644\u0627\u0635\u0637\u0646\u0627\u0639\u064a\u060c \u0648\u0644\u0627\u0626\u062d\u0629 DORA\u060c \u0648\u062a\u0648\u062c\u064a\u0647 NIS2\u060c \u0648\u0627\u0644\u0644\u0627\u0626\u062d\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a)\u061b \u0648\u062a\u0637\u0648\u064a\u0631 \u062d\u0644\u0648\u0644 \u062a\u0643\u0646\u0648\u0644\u0648\u062c\u064a\u0629 \u0645\u0633\u062e\u0651\u0631\u0629 \u0644\u0644\u0627\u0645\u062a\u062b\u0627\u0644 (RegTech \u0648GovTech). \u0648META Channel \u0644\u064a\u0633\u062a \u0645\u0646\u0635\u0629 \u062a\u0631\u0645\u064a\u0632. \u0623\u0645\u0627 \u0642\u0633\u0645 TokenLab by META Channel \u0641\u064a\u0639\u0645\u0644 \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 \u0645\u0633\u062a\u0642\u0628\u0644\u0627\u064b\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

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