{"id":24822,"date":"2023-09-29T15:00:07","date_gmt":"2023-09-29T08:00:07","guid":{"rendered":"https:\/\/www.fiahub.com\/blog\/?p=23067"},"modified":"2024-03-23T10:46:59","modified_gmt":"2024-03-23T03:46:59","slug":"phan-biet-cac-hinh-thuc-goi-von-trong-crypto","status":"publish","type":"post","link":"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/","title":{"rendered":"Ph\u00e2n bi\u1ec7t c\u00e1c h\u00ecnh th\u1ee9c g\u1ecdi v\u1ed1n trong Crypto"},"content":{"rendered":"<p><b>Initial Coin Offerings (ICO)<\/b><span style=\"font-weight: 400\">, <\/span><b>Security Token Offerings (STO)<\/b><span style=\"font-weight: 400\"> v\u00e0 <\/span><b>Initial Public Offerings (IPO)<\/b><span style=\"font-weight: 400\"> \u0111\u1ec1u l\u00e0 c\u00e1c h\u00ecnh th\u1ee9c g\u00e2y qu\u1ef9 m\u00e0 c\u00e1c doanh nghi\u1ec7p hi\u1ec7n \u0111\u1ea1i s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cho d\u00f9 m\u1ed9t c\u00f4ng ty ch\u1ecdn b\u00e1n t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 d\u1ef1a tr\u00ean blockchain th\u00f4ng qua ICO hay STO hay c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng b\u1eb1ng IPO, vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n l\u00e0 m\u1ed9t trong nh\u1eefng m\u1ee5c ti\u00eau ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p, v\u00ec n\u00f3 c\u00f3 th\u1ec3 s\u1ebd quy\u1ebft \u0111\u1ecbnh s\u1ef1 th\u00e0nh c\u00f4ng hay th\u1ea5t b\u1ea1i c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n . Do \u0111\u00f3, doanh nghi\u1ec7p ph\u1ea3i th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o \u0111\u1ea7u t\u01b0 \u0111\u1ea7y \u0111\u1ee7 nh\u1eb1m gi\u00fap c\u00f4ng ty ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd.<\/span><\/p>\n<p><span style=\"font-weight: 400\">N\u1ebfu b\u1ea1n ch\u1ec9 mu\u1ed1n bi\u1ebft th\u00eam v\u1ec1 c\u00e1c lo\u1ea1i h\u00ecnh g\u00e2y qu\u1ef9 kh\u00e1c nhau ho\u1eb7c b\u1ea1n \u0111ang th\u00e0nh l\u1eadp m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p v\u00e0 mong mu\u1ed1n t\u00ecm hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 v\u1ea5n \u0111\u1ec1 n\u00e0y th\u00ec b\u1ea1n \u0111\u00e3 \u0111\u1ebfn \u0111\u00fang n\u01a1i.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ch\u00fang ta s\u1ebd xem x\u00e9t nh\u1eefng kh\u00e1c bi\u1ec7t quan tr\u1ecdng gi\u1eefa c\u00e1c d\u1ecbch v\u1ee5 ti\u1ec1n \u0111i\u1ec7n t\u1eed, \u00fd ngh\u0129a c\u1ee7a STO trong b\u1ed1i c\u1ea3nh ti\u1ec1n \u0111i\u1ec7n t\u1eed hi\u1ec7n t\u1ea1i, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed ICO v\u00e0 nh\u1eefng g\u00ec c\u00f3 l\u1ee3i, ch\u1eb3ng h\u1ea1n nh\u01b0 ICO so v\u1edbi STO.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung b\u00e0i vi\u1ebft<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Gioi_thieu_ve_gay_quy\" >Gi\u1edbi thi\u1ec7u v\u1ec1 g\u00e2y qu\u1ef9<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Token_tien_dien_tu_la_gi\" >Token ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Hop_dong_thong_minh_la_gi\" >H\u1ee3p \u0111\u1ed3ng th\u00f4ng minh l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Initial_Coin_Offering_ICO_la_gi\" >Initial Coin Offering (ICO) l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Security_Token_Offering_STO_la_gi\" >Security Token Offering (STO) l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Su_khac_biet_giua_ICO_va_STO_la_gi\" >S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ICO v\u00e0 STO l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Su_khac_biet_giua_IPO_va_ICO_la_gi\" >S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa IPO v\u00e0 ICO l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Tai_sao_chon_STO_thay_vi_IPO\" >T\u1ea1i sao ch\u1ecdn STO thay v\u00ec IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.fiahub.com\/blog\/phan-biet-cac-hinh-thuc-goi-von-trong-crypto\/#Launchpads_trong_tien_dien_tu\" >Launchpads trong ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Gioi_thieu_ve_gay_quy\"><\/span><span style=\"font-weight: 400\">Gi\u1edbi thi\u1ec7u v\u1ec1 g\u00e2y qu\u1ef9<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Kh\u00e1i ni\u1ec7m g\u00e2y qu\u1ef9 l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c \u0111\u01b0a ra v\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 1900 v\u00e0 ch\u1ee7 y\u1ebfu li\u00ean quan \u0111\u1ebfn ti\u1ec1n quy\u00ean g\u00f3p cho c\u00e1c m\u1ee5c \u0111\u00edch t\u1eeb thi\u1ec7n. C\u00e1c t\u1ed5 ch\u1ee9c \u0111\u00e3 s\u1eed d\u1ee5ng c\u00e1c chi\u1ebfn d\u1ecbch g\u00e2y qu\u1ef9 tr\u1ef1c ti\u1ebfp, s\u1ef1 ki\u1ec7n v\u00e0 quan h\u1ec7 c\u00f4ng ch\u00fang (PR) l\u00e0m k\u1ef9 thu\u1eadt ch\u00ednh \u0111\u1ec3 g\u00e2y qu\u1ef9.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Chi\u1ebfn d\u1ecbch th\u00e0nh c\u00f4ng nh\u1ea5t \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c b\u1edfi YMCA n\u1ed5i ti\u1ebfng &#8211; Hi\u1ec7p h\u1ed9i C\u01a1 \u0111\u1ed1c nh\u00e2n nam tr\u1ebb, m\u1ed9t t\u1ed5 ch\u1ee9c phi l\u1ee3i nhu\u1eadn nh\u1eb1m gi\u00fap \u0111\u1ee1 nh\u1eefng thanh thi\u1ebfu ni\u00ean c\u00f3 ho\u00e0n c\u1ea3nh kh\u00f3 kh\u0103n. Hai ng\u01b0\u1eddi g\u00e2y qu\u1ef9 Frank Pierce v\u00e0 Charles Ward c\u00f3 th\u1ec3 thu v\u1ec1 s\u1ed1 ti\u1ec1n \u0111\u00e1ng kinh ng\u1ea1c l\u00e0 4 tri\u1ec7u \u0111\u00f4 la ch\u1ec9 ri\u00eang cho YMCA c\u1ee7a Th\u00e0nh ph\u1ed1 New York. H\u1ecd \u0111\u1eb7t ra xu h\u01b0\u1edbng th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn d\u1ecbch g\u00e2y qu\u1ef9 s\u00e1ng t\u1ea1o th\u00f4ng qua chi\u1ebfn l\u01b0\u1ee3c qu\u1ea3ng c\u00e1o h\u1ee3p l\u00fd v\u00e0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p g\u1eb7p m\u1eb7t tr\u1ef1c ti\u1ebfp, nh\u1eefng \u0111i\u1ec1u n\u00e0y quy\u1ebft \u0111\u1ecbnh t\u01b0\u01a1ng lai c\u1ee7a vi\u1ec7c thu h\u00fat v\u1ed1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">S\u1ef1 ra \u0111\u1eddi c\u1ee7a c\u00e1c chi\u1ebfn d\u1ecbch truy\u1ec1n th\u00f4ng x\u00e3 h\u1ed9i tr\u1ef1c tuy\u1ebfn v\u00e0 truy\u1ec1n th\u00f4ng to\u00e0n c\u1ea7u c\u00f3 th\u1ec3 truy c\u1eadp \u0111\u01b0\u1ee3c nh\u1edd internet \u0111\u00e3 mang \u0111\u1ebfn m\u1ed9t g\u00f3c nh\u00ecn m\u1edbi v\u1ec1 t\u00e0i tr\u1ee3 v\u00e0 huy \u0111\u1ed9ng v\u1ed1n. Kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 m\u1edf ra nh\u1eefng c\u00e1ch kh\u00e1c \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n trong c\u00e1c d\u1ef1 \u00e1n huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u1ed9ng \u0111\u1ed3ng s\u1eed d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain \u0111\u1ec3 ho\u1ea1t \u0111\u1ed9ng.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u0110\u1ee3t b\u00e1n token \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c v\u00e0o n\u0103m 2013 khi d\u1ef1 \u00e1n Mastercoin ngang h\u00e0ng (P2P) huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c s\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 500.000 \u0111\u00f4 la b\u1eb1ng Mastercoin m\u1edbi \u0111\u01b0\u1ee3c \u0111\u00fac \u0111\u1ec3 thanh to\u00e1n b\u1eb1ng <a href=\"https:\/\/www.fiahub.com\">Bitcoin<\/a>. \u0110\u00f3 ch\u00ednh th\u1ee9c l\u00e0 ICO \u0111\u1ea7u ti\u00ean v\u00e0 s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a chi\u1ebfn d\u1ecbch g\u00e2y qu\u1ef9 n\u00e0y \u0111\u00e3 khuy\u1ebfn kh\u00edch c\u00e1c d\u1ef1 \u00e1n kh\u00e1c s\u1eed d\u1ee5ng chu\u1ed7i kh\u1ed1i Bitcoin cho m\u1ee5c \u0111\u00edch huy \u0111\u1ed9ng v\u1ed1n t\u1eeb c\u1ed9ng \u0111\u1ed3ng P2P.<\/span><\/p>\n<p><span style=\"font-weight: 400\">V\u00e0o n\u0103m 2014, vi\u1ec7c b\u00e1n token Ethereum \u0111\u00e3 thu \u0111\u01b0\u1ee3c 3.700 BTC trong 12 gi\u1edd \u0111\u1ea7u ti\u00ean, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 2,3 tri\u1ec7u USD v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3. S\u1ed1 ti\u1ec1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 ph\u00e1t tri\u1ec3n <a href=\"https:\/\/www.fiahub.com\">Ethereum<\/a> th\u00e0nh m\u1ed9t blockchain ho\u1ea1t \u0111\u1ed9ng \u0111\u1ed9c l\u1eadp v\u1edbi Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Doanh s\u1ed1 b\u00e1n token ICO t\u0103ng v\u1ecdt v\u00e0o n\u0103m 2017 khi r\u1ea5t nhi\u1ec1u ti\u1ec1n b\u1eaft \u0111\u1ea7u l\u01b0u th\u00f4ng tr\u00ean th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed. Tuy nhi\u00ean, ch\u00fang ta s\u1ebd th\u1ea3o lu\u1eadn chi ti\u1ebft v\u1ec1 ch\u00fang \u1edf ph\u1ea7n sau c\u1ee7a b\u00e0i vi\u1ebft n\u00e0y, khi l\u1ea7n \u0111\u1ea7u ti\u00ean ch\u00fang ta xem x\u00e9t c\u00e1c c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng ti\u1ec1n: <em>token ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh<\/em>.<\/span><\/p>\n<figure id=\"attachment_25530\" aria-describedby=\"caption-attachment-25530\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-25530\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25.jpg\" alt=\"ICO\" width=\"900\" height=\"467\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25.jpg 2083w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-300x156.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-1024x531.jpg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-150x78.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-768x398.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-1536x796.jpg 1536w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-2048x1062.jpg 2048w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-450x233.jpg 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-25-1200x622.jpg 1200w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-25530\" class=\"wp-caption-text\">Token ti\u1ec1n \u0111i\u1ec7n t\u1eed ph\u00f9 h\u1ee3p v\u1edbi ICO v\u00e0 STO v\u00ec n\u00f3 \u0111\u01b0\u1ee3c c\u00e1c doanh nghi\u1ec7p blockchain s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Token_tien_dien_tu_la_gi\"><\/span><span style=\"font-weight: 400\">Token ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Token ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 token \u1ea3o ho\u1eb7c ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u1eb1m tr\u00ean chu\u1ed7i kh\u1ed1i. N\u00f3 \u0111\u1ea1i di\u1ec7n cho m\u1ed9t t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 giao d\u1ecbch ho\u1eb7c m\u1ed9t ti\u1ec7n \u00edch \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng cho c\u00e1c m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 nh\u01b0 trong ICO ho\u1eb7c c\u00e1c m\u1ee5c \u0111\u00edch kinh t\u1ebf \u0111\u1ec3 trao \u0111\u1ed5i ti\u1ec1n t\u1ec7 nh\u01b0 Bitcoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Token ti\u1ec1n \u0111i\u1ec7n t\u1eed ph\u00f9 h\u1ee3p v\u1edbi ICO v\u00e0 STO v\u00ec n\u00f3 \u0111\u01b0\u1ee3c c\u00e1c doanh nghi\u1ec7p blockchain s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Token c\u00f3 nhi\u1ec1u ch\u1ee9c n\u0103ng, t\u1eeb cho ph\u00e9p trao \u0111\u1ed5i phi t\u1eadp trung \u0111\u1ebfn b\u00e1n c\u00e1c m\u1eb7t h\u00e0ng qu\u00fd hi\u1ebfm d\u01b0\u1edbi d\u1ea1ng NFT tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng d\u1ef1a tr\u00ean blockchain.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hop_dong_thong_minh_la_gi\"><\/span><span style=\"font-weight: 400\">H\u1ee3p \u0111\u1ed3ng th\u00f4ng minh l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">H\u1ee3p \u0111\u1ed3ng th\u00f4ng minh l\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh ch\u1ee9a c\u00e1c th\u1ecfa thu\u1eadn k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c l\u01b0u tr\u1eef tr\u00ean blockchain. Ch\u00fang c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c coi l\u00e0 h\u1ee3p \u0111\u1ed3ng t\u1ef1 th\u1ef1c hi\u1ec7n \u0111\u00e1p \u1ee9ng c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a th\u1ecfa thu\u1eadn \u0111\u01b0\u1ee3c vi\u1ebft th\u00e0nh d\u00f2ng m\u00e3 gi\u1eefa ng\u01b0\u1eddi mua v\u00e0 ng\u01b0\u1eddi b\u00e1n ho\u1eb7c ng\u01b0\u1eddi t\u1ea1o h\u1ee3p \u0111\u1ed3ng v\u00e0 ng\u01b0\u1eddi nh\u1eadn. H\u1ecd th\u01b0\u1eddng kh\u00f4ng y\u00eau c\u1ea7u trung gian trong khi v\u1eabn cung c\u1ea5p c\u00e1c giao d\u1ecbch c\u00f3 th\u1ec3 theo d\u00f5i, minh b\u1ea1ch v\u00e0 kh\u00f4ng th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c.<\/span><\/p>\n<p><span style=\"font-weight: 400\">H\u1ee3p \u0111\u1ed3ng th\u00f4ng minh l\u00e0 k\u00eanh, ch\u01b0\u01a1ng tr\u00ecnh gi\u00fap ICO v\u00e0 STO tr\u1edf n\u00ean kh\u1ea3 thi.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Initial_Coin_Offering_ICO_la_gi\"><\/span><span style=\"font-weight: 400\">Initial Coin Offering (ICO) l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">ICO b\u1eb1ng ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p g\u00e2y qu\u1ef9 ph\u1ed5 bi\u1ebfn v\u00e0 hi\u1ec7u qu\u1ea3 nh\u1ea5t cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u00f4ng ty ch\u1ecdn ICO tr\u01b0\u1edbc ti\u00ean s\u1ebd xu\u1ea5t b\u1ea3n s\u00e1ch tr\u1eafng, \u0111\u00e2y l\u00e0 t\u00e0i li\u1ec7u n\u00eau b\u1eadt m\u1ee5c \u0111\u00edch c\u1ee7a d\u1ef1 \u00e1n v\u00e0 cung c\u1ea5p cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng tin k\u1ef9 thu\u1eadt v\u1ec1 kh\u00e1i ni\u1ec7m c\u1ee7a d\u1ef1 \u00e1n. S\u00e1ch tr\u1eafng v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 l\u1ed9 tr\u00ecnh v\u1ec1 c\u00e1ch c\u00f4ng ty l\u00ean k\u1ebf ho\u1ea1ch ph\u00e1t tri\u1ec3n v\u00e0 th\u00e0nh c\u00f4ng.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Sau \u0111\u00f3, doanh nghi\u1ec7p s\u1ebd ph\u00e1t h\u00e0nh m\u00e3 th\u00f4ng b\u00e1o &#8211; nh\u01b0 phi\u1ebfu gi\u1ea3m gi\u00e1 &#8211; \u0111\u1ec3 thanh to\u00e1n cho c\u00e1c d\u1ecbch v\u1ee5 trong t\u01b0\u01a1ng lai. Thay v\u00ec mua c\u1ed5 phi\u1ebfu truy\u1ec1n th\u1ed1ng nh\u01b0 c\u1ed5 ph\u1ea7n s\u1edf h\u1eefu c\u1ee7a m\u1ed9t c\u00f4ng ty, ng\u01b0\u1eddi tham gia mua token \u0111\u1ec3 gi\u00fap doanh nghi\u1ec7p huy \u0111\u1ed9ng v\u1ed1n. Tuy nhi\u00ean, kh\u00f4ng gi\u1ed1ng nh\u01b0 IPO, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u01b0\u1ee3c quy\u1ec1n n\u1eafm gi\u1eef c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty v\u00e0 tham gia v\u00e0o c\u00e1c quy\u1ebft \u0111\u1ecbnh qu\u1ea3n l\u00fd n\u1ed9i b\u1ed9.<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u1eb7t kh\u00e1c, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 \u0111\u01b0\u1ee3c \u0111\u1ec3 \u0111\u00f3ng g\u00f3p cho h\u1ec7 sinh th\u00e1i c\u1ee7a d\u1ef1 \u00e1n. H\u1ecd c\u00f3 th\u1ec3 mua ho\u1eb7c b\u00e1n n\u00f3 \u0111\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn m\u00e0 kh\u00f4ng c\u1ea7n ph\u1ea3i tr\u1ea3i qua qu\u00e1 tr\u00ecnh gian kh\u1ed5 v\u00e0 nhi\u1ec1u quy \u0111\u1ecbnh nh\u01b0 IPO truy\u1ec1n th\u1ed1ng. Do quy tr\u00ecnh \u0111\u01a1n gi\u1ea3n, ICO c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp v\u00e0 g\u1eedi m\u1ed9t c\u00e1ch \u0111\u01a1n gi\u1ea3n v\u00e0 \u0111\u1eb7c bi\u1ec7t ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c doanh nghi\u1ec7p v\u1eeba v\u00e0 nh\u1ecf.<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u00f4i tr\u01b0\u1eddng kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t n\u00e0y l\u00e0 g\u1ed1c r\u1ec5 c\u1ee7a danh ti\u1ebfng x\u1ea5u m\u00e0 c\u00e1c ICO \u0111\u00e3 t\u1ea1o d\u1ef1ng trong nhi\u1ec1u n\u0103m qua. T\u1eeb n\u0103m 2017 \u0111\u1ebfn 2018, h\u01a1n 2000 doanh s\u1ed1 b\u00e1n token \u0111\u1ed9c nh\u1ea5t \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c tr\u00ean 10 t\u1ef7 USD. Nh\u1eefng \u0111i\u1ec1u ki\u1ec7n nh\u01b0 v\u1eady t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho s\u1ef1 gia t\u0103ng c\u1ee7a c\u00e1c ho\u1ea1t \u0111\u1ed9ng l\u1eeba \u0111\u1ea3o r\u00fat lui v\u00e0 c\u00e1c ho\u1ea1t \u0111\u1ed9ng kinh doanh \u0111\u00e1ng ng\u1edd, g\u00f3p ph\u1ea7n g\u00e2y ra s\u1ef1 ch\u1ec9 tr\u00edch v\u00e0 ch\u00fa \u00fd ti\u00eau c\u1ef1c \u0111\u1ed1i v\u1edbi kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u0169ng nh\u01b0 s\u1ef1 gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd c\u1ee7a c\u01a1 quan qu\u1ea3n l\u00fd.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ethereum l\u00e0 blockchain n\u01a1i di\u1ec5n ra h\u1ea7u h\u1ebft c\u00e1c \u0111\u1ee3t ch\u00e0o b\u00e1n ti\u1ec1n xu ban \u0111\u1ea7u. Giao th\u1ee9c h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh m\u1edf c\u1ee7a n\u00f3 cho ph\u00e9p c\u00e1c nh\u00e0 ph\u00e1t tri\u1ec3n d\u1ec5 d\u00e0ng t\u1ea1o c\u00e1c m\u00e3 th\u00f4ng b\u00e1o ph\u00e1i sinh d\u1ef1a tr\u00ean blockchain m\u1edbi v\u00e0 t\u1ea1o ra c\u00e1c ch\u1ee9c n\u0103ng t\u00edch h\u1ee3p linh ho\u1ea1t nh\u01b0 t\u00ednh to\u00e1n t\u1ef1 \u0111\u1ed9ng s\u1ed1 ti\u1ec1n nh\u1eadn \u0111\u01b0\u1ee3c. Trong h\u1ec7 sinh th\u00e1i Ethereum, token \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u00e0 token <strong>ERC-20<\/strong>.<\/span><\/p>\n<p><span style=\"font-weight: 400\">NEO l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng blockchain ICO th\u00e0nh c\u00f4ng kh\u00e1c \u0111\u01b0\u1ee3c t\u1ea1o ra \u1edf Trung Qu\u1ed1c sau s\u1ef1 ph\u1ed5 bi\u1ebfn c\u1ee7a Ethereum. T\u00ednh n\u0103ng h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh Neo ICO \u0111\u00f4i khi \u0111\u01b0\u1ee3c \u01b0a th\u00edch h\u01a1n <a href=\"https:\/\/www.fiahub.com\">Ethereum<\/a> v\u00ec thi\u1ebft k\u1ebf c\u1ee7a n\u00f3 cung c\u1ea5p nhi\u1ec1u kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng h\u01a1n v\u1edbi t\u1ed1i \u0111a 10.000 giao d\u1ecbch m\u1ed7i gi\u00e2y.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ngo\u00e0i ra, n\u1ec1n t\u1ea3ng n\u00e0y s\u1eed d\u1ee5ng c\u00e1c ng\u00f4n ng\u1eef l\u1eadp tr\u00ecnh ph\u1ed5 bi\u1ebfn h\u01a1n l\u00e0 Java v\u00e0 C#, gi\u00fap c\u00e1c chuy\u00ean gia n\u1ed9i b\u1ed9 kh\u1edfi \u0111\u1ed9ng d\u1ef1 \u00e1n tr\u00ean n\u1ec1n t\u1ea3ng Neo d\u1ec5 d\u00e0ng h\u01a1n nhi\u1ec1u.<\/span><\/p>\n<figure id=\"attachment_25531\" aria-describedby=\"caption-attachment-25531\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-25531\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-26.jpg\" alt=\"ICO\" width=\"900\" height=\"633\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-26.jpg 968w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-26-300x211.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-26-150x106.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-26-768x540.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-26-450x317.jpg 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-25531\" class=\"wp-caption-text\">ICO b\u1eb1ng ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p g\u00e2y qu\u1ef9 ph\u1ed5 bi\u1ebfn v\u00e0 hi\u1ec7u qu\u1ea3 nh\u1ea5t cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p blockchain.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Security_Token_Offering_STO_la_gi\"><\/span><span style=\"font-weight: 400\">Security Token Offering (STO) l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Sau nh\u1eefng g\u00ec \u0111\u00e3 x\u1ea3y ra v\u1edbi m\u00f4i tr\u01b0\u1eddng kh\u00f4ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t c\u1ee7a ICO, STO \u0111\u01b0\u1ee3c t\u1ea1o ra \u0111\u1ec3 cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 cao h\u01a1n v\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n g\u00e2y qu\u1ef9 minh b\u1ea1ch h\u01a1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt t\u01b0\u01a1ng t\u1ef1 nh\u01b0 ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng v\u00e0 v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 \u0111\u1ea1i di\u1ec7n k\u1ef9 thu\u1eadt s\u1ed1 cho quy\u1ec1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n v\u00e0 quy\u1ec1n kinh t\u1ebf. H\u1ecd cung c\u1ea5p c\u00e1c quy\u1ec1n nh\u01b0 nhau v\u1ec1 vi\u1ec7c tham gia l\u1ee3i nhu\u1eadn, c\u1ed5 t\u1ee9c v\u00e0 bi\u1ec3u quy\u1ebft trong c\u00e1c quy\u1ebft \u0111\u1ecbnh qu\u1ea3n l\u00fd quan tr\u1ecdng. Th\u00f4ng th\u01b0\u1eddng, h\u1ecd c\u1ea5p cho ch\u1ee7 s\u1edf h\u1eefu quy\u1ec1n \u0111\u1ed1i v\u1edbi m\u1ed9t h\u00ecnh th\u1ee9c c\u1ed5 ph\u1ea7n ho\u1eb7c quy\u1ec1n s\u1edf h\u1eefu m\u1ed9t t\u00e0i s\u1ea3n c\u1ee5 th\u1ec3 nh\u01b0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n, qu\u1ef9 t\u00edn th\u00e1c, LLC (c\u00f4ng ty tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n, m\u1ed9t lo\u1ea1i c\u00f4ng ty tr\u00e1ch nhi\u1ec7m h\u1eefu h\u1ea1n t\u01b0 nh\u00e2n d\u00e0nh ri\u00eang cho Hoa K\u1ef3), t\u00e1c ph\u1ea9m ngh\u1ec7 thu\u1eadt&#8230;<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u1ee5c \u0111\u00edch v\u00e0 kh\u00e1i ni\u1ec7m c\u1ee7a STO c\u0169ng \u0111\u01b0\u1ee3c m\u00f4 t\u1ea3 trong s\u00e1ch tr\u1eafng, nh\u01b0ng y\u00eau c\u1ea7u tu\u00e2n th\u1ee7 lu\u1eadt b\u1ea3o m\u1eadt c\u1ee7a khu v\u1ef1c t\u00e0i ph\u00e1n n\u01a1i ch\u00fang \u0111\u01b0\u1ee3c ban h\u00e0nh v\u00e0 ph\u1ea3i \u0111\u01b0\u1ee3c c\u01a1 quan gi\u00e1m s\u00e1t t\u00e0i ch\u00ednh qu\u1ed1c gia ph\u00ea duy\u1ec7t.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u00f4ng ty \u0111\u1ea7u ti\u00ean ra m\u1eaft STO l\u00e0 T\u1eadp \u0111o\u00e0n <\/span><b>Praetorian<\/b><span style=\"font-weight: 400\"> c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Hoa K\u1ef3, c\u00f4ng ty \u0111\u00e3 \u0111\u0103ng k\u00fd n\u1ec1n t\u1ea3ng n\u00e0y v\u00e0o th\u00e1ng 3 n\u0103m 2018 v\u1edbi \u1ee6y ban Giao d\u1ecbch v\u00e0 An ninh Hoa K\u1ef3. N\u1ec1n t\u1ea3ng n\u00e0y \u0111\u01b0\u1ee3c li\u1ec7t k\u00ea l\u00e0 n\u1ec1n t\u1ea3ng \u0111\u1ea7u t\u01b0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u1eb7c d\u00f9 STO \u0111\u00e3 t\u1ed3n t\u1ea1i \u0111\u01b0\u1ee3c v\u00e0i n\u0103m nh\u01b0ng mi\u1ec1n n\u00e0y v\u1eabn c\u00f2n kh\u00e1 non tr\u1ebb v\u1edbi ch\u1ec9 m\u1ed9t s\u1ed1 l\u01b0\u1ee3ng nh\u1ecf STO \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng tr\u00ean to\u00e0n th\u1ebf gi\u1edbi. V\u00ed d\u1ee5, \u0110\u1ee9c, Luxembourg v\u00e0 Estonia d\u01b0\u1eddng nh\u01b0 c\u00f3 khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd ph\u00f9 h\u1ee3p \u0111\u1ec3 ph\u00ea duy\u1ec7t ch\u00fang nh\u01b0 m\u1ed9t ngu\u1ed3n g\u00e2y qu\u1ef9 h\u1ee3p ph\u00e1p.<\/span><\/p>\n<p><span style=\"font-weight: 400\">G\u1eedi STO v\u00e0 \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t l\u00e0 m\u1ed9t quy tr\u00ecnh nhanh ch\u00f3ng v\u00e0 ti\u1ebft ki\u1ec7m chi ph\u00ed, v\u00ec n\u00f3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u1ef1 \u0111\u1ed9ng h\u00f3a v\u1edbi c\u00e1c h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh d\u1ef1a tr\u00ean blockchain m\u00e0 tr\u00ean \u0111\u00f3 c\u00e1c m\u00e3 th\u00f4ng b\u00e1o \u0111\u01b0\u1ee3c giao d\u1ecbch. C\u00e1c giao th\u1ee9c chu\u1ed7i kh\u1ed1i cho ph\u00e9p lo\u1ea1i b\u1ecf c\u00e1c trung gian \u0111\u1eaft ti\u1ec1n v\u00e0 r\u00fat ng\u1eafn th\u1eddi gian b\u1ea3o l\u00e3nh t\u1ed1n k\u00e9m.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ph\u01b0\u01a1ng th\u1ee9c g\u00e2y qu\u1ef9 t\u01b0\u01a1ng \u0111\u1ed1i m\u1edbi, hi\u1ec7u qu\u1ea3 n\u00e0y c\u00f3 th\u1ec3 l\u00e0 y\u1ebfu t\u1ed1 thay \u0111\u1ed5i cu\u1ed9c ch\u01a1i tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. H\u01a1n n\u1eefa, chi ph\u00ed th\u1ea5p c\u1ea7n thi\u1ebft \u0111\u1ec3 th\u1ef1c hi\u1ec7n STO khi\u1ebfn n\u00f3 tr\u1edf n\u00ean h\u1ea5p d\u1eabn \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty v\u1eeba v\u00e0 nh\u1ecf.<\/span><\/p>\n<p><span style=\"font-weight: 400\">STO k\u1ebft h\u1ee3p c\u00f4ng ngh\u1ec7 blockchain v\u1edbi c\u00e1c y\u00eau c\u1ea7u c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u0111\u1ec3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho t\u00ednh thanh kho\u1ea3n c\u1ee7a t\u00e0i s\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn t\u00e0i ch\u00ednh. M\u00f4i tr\u01b0\u1eddng blockchain th\u00fac \u0111\u1ea9y c\u00e1c m\u1ee5c ti\u00eau qu\u1ea3n l\u00fd ch\u1ee9ng kho\u00e1n v\u1ec1 c\u00f4ng b\u1ed1 th\u00f4ng tin, t\u00ednh to\u00e0n v\u1eb9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, s\u1ef1 c\u00f4ng b\u1eb1ng, \u0111\u1ed5i m\u1edbi v\u00e0 hi\u1ec7u qu\u1ea3 th\u00f4ng qua t\u1ef1 \u0111\u1ed9ng h\u00f3a v\u00e0 h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh. V\u1ec1 b\u1ea3n ch\u1ea5t, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 mua ch\u1ee9ng kho\u00e1n t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u1edf d\u1ea1ng token h\u00f3a nh\u01b0 m\u1ed9t h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh th\u00f4ng th\u01b0\u1eddng h\u01a1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ch\u00fang \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u00ean m\u1ed9t s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u01b0\u01a1ng t\u1ef1 nh\u01b0 s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng v\u00e0 th\u01b0\u1eddng \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 IPO \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a (ch\u00e0o b\u00e1n l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ch\u00fang \u0111\u01b0\u1ee3c coi l\u00e0 <\/span><i><span style=\"font-weight: 400\">\u201cv\u1ee5 IPO c\u1ee7a m\u1ecdi ng\u01b0\u1eddi\u201d<\/span><\/i><span style=\"font-weight: 400\">, v\u00ec m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u c\u00f3 th\u1ec3 \u0111\u1ea7u t\u01b0 v\u00e0o h\u1ec7 sinh th\u00e1i m\u1ed9t c\u00e1ch an to\u00e0n v\u00ec c\u01a1 quan c\u00f3 th\u1ea9m quy\u1ec1n qu\u1ea3n l\u00fd ch\u1ee9ng kho\u00e1n v\u00e0 s\u00e0n giao d\u1ecbch nh\u01b0 \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 ph\u1ea3i ch\u1ea5p thu\u1eadn c\u00f4ng ty \u0111ang g\u00e2y qu\u1ef9 th\u00f4ng qua STO.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ethereum l\u00e0 n\u1ec1n t\u1ea3ng blockchain h\u00e0ng \u0111\u1ea7u \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 ph\u00e1t h\u00e0nh STO. Stellar v\u00e0 Polymath c\u0169ng l\u00e0 nh\u00e0 ph\u00e1t h\u00e0nh m\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt v\u00ec h\u1ecd cung c\u1ea5p n\u1ec1n t\u1ea3ng h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh h\u1ee3p l\u00fd v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt.<\/span><\/p>\n<figure id=\"attachment_25532\" aria-describedby=\"caption-attachment-25532\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-25532\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27.jpg\" alt=\"STO\" width=\"900\" height=\"623\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27.jpg 1181w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27-300x208.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27-1024x709.jpg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27-150x104.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27-768x532.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-27-450x312.jpg 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-25532\" class=\"wp-caption-text\">STO \u0111\u01b0\u1ee3c t\u1ea1o ra \u0111\u1ec3 cung c\u1ea5p s\u1ef1 b\u1ea3o v\u1ec7 cao h\u01a1n v\u00e0 m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n g\u00e2y qu\u1ef9 minh b\u1ea1ch h\u01a1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">IPO truy\u1ec1n th\u1ed1ng x\u1ea3y ra khi m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n b\u00e1n c\u1ed5 ph\u1ea7n c\u1ee7a m\u00ecnh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ho\u1eb7c b\u00e1n l\u1ebb. B\u1eb1ng c\u00e1ch ni\u00eam y\u1ebft ch\u00fang tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n nh\u01b0 S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n New York (NYSE), c\u00f4ng ty cung c\u1ea5p c\u1ed5 phi\u1ebfu cho c\u00f4ng ch\u00fang mua.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Trong kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed, c\u00f4ng ty b\u00e1n t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a m\u00ecnh cho c\u00f4ng ch\u00fang. Gi\u1ed1ng nh\u01b0 c\u00e1c \u0111\u1ee3t IPO th\u00f4ng th\u01b0\u1eddng, c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed quy\u1ebft \u0111\u1ecbnh huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang s\u1ebd ph\u1ea3i tr\u1ea3i qua s\u1ef1 gi\u00e1m s\u00e1t ch\u1eb7t ch\u1ebd c\u1ee7a c\u00f4ng ch\u00fang v\u00e0 \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u kh\u1eaft khe c\u1ee7a c\u01a1 quan gi\u00e1m s\u00e1t c\u00e1c c\u00f4ng ty \u0111\u1ea1i ch\u00fang. Qu\u00e1 tr\u00ecnh n\u00e0y l\u00e0 c\u1ea7n thi\u1ebft \u0111\u1ec3 c\u00f4ng ty chuy\u1ec3n t\u1eeb t\u01b0 nh\u00e2n sang \u0111\u1ea1i ch\u00fang.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Gi\u1ed1ng nh\u01b0 ICO v\u00e0 STO, IPO l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh trong s\u00e1ch tr\u1eafng. Sau \u0111\u00f3, h\u1ecd s\u1ebd ph\u1ea3i \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u00e1c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh ho\u1eb7c ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 \u0111\u00f3ng vai tr\u00f2 l\u00e0 nh\u00e0 m\u00f4i gi\u1edbi gi\u1eefa c\u00f4ng ty ph\u00e1t h\u00e0nh v\u00e0 c\u00f4ng ch\u00fang \u0111\u1ec3 h\u1ed7 tr\u1ee3 c\u00f4ng ty b\u00e1n b\u1ed9 ti\u1ec1n ban \u0111\u1ea7u. C\u00e1c t\u1ed5 ch\u1ee9c b\u1ea3o l\u00e3nh v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 gi\u00fap x\u00e1c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n, qu\u1ea3ng b\u00e1 t\u00e0i s\u1ea3n \u0111\u00f3 t\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng v\u00e0 n\u1ed9p c\u00e1c t\u00e0i li\u1ec7u c\u1ea7n thi\u1ebft \u0111\u1ec3 \u0111\u00e1p \u1ee9ng c\u00e1c y\u00eau c\u1ea7u ph\u00e1p l\u00fd tr\u01b0\u1edbc khi ti\u1ebfn h\u00e0nh IPO.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Kh\u1edfi \u0111\u1ed9ng IPO l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh l\u00e2u d\u00e0i v\u00e0 \u0111\u1ea7y th\u1eed th\u00e1ch, do \u0111\u00f3 c\u00e1c c\u00f4ng ty ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u00edch huy \u0111\u1ed9ng v\u1ed1n th\u00f4ng qua ICO ho\u1eb7c STO. Tuy nhi\u00ean, vi\u1ec7c ph\u00e1t h\u00e0nh IPO l\u00e0 m\u1ed9t th\u1eddi \u0111i\u1ec3m quan tr\u1ecdng cho s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a m\u1ed9t c\u00f4ng ty quan tr\u1ecdng, nh\u1edd \u0111\u00f3 m\u00e0 uy t\u00edn v\u00e0 l\u1ee3i \u00edch c\u00f4ng c\u1ed9ng c\u1ee7a n\u00f3 \u0111\u01b0\u1ee3c n\u00e2ng cao.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Sau IPO, t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u1ee7a c\u00f4ng ty s\u1ebd \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean m\u1ed9t s\u00e0n giao d\u1ecbch ti\u1ec1n \u0111i\u1ec7n t\u1eed. C\u00f4ng ty \u0110\u00f4ng \u1ea4n H\u00e0 Lan l\u00e0 c\u00f4ng ty \u0111\u1ea7u ti\u00ean cung c\u1ea5p t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed cho ho\u1ea1t \u0111\u1ed9ng kinh doanh c\u1ee7a m\u00ecnh ra c\u00f4ng ch\u00fang v\u00e0 \u0111\u01b0\u1ee3c coi l\u00e0 \u0111\u1ee3t IPO \u0111\u1ea7u ti\u00ean trong th\u1ebf gi\u1edbi ti\u1ec1n \u0111i\u1ec7n t\u1eed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Coinbase l\u00e0 n\u1ec1n t\u1ea3ng trao \u0111\u1ed5i ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u1ea7u ti\u00ean tri\u1ec3n khai \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n truy\u1ec1n th\u1ed1ng. V\u00e0o th\u00e1ng 4 n\u0103m 2021, n\u00f3 \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft tr\u00ean s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n Nasdaq. IPO c\u00f3 th\u1ec3 \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a c\u00f4ng ty, v\u1edbi 56 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng \u0111\u00e3 \u0111\u0103ng k\u00fd v\u00e0o n\u0103m 2021, t\u0103ng t\u1eeb 43 tri\u1ec7u ch\u1ec9 v\u00e0i th\u00e1ng tr\u01b0\u1edbc khi IPO.<\/span><\/p>\n<figure id=\"attachment_25533\" aria-describedby=\"caption-attachment-25533\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-25533\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28.jpg\" alt=\"IPO\" width=\"900\" height=\"630\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28.jpg 1600w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-300x210.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-1024x717.jpg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-150x105.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-768x538.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-1536x1075.jpg 1536w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-450x315.jpg 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-28-1200x840.jpg 1200w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-25533\" class=\"wp-caption-text\">IPO truy\u1ec1n th\u1ed1ng x\u1ea3y ra khi m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n b\u00e1n c\u1ed5 ph\u1ea7n c\u1ee7a m\u00ecnh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ho\u1eb7c b\u00e1n l\u1ebb.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Su_khac_biet_giua_ICO_va_STO_la_gi\"><\/span><span style=\"font-weight: 400\">S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa ICO v\u00e0 STO l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh n\u1eb1m \u1edf b\u1ea3n ch\u1ea5t c\u1ee7a t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c cung c\u1ea5p. Trong ICO, t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i l\u00e0 ti\u1ec7n \u00edch v\u00e0 c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh v\u00f4 h\u1ea1n. Qua nhi\u1ec1u n\u0103m, ch\u00fang \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh l\u00e0 nh\u1eefng t\u00e0i s\u1ea3n mang t\u00ednh \u0111\u1ea7u c\u01a1 cao v\u00ec gi\u00e1 tr\u1ecb c\u1ee7a ch\u00fang ph\u00e1t sinh t\u1eeb l\u1ee3i \u00edch m\u00e0 ng\u01b0\u1eddi mua mong \u0111\u1ee3i ch\u00fang mang l\u1ea1i thay v\u00ec gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf.<\/span><\/p>\n<p><span style=\"font-weight: 400\">ICO th\u01b0\u1eddng \u0111\u01b0\u1ee3c li\u00ean k\u1ebft v\u1edbi c\u00e1c k\u1ebf ho\u1ea1ch b\u01a1m v\u00e0 \u0111\u1ed5, \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u00e1 c\u1edd \u0111\u1ecf l\u1edbn trong m\u1eaft c\u01a1 quan qu\u1ea3n l\u00fd. M\u1eb7t kh\u00e1c, vi\u1ec7c cung c\u1ea5p m\u00e3 th\u00f4ng b\u00e1o b\u1ea3o m\u1eadt \u0111\u1ea1i di\u1ec7n cho ch\u1ee9ng kho\u00e1n th\u1ef1c nh\u01b0 tr\u00e1i phi\u1ebfu ho\u1eb7c c\u1ed5 phi\u1ebfu v\u00e0 \u0111\u01b0\u1ee3c g\u1eafn v\u1edbi m\u1ed9t c\u00f4ng ty \u1ed5n \u0111\u1ecbnh h\u01a1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">V\u1ec1 m\u1eb7t ph\u00e1p l\u00fd, c\u0169ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3. STO tu\u00e2n theo lu\u1eadt ch\u1ee9ng kho\u00e1n gi\u1ed1ng nh\u01b0 IPO truy\u1ec1n th\u1ed1ng, trong khi ICO \u0111\u01b0\u1ee3c \u0111\u1eb7t d\u01b0\u1edbi c\u00e1c ti\u1ec7n \u00edch, bi\u1ec3u th\u1ecb m\u1ed9t h\u1ec7 th\u1ed1ng m\u1edd \u00e1m h\u01a1n v\u00e0 k\u00e9m minh b\u1ea1ch h\u01a1n. Do \u0111\u00f3, STO cung c\u1ea5p cho c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p s\u1ef1 b\u1ea3o m\u1eadt b\u1ed5 sung v\u00ec m\u00e3 th\u00f4ng b\u00e1o ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u0103ng k\u00fd v\u00e0 ki\u1ec3m tra b\u1edfi \u1ee7y ban giao d\u1ecbch v\u00e0 ch\u1ee9ng kho\u00e1n \u0111\u1ecba ph\u01b0\u01a1ng.<\/span><\/p>\n<p><span style=\"font-weight: 400\">V\u1edbi STO, m\u1ecdi giao d\u1ecbch \u0111\u1ec1u \u0111\u01b0\u1ee3c c\u01a1 quan c\u00f3 th\u1ea9m quy\u1ec1n gi\u00e1m s\u00e1t v\u00e0 m\u1eb7c d\u00f9 qu\u00e1 tr\u00ecnh giao d\u1ecbch v\u00e0 \u0111\u1ea7u t\u01b0 k\u00e9o d\u00e0i h\u01a1n nh\u01b0ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea3m th\u1ea5y \u0111\u01b0\u1ee3c b\u1ea3o v\u1ec7 nhi\u1ec1u h\u01a1n v\u00e0 \u00edt c\u00f3 xu h\u01b0\u1edbng tr\u1edf th\u00e0nh n\u1ea1n nh\u00e2n c\u1ee7a c\u00e1c v\u1ee5 l\u1eeba \u0111\u1ea3o.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Su_khac_biet_giua_IPO_va_ICO_la_gi\"><\/span><span style=\"font-weight: 400\">S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa IPO v\u00e0 ICO l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">C\u00e1c c\u00f4ng ty c\u00f3 uy t\u00edn huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng IPO, trong khi c\u00e1c c\u00f4ng ty kh\u1edfi nghi\u1ec7p tr\u1ebb m\u1edbi s\u1eed d\u1ee5ng ICO \u0111\u1ec3 g\u00e2y qu\u1ef9.<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u1ed9t trong nh\u1eefng kh\u00e1c bi\u1ec7t ch\u00ednh l\u00e0 nh\u1eefng g\u00ec nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y ngu\u1ed3n t\u00e0i tr\u1ee3. Trong tr\u01b0\u1eddng h\u1ee3p IPO, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 quy\u1ec1n s\u1edf h\u1eefu v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (quy\u1ec1n s\u1edf h\u1eefu t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 c\u00f3 c\u00e1c kho\u1ea3n n\u1ee3 ho\u1eb7c ngh\u0129a v\u1ee5 ph\u00e1p l\u00fd kh\u00e1c g\u1eafn li\u1ec1n v\u1edbi ch\u00fang) v\u00e0 quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00f4ng ty.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Trong tr\u01b0\u1eddng h\u1ee3p ICO, nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng n\u1eafm gi\u1eef v\u1ed1n c\u1ed5 ph\u1ea7n c\u1ee7a c\u00f4ng ty c\u0169ng nh\u01b0 kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft trong c\u00e1c quy\u1ebft \u0111\u1ecbnh n\u1ed9i b\u1ed9 quan tr\u1ecdng. Gi\u00e1 tr\u1ecb c\u1ee7a m\u1ed9t \u0111\u1ed3ng ti\u1ec1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi c\u00e1c quy\u1ec1n \u0111\u01b0\u1ee3c \u0111\u1ea1i di\u1ec7n b\u1edfi m\u00e3 th\u00f4ng b\u00e1o v\u00e0 ti\u1ebfn tr\u00ecnh c\u1ee7a b\u1ea5t k\u1ef3 d\u1ef1 \u00e1n c\u01a1 b\u1ea3n n\u00e0o.<\/span><\/p>\n<p><span style=\"font-weight: 400\">ICO x\u1ea3y ra khi ra m\u1eaft c\u00f4ng ty d\u1ef1a tr\u00ean blockchain. Ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t c\u00f4ng ty t\u01b0 nh\u00e2n quy\u1ebft \u0111\u1ecbnh ti\u1ebfn h\u00e0nh IPO v\u00e0o giai \u0111o\u1ea1n sau khi c\u00f4ng ty \u0111\u00f3 \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t doanh nghi\u1ec7p m\u1ea1nh m\u1ebd h\u01a1n v\u00e0 \u0111\u00e3 c\u00f3 s\u1ea3n ph\u1ea9m ho\u1eb7c d\u1ecbch v\u1ee5 ho\u1ea1t \u0111\u1ed9ng l\u00e2u d\u00e0i.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Quy \u0111\u1ecbnh l\u00e0 m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t \u0111\u00e1ng k\u1ec3 kh\u00e1c gi\u1eefa ICO v\u00e0 IPO. M\u1eb7c d\u00f9 ICO ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c t\u1ef1 \u0111i\u1ec1u ch\u1ec9nh b\u1eb1ng c\u00e1c h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 t\u1ef1 \u0111\u1ed9ng, nh\u01b0ng IPO ph\u1ea3i tr\u1ea3i qua c\u00e1c th\u1ee7 t\u1ee5c nghi\u00eam ng\u1eb7t, th\u1ea9m \u0111\u1ecbnh v\u00e0 tu\u00e2n th\u1ee7 tr\u01b0\u1edbc khi \u0111\u01b0\u1ee3c c\u01a1 quan qu\u1ea3n l\u00fd \u0111\u1ecba ph\u01b0\u01a1ng c\u00f3 li\u00ean quan ch\u1ea5p thu\u1eadn.<\/span><\/p>\n<p><span style=\"font-weight: 400\">L\u1ee3i \u00edch ch\u00ednh c\u1ee7a ICO so v\u1edbi ph\u01b0\u01a1ng ph\u00e1p IPO l\u00e0 lo\u1ea1i b\u1ecf c\u00e1c b\u00ean trung gian th\u01b0\u1eddng khi\u1ebfn c\u00e1c quy tr\u00ecnh k\u00e9o d\u00e0i, k\u00e9m hi\u1ec7u qu\u1ea3 v\u00e0 t\u1ed1n k\u00e9m h\u01a1n.<\/span><\/p>\n<figure id=\"attachment_25534\" aria-describedby=\"caption-attachment-25534\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-25534\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-29.jpg\" alt=\"ICO\" width=\"900\" height=\"504\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-29.jpg 1000w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-29-300x168.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-29-150x84.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-29-768x430.jpg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2023\/09\/a1-29-450x252.jpg 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-25534\" class=\"wp-caption-text\">L\u1ee3i \u00edch ch\u00ednh c\u1ee7a ICO so v\u1edbi ph\u01b0\u01a1ng ph\u00e1p IPO l\u00e0 lo\u1ea1i b\u1ecf c\u00e1c b\u00ean trung gian th\u01b0\u1eddng khi\u1ebfn c\u00e1c quy tr\u00ecnh k\u00e9o d\u00e0i, k\u00e9m hi\u1ec7u qu\u1ea3 v\u00e0 t\u1ed1n k\u00e9m h\u01a1n.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Tai_sao_chon_STO_thay_vi_IPO\"><\/span><span style=\"font-weight: 400\">T\u1ea1i sao ch\u1ecdn STO thay v\u00ec IPO?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">M\u1eb7c d\u00f9 STO v\u00e0 IPO c\u00f3 c\u00f9ng m\u1ee5c ti\u00eau l\u00e0 huy \u0111\u1ed9ng v\u1ed1n \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y an ninh nh\u01b0ng ch\u00fang kh\u00e1c nhau v\u1ec1 quy tr\u00ecnh v\u00e0 c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u00f4ng ngh\u1ec7 chu\u1ed7i kh\u1ed1i mang l\u1ea1i l\u1ee3i \u00edch ch\u00ednh cho STO. V\u1edbi c\u00e1c quy tr\u00ecnh t\u1ef1 \u0111\u1ed9ng v\u00e0 lo\u1ea1i b\u1ecf c\u00e1c trung gian, STO cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p g\u00e2y qu\u1ef9 \u0111\u01a1n gi\u1ea3n v\u00e0 hi\u1ec7u qu\u1ea3 h\u01a1n v\u1ec1 m\u1eb7t chi ph\u00ed. M\u1eb7t kh\u00e1c, IPO y\u00eau c\u1ea7u thu\u00ea nh\u1eefng ng\u01b0\u1eddi trung gian ph\u1ea3i \u0111\u01b0\u1ee3c tr\u1ea3 th\u00f9 lao, cu\u1ed1i c\u00f9ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn s\u1ef1 th\u00e0nh c\u00f4ng hay th\u1ea5t b\u1ea1i c\u1ee7a \u0111\u1ee3t ch\u00e0o b\u00e1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a STO c\u0169ng cho ph\u00e9p c\u00e1c c\u00f4ng ty v\u1eeba v\u00e0 nh\u1ecf huy \u0111\u1ed9ng v\u1ed1n, \u0111i\u1ec1u kh\u00f4ng th\u1ec3 t\u01b0\u1edfng t\u01b0\u1ee3ng \u0111\u01b0\u1ee3c tr\u01b0\u1edbc khi b\u1eaft \u0111\u1ea7u cung c\u1ea5p ti\u1ec1n \u0111i\u1ec7n t\u1eed. H\u01a1n n\u1eefa, c\u00e1c ch\u1ee3 th\u01b0\u01a1ng m\u1ea1i truy\u1ec1n th\u1ed1ng th\u01b0\u1eddng ch\u1ec9 m\u1edf c\u1eeda trong gi\u1edd l\u00e0m vi\u1ec7c v\u00ec ch\u00fang ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 b\u1ea3o tr\u00ec c\u1ee7a con ng\u01b0\u1eddi. M\u1eb7t kh\u00e1c, th\u1ecb tr\u01b0\u1eddng blockchain v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed m\u1edf c\u1eeda 24 gi\u1edd m\u1ed9t ng\u00e0y, b\u1ea3y ng\u00e0y m\u1ed9t tu\u1ea7n, d\u1eabn \u0111\u1ebfn t\u00ednh thanh kho\u1ea3n cao h\u01a1n v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng l\u00ean.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u1ea3 IPO v\u00e0 STO \u0111\u1ec1u cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 \u0111\u01b0\u1ee3c v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu trong m\u1ed9t c\u00f4ng ty c\u00f9ng v\u1edbi c\u1ed5 t\u1ee9c, quy\u1ec1n thanh l\u00fd v\u00e0 quy\u1ec1n bi\u1ec3u quy\u1ebft. Tuy nhi\u00ean, c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh cho ph\u00e9p s\u1edf h\u1eefu nh\u1eefng th\u1ee9 \u0111\u00f3 l\u1ea1i kh\u00e1c nhau. Trong \u0111\u1ee3t IPO, nh\u00e0 \u0111\u1ea7u t\u01b0 mua c\u1ed5 phi\u1ebfu \u0111\u1ea1i di\u1ec7n cho t\u00e0i s\u1ea3n, trong khi \u1edf STO, nh\u00e0 \u0111\u1ea7u t\u01b0 mua m\u00e3 th\u00f4ng b\u00e1o k\u1ef9 thu\u1eadt s\u1ed1.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u00e1c quy tr\u00ecnh t\u1ef1 \u0111\u1ed9ng h\u00f3a b\u1eb1ng c\u00f4ng ngh\u1ec7 chu\u1ed7i kh\u1ed1i cho ph\u00e9p STO ti\u1ebft ki\u1ec7m \u0111\u00e1ng k\u1ec3 chi ph\u00ed ch\u00e0o b\u00e1n v\u1edbi m\u1ee9c gi\u1ea3m t\u1edbi 40%, ch\u1ee7 y\u1ebfu l\u00e0 ph\u00ed trung gian v\u00e0 chi ph\u00ed ph\u00e1t h\u00e0nh li\u00ean quan \u0111\u1ebfn IPO.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Cu\u1ed1i c\u00f9ng, ph\u1ea1m vi bao ph\u1ee7 c\u1ee7a khu v\u1ef1c gi\u1eefa IPO v\u00e0 STO l\u00e0 kh\u00e1c nhau. STO v\u01b0\u1ee3t tr\u1ed9i h\u01a1n v\u1ec1 t\u00ednh linh ho\u1ea1t so v\u1edbi IPO v\u00ec n\u00f3 gi\u00fap c\u00e1c t\u1eadp \u0111o\u00e0n ch\u1eafc ch\u1eafn h\u01a1n trong vi\u1ec7c ch\u1ed1ng gian l\u1eadn. C\u00e1i tr\u01b0\u1edbc kh\u00f4ng b\u1ecb r\u00e0ng bu\u1ed9c v\u1edbi m\u1ed9t qu\u1ed1c gia duy nh\u1ea5t, c\u00f3 r\u00e0o c\u1ea3n gia nh\u1eadp th\u1ea5p h\u01a1n v\u00e0 cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn huy \u0111\u1ed9ng v\u1ed1n minh b\u1ea1ch h\u01a1n. Thay v\u00e0o \u0111\u00f3, IPO th\u01b0\u1eddng ch\u1ec9 ho\u1ea1t \u0111\u1ed9ng trong khu v\u1ef1c n\u01a1i ch\u00fang \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0 ch\u1ec9 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ecba ph\u01b0\u01a1ng m\u1edbi c\u00f3 th\u1ec3 tham gia v\u00e0o qu\u00e1 tr\u00ecnh n\u00e0y.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Launchpads_trong_tien_dien_tu\"><\/span><span style=\"font-weight: 400\">Launchpads trong ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">C\u00e1c launchpad ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u00e3 thay \u0111\u1ed5i c\u00e1ch th\u1ee9c ti\u1ebfn h\u00e0nh b\u00e1n m\u00e3 th\u00f4ng b\u00e1o, gi\u00fap c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp c\u1eadn c\u00e1c d\u1ecbch v\u1ee5 d\u1ec5 d\u00e0ng v\u00e0 an to\u00e0n h\u01a1n. M\u1eb7c d\u00f9 c\u00e1c quy tr\u00ecnh ICO d\u1ec5 qu\u1ea3n l\u00fd v\u00e0 hi\u1ec7u qu\u1ea3 h\u01a1n so v\u1edbi c\u00e1c \u0111\u1ee3t ch\u00e0o b\u00e1n c\u00f4ng khai truy\u1ec1n th\u1ed1ng nh\u01b0ng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u1eabn kh\u00f3 kh\u0103n \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb h\u00e0ng ng\u00e0y.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Kh\u1ed1i l\u01b0\u1ee3ng kh\u1ed5ng l\u1ed3 c\u1ee7a ICO v\u00e0 th\u00f4ng tin c\u00f3 s\u1eb5n khi\u1ebfn th\u1ecb tr\u01b0\u1eddng tr\u1edf n\u00ean kh\u00f3 hi\u1ec3u v\u00e0 kh\u00f4ng \u0111\u00e1ng tin c\u1eady \u0111\u1ec3 x\u1eed l\u00fd. Ngo\u00e0i ra, \u0111\u1ea7u t\u01b0 ti\u1ec1n \u0111i\u1ec7n t\u1eed th\u01b0\u1eddng mang l\u1ea1i nhi\u1ec1u l\u1ee3i nhu\u1eadn h\u01a1n n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 tham gia s\u1edbm. Tuy nhi\u00ean, h\u1ea7u nh\u01b0 kh\u00f4ng th\u1ec3 \u0111\u00e1nh gi\u00e1 ri\u00eang l\u1ebb d\u1ef1 \u00e1n ti\u1ec1n \u0111i\u1ec7n t\u1eed n\u00e0o \u0111\u00e1ng gi\u00e1 trong vi\u1ec7c ph\u00e2n b\u1ed5 m\u1ed9t s\u1ed1 v\u1ed1n tr\u01b0\u1edbc khi ra m\u1eaft. \u0110i\u1ec1u n\u00e0y x\u1ea3y ra cho \u0111\u1ebfn khi m\u00f4 h\u00ecnh launchpad \u0111\u01b0\u1ee3c t\u1ea1o ra.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Launchpad l\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng ti\u1ec1n \u0111i\u1ec7n t\u1eed s\u1eed d\u1ee5ng c\u00e1c k\u1ebf ho\u1ea1ch ki\u1ec3m tra c\u1ee5 th\u1ec3 \u0111\u1ec3 gi\u00fap l\u1ecdc ra c\u00e1c tr\u00f2 gian l\u1eadn v\u00e0 l\u1eeba \u0111\u1ea3o, \u0111\u1ed3ng th\u1eddi cho ph\u00e9p c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh c\u00e1c d\u1ef1 \u00e1n ti\u1ec1n \u0111i\u1ec7n t\u1eed \u0111\u1ea7y h\u1ee9a h\u1eb9n \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u, quy\u1ebft \u0111\u1ecbnh xem ch\u00fang c\u00f3 \u0111\u00e1ng \u0111\u1ea7u t\u01b0 v\u00e0 tham gia v\u00e0o qu\u00e1 tr\u00ecnh b\u00e1n tr\u01b0\u1edbc m\u00e3 th\u00f4ng b\u00e1o hay kh\u00f4ng.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u00e1c launchpads ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 th\u1ec3 cung c\u1ea5p c\u00e1c s\u1ef1 ki\u1ec7n ph\u00e1t h\u00e0nh m\u00e3 th\u00f4ng b\u00e1o r\u1ea5t th\u00e0nh c\u00f4ng khi ch\u00fang \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c v\u00e0 x\u00e2y d\u1ef1ng t\u1ed1t d\u00e0nh cho c\u00e1c nh\u00f3m v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0. Nhi\u1ec1u d\u1ef1 \u00e1n th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u0103ng k\u00fd v\u01b0\u1ee3t m\u1ee9c v\u00e0 vi\u1ec7c b\u00e1n m\u00e3 th\u00f4ng b\u00e1o c\u00f3 th\u1ec3 b\u00e1n h\u1ebft sau v\u00e0i ph\u00fat ho\u1eb7c \u0111\u00f4i khi l\u00e0 v\u00e0i gi\u00e2y. \u0110i\u1ec1u n\u00e0y th\u1ec3 hi\u1ec7n nhu c\u1ea7u r\u00f5 r\u00e0ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng n\u00e0y.<\/span><\/p>\n<p><span style=\"font-weight: 400\">V\u1eady l\u00e0 ch\u00fang ta \u0111\u00e3 c\u00f9ng nhau t\u00ecm hi\u1ec3u c\u00e1c h\u00ecnh th\u1ee9c g\u1ecdi v\u1ed1n trong crypto. \u0110\u1eebng qu\u00ean \u0111\u1ec3 l\u1ea1i b\u00ecnh lu\u1eadn c\u1ee7a b\u1ea1n d\u01b0\u1edbi b\u00e0i vi\u1ebft. M\u1ecdi th\u1eafc m\u1eafc v\u1ec1 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n k\u1ef9 thu\u1eadt su\u1ea5t, vui l\u00f2ng li\u00ean h\u1ec7 \u0111\u1ed9i ng\u0169 Support c\u1ee7a <a href=\"https:\/\/www.fiahub.com\">Fiahub<\/a> 24\/7.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Initial Coin Offerings (ICO), Security Token Offerings (STO) v\u00e0 Initial Public Offerings (IPO) \u0111\u1ec1u l\u00e0 c\u00e1c h\u00ecnh th\u1ee9c g\u00e2y qu\u1ef9 m\u00e0 c\u00e1c doanh nghi\u1ec7p hi\u1ec7n \u0111\u1ea1i s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. Cho d\u00f9 m\u1ed9t c\u00f4ng ty ch\u1ecdn b\u00e1n t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 d\u1ef1a tr\u00ean blockchain th\u00f4ng qua ICO hay STO hay c\u1ed5 phi\u1ebfu<\/p>\n","protected":false},"author":24,"featured_media":25535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21843],"tags":[3150,3203,18282,9740],"class_list":{"0":"post-24822","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-huong-dan-dau-tu","8":"tag-crypto","9":"tag-ico","10":"tag-ipo","11":"tag-sto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ph\u00e2n bi\u1ec7t c\u00e1c h\u00ecnh th\u1ee9c g\u1ecdi v\u1ed1n trong Crypto - Fiahub<\/title>\n<meta name=\"description\" content=\"B\u1ea1n c\u00f3 bi\u1ebft \u0111\u00e2u l\u00e0 nh\u1eefng h\u00ecnh th\u1ee9c g\u1ecdi v\u1ed1n trong crypto ph\u1ed5 bi\u1ebfn hay kh\u00f4ng? 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