{"id":47,"count":2,"description":"Licence p\u0159edstavuj\u00ed kl\u00ed\u010dov\u00fd prvek fungov\u00e1n\u00ed finan\u010dn\u00edch trh\u016f a jejich d\u016fv\u011bryhodnosti. Z pr\u00e1vn\u00edho hlediska licence oprav\u0148uje subjekt k v\u00fdkonu regulovan\u00e9 \u010dinnosti \u2013 nej\u010dast\u011bji p\u0159ij\u00edm\u00e1n\u00ed vklad\u016f, poskytov\u00e1n\u00ed investi\u010dn\u00edch slu\u017eeb, platebn\u00edch slu\u017eeb \u010di nakl\u00e1d\u00e1n\u00ed s finan\u010dn\u00edmi n\u00e1stroji. Pro ud\u011blen\u00ed licence jsou obvykle stanoveny p\u0159\u00edsn\u00e9 po\u017eadavky na kapit\u00e1lovou vybavenost, organiza\u010dn\u00ed strukturu, odbornou zp\u016fsobilost managementu a syst\u00e9my \u0159\u00edzen\u00ed rizik. C\u00edlem regul\u00e1tora je zajistit stabilitu finan\u010dn\u00edho syst\u00e9mu, ochranu klient\u016f a transparentnost trhu, p\u0159i\u010dem\u017e ka\u017ed\u00e1 licence je spojena s pravideln\u00fdm reportingem a kontroln\u00edmi pravomocemi dozorov\u00fdch org\u00e1n\u016f.\r\n\r\nV oblasti tradi\u010dn\u00edch finan\u010dn\u00edch trh\u016f se licence \u0159\u00edd\u00ed sm\u011brnicemi a na\u0159\u00edzen\u00edmi Evropsk\u00e9 unie, z nich\u017e kl\u00ed\u010dov\u00e1 je sm\u011brnice MiFID II (Markets in Financial Instruments Directive). Subjekty s licenc\u00ed podle MiFID II mohou poskytovat \u0161irok\u00e9 spektrum investi\u010dn\u00edch slu\u017eeb nap\u0159\u00ed\u010d \u010dlensk\u00fdmi st\u00e1ty EU d\u00edky principu pasportizace. Krom\u011b toho existuj\u00ed licence pro kreditn\u00ed instituce (banky), licencovan\u00e9 platebn\u00ed instituce podle PSD2 (Payment Services Directive) a instituce elektronick\u00fdch pen\u011bz (e-money). Ka\u017ed\u00fd typ licence definuje rozsah \u010dinnost\u00ed, limity rizik a po\u017eadavky na kapit\u00e1l, \u010d\u00edm\u017e vytv\u00e1\u0159\u00ed jasn\u00e9 mantinely pro operace na finan\u010dn\u00edch trz\u00edch.\r\n\r\nV sektoru kryptom\u011bn se licen\u010dn\u00ed re\u017eimy teprve formuj\u00ed. V mnoha jurisdikc\u00edch \u2013 v\u010detn\u011b EU \u2013 jsou poskytovatel\u00e9 virtu\u00e1ln\u00edch aktiv (VASP) definov\u00e1ni jako subjekty vy\u017eaduj\u00edc\u00ed registraci \u010di licenci pro \u010dinnosti jako sm\u011bna kryptom\u011bn, custody slu\u017eba \u010di spr\u00e1va tokenizovan\u00fdch aktiv. V \u010desk\u00e9m prost\u0159ed\u00ed se od roku 2023 uplat\u0148uje povinnost registrace VASP u \u010cesk\u00e9 n\u00e1rodn\u00ed banky podle z\u00e1kona o platebn\u00edm styku a AML\/KYC p\u0159edpis\u016f. Licence \u010di registrace zahrnuje implementaci mechanism\u016f hodnocen\u00ed rizika pran\u00ed \u0161pinav\u00fdch pen\u011bz, dodr\u017eov\u00e1n\u00ed pravidel cestov\u00e1n\u00ed finan\u010dn\u00edch tok\u016f (travel rule) a pravideln\u00fd reporting transakc\u00ed nad stanoven\u00e9 limity.\r\n\r\nZ pohledu finan\u010dn\u00edch trh\u016f i kryptom\u011bn je z\u00e1sadn\u00ed ot\u00e1zka technologick\u00e9 neutrality a regulace zalo\u017een\u00e9 na \u010dinnostech, nikoliv na druhu technologie. Tradi\u010dn\u00ed licen\u010dn\u00ed modely jsou \u010dasto adaptov\u00e1ny, aby reflektovaly specifika blockchainov\u00fdch s\u00edt\u00ed \u2013 nap\u0159\u00edklad nemo\u017enost reverze transakc\u00ed nebo decentralizovan\u00e1 spr\u00e1va. V\u00fdzvou z\u016fst\u00e1v\u00e1 vybalancovat pot\u0159ebu d\u016fkladn\u00e9 regulace a minimalizovat n\u00e1klady a administrativn\u00ed z\u00e1t\u011b\u017e pro nov\u00e9 projekty, \u010d\u00edm\u017e se sni\u017euje riziko tzv. regula\u010dn\u00edho arbitr\u00e1rn\u00edho p\u0159esunu aktivit mimo regulovan\u00e9 oblasti.\r\n\r\nDo budoucna lze o\u010dek\u00e1vat prohlubov\u00e1n\u00ed integrace licen\u010dn\u00edch re\u017eim\u016f finan\u010dn\u00edch a kryptom\u011bnov\u00fdch slu\u017eeb. Pl\u00e1novan\u00e9 \u00fapravy evropsk\u00e9 legislativy, jako je MiCA (Markets in Crypto\u2011Assets Regulation), maj\u00ed vytvo\u0159it jednotn\u00fd trh pro virtu\u00e1ln\u00ed aktiva v EU a stanovit jednotn\u00e9 licen\u010dn\u00ed podm\u00ednky. Sou\u010dasn\u011b se roz\u0161i\u0159uje diskuse o digit\u00e1ln\u00edch centr\u00e1ln\u00edch bankovn\u00edch m\u011bn\u00e1ch (CBDC), kter\u00e9 by mohly zcela redefinovat pojet\u00ed elektronick\u00fdch pen\u011bz a jejich licencov\u00e1n\u00ed. V\u00fdsledkem by m\u011bla b\u00fdt pru\u017en\u00e1, technologicky neutr\u00e1ln\u00ed regulace, je\u017e podpo\u0159\u00ed inovace a z\u00e1rove\u0148 zajist\u00ed stabilitu i ochranu investor\u016f.","link":"https:\/\/cryptodnes.bg\/cz\/tag\/licence\/","name":"licence","slug":"licence","taxonomy":"post_tag","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CryptoDnes Czech<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"cs_CZ\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"CryptoDnes Czech\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"CollectionPage\",\"@id\":\"https:\\\/\\\/cryptodnes.bg\\\/cz\\\/tag\\\/licence\\\/\",\"url\":\"https:\\\/\\\/cryptodnes.bg\\\/cz\\\/tag\\\/licence\\\/\",\"name\":\"licence - 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