Az Ondo Finance SEC-hez beny\u00fajtott no-action k\u00e9r\u00e9se az\u00e9rt fontos, mert nem csak \u00fajabb tokeniz\u00e1ci\u00f3s rekl\u00e1m. A k\u00e9rd\u00e9s az, hogy egy szab\u00e1lyozott broker-dealer modellben haszn\u00e1lhat\u00f3-e publikus blokkl\u00e1nc az \u00e9rt\u00e9kpap\u00edr-jogosults\u00e1gok nyilv\u00e1ntart\u00e1s\u00e1ra \u00e9s adminisztr\u00e1ci\u00f3j\u00e1ra.<\/p>\n
Ha erre a piac m\u0171k\u00f6d\u0151 v\u00e1laszt kap, a tokeniz\u00e1lt \u00e9rt\u00e9kpap\u00edrok nem csak DeFi-s term\u00e9kek, hanem a hagyom\u00e1nyos p\u00e9nzpiaci infrastrukt\u00fara kieg\u00e9sz\u00edt\u0151 r\u00e9teg\u00e9v\u00e9 v\u00e1lhatnak.<\/p>\n
Az Ondo saj\u00e1t magyar\u00e1zata<\/a> szerint a no-action request c\u00e9lja annak tiszt\u00e1z\u00e1sa, hogyan t\u00e1mogathatj\u00e1k a broker-dealerek az \u00fcgyfelek tokeniz\u00e1lt \u00e9rt\u00e9kpap\u00edr-jogosults\u00e1gait publikus blokkl\u00e1nc-rekordon. A SEC-hez beny\u00fajtott \u00edr\u00e1sos anyag<\/a> nem azt \u00e1ll\u00edtja, hogy a jogi keret felesleges, hanem azt keresi, hogyan lehet a megl\u00e9v\u0151 szab\u00e1lyozott kereteket blokkl\u00e1ncos nyilv\u00e1ntart\u00e1ssal \u00f6sszeilleszteni.<\/p>\n Ez a k\u00fcl\u00f6nbs\u00e9g kulcsfontoss\u00e1g\u00fa. A tokeniz\u00e1lt \u00e9rt\u00e9kpap\u00edr nem att\u00f3l lesz int\u00e9zm\u00e9nyi, hogy tokenk\u00e9nt jelenik meg, hanem att\u00f3l, hogy az elsz\u00e1mol\u00e1s, custody, jogosults\u00e1g \u00e9s megfelel\u00e9s kezelhet\u0151 marad.<\/p>\n A CryptoBriefing \u00f6sszefoglal\u00f3ja<\/a> szerint az Ondo a DTCC tokeniz\u00e1ci\u00f3s \u00f6kosziszt\u00e9m\u00e1j\u00e1hoz \u00e9s a termel\u00e9si keresked\u00e9si ir\u00e1nyokhoz is kapcsol\u00f3d\u00f3 narrat\u00edv\u00e1ban mozog. Ez azt jelzi, hogy az RWA-piac 2026-ban m\u00e1r nem csak tokeniz\u00e1lt kincst\u00e1rjegyekr\u0151l sz\u00f3l, hanem a teljes \u00e9rt\u00e9kpap\u00edr-\u00e9letciklus \u00fajragondol\u00e1s\u00e1r\u00f3l.<\/p>\n Ha a szab\u00e1lyoz\u00f3k engedik a k\u00eds\u00e9rletez\u00e9st, a publikus blokkl\u00e1ncok nem a t\u0151zsdei infrastrukt\u00fara hely\u00e9re, hanem annak audit\u00e1lhat\u00f3, programozhat\u00f3 kieg\u00e9sz\u00edt\u0151 r\u00e9tegek\u00e9nt jelenhetnek meg.<\/p>\n Az Ondo k\u00e9r\u00e9se nem garant\u00e1l \u00e1tt\u00f6r\u00e9st. A no-action folyamat lass\u00fa, \u00f3vatos \u00e9s er\u0151sen jogi term\u00e9szet\u0171. De ha a modell m\u0171k\u00f6dik, az a tokeniz\u00e1ci\u00f3t k\u00f6zelebb viheti ahhoz, amit az int\u00e9zm\u00e9nyek val\u00f3ban keresnek: nem spekulat\u00edv tokent, hanem szab\u00e1lyozott, elsz\u00e1molhat\u00f3, audit\u00e1lhat\u00f3 p\u00e9nz\u00fcgyi infrastrukt\u00far\u00e1t.<\/p>\n Nem p\u00e9nz\u00fcgyi tan\u00e1csad\u00e1s. Ez szab\u00e1lyoz\u00e1si \u00e9s piaci h\u00e1tt\u00e9relemz\u00e9s.<\/p>\n Ondo Finance\u2019s SEC no-action request is not just another tokenization headline. It asks how broker-dealers could support customer use of public blockchains for tokenized securities recordkeeping within a regulated framework.<\/p>\n The key issue is not whether securities can be represented as tokens. It is whether custody, settlement, entitlement records and compliance can remain robust enough for institutional markets.<\/p>\n This is regulatory analysis, not financial advice.<\/p>\n<\/details>","protected":false},"excerpt":{"rendered":" Az Ondo no-action k\u00e9r\u00e9se nem egyszer\u0171 kript\u00f3s PR: arr\u00f3l sz\u00f3l, hogyan illeszthet\u0151 a publikus blokkl\u00e1nc a szab\u00e1lyozott \u00e9rt\u00e9kpap\u00edr-infrastrukt\u00far\u00e1ba.<\/p>","protected":false},"author":1,"featured_media":4993,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[482,448,705,99],"tags":[918,823,916,481,152,265,917],"class_list":["post-3421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-intezmenyi","category-kripto-es-fintech","category-szabalyozas","tag-dtcc","tag-kriptoblog-hu","tag-ondo-finance","tag-rwa","tag-sec","tag-tokenizacio","tag-tokenizalt-ertekpapirok"],"_links":{"self":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/3421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/comments?post=3421"}],"version-history":[{"count":2,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/3421\/revisions"}],"predecessor-version":[{"id":5066,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/posts\/3421\/revisions\/5066"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media\/4993"}],"wp:attachment":[{"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/media?parent=3421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/categories?post=3421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kriptoblog.hu\/en\/wp-json\/wp\/v2\/tags?post=3421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Mi\u00e9rt \u00e9rdekli ez a piacot?<\/h2>\n
A nagy k\u00e9rd\u00e9s<\/h2>\n
Sources<\/h2>\n
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English version<\/summary>\n
In Short<\/h2>\n