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香港首份RWA产业白皮书发布:呼吁建立全流程风险和合规管理体系
Guo Ji Jin Rong Bao·2025-08-07 14:38

Core Insights - The report titled "RWA Industry Development Research Report: Industry Volume 2025" challenges the overly optimistic view of the "everything can be RWA" narrative, proposing a systematic framework for asset selection [1][4] Group 1: RWA Tokenization Standards - Not all assets are suitable for RWA tokenization; the notion of "everything can be RWA" is deemed a fallacy [4] - Successful assets for large-scale implementation must meet three criteria: value stability, clear legal rights, and verifiable off-chain data [4] Group 2: Current Market Trends - The RWA industry is transitioning from concept validation to practical application, with a total locked value (TVL) of RWA reaching $12.5 billion as of June 2025, a 124% increase from 2024 [5] - Major global banks like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [5] - Ant Group has launched a blockchain platform, Jovay, designed for institutional RWA trading, significantly enhancing throughput and reducing user response time [5] Group 3: Asset Types and Applications - Various asset types are being tokenized, including financial assets like gold and bonds, renewable energy assets like charging stations and photovoltaics, real estate, intangible assets like carbon credits and intellectual property, and computing power assets like GPUs [6] - Renewable energy RWA represents a "Chinese characteristic," showcasing the potential of green finance and real economy financing [6] - Despite exploration in real estate RWA, challenges such as property registration discrepancies and valuation inconsistencies persist [6] Group 4: Regulatory Environment - The rise of RWA is attributed to multiple factors, including the lack of liquidity in traditional assets, advancements in blockchain technology, and changing market demands [7] - Regulatory bodies are adopting a transparent regulatory principle and sandbox testing mechanisms to provide clear compliance pathways for industry innovation [6][7] - Countries are implementing licensing systems to create market barriers while establishing regulatory sandboxes for controlled testing of innovative applications [6][7]