Core Viewpoint - The article discusses the significant gap between the heated discussions around Real World Assets (RWA) and their actual implementation, highlighting the potential to bring trillions of dollars in physical assets into the blockchain space, thus initiating a new era of value interconnection [2]. Group 1: Compliance Costs - The compliance costs for issuing RWA are extremely high due to the "same risk, same regulation" principle adopted by Hong Kong regulators, which leads to initial RWA projects being concentrated in low-risk standardized products like money market funds and government bonds [3]. - Once RWA assets move beyond these low-risk products, compliance costs increase exponentially, as seen with Robinhood's attempt to tokenize standardized assets in Europe, which drew regulatory scrutiny [3]. - Many RWA projects in Hong Kong involve assets located in mainland China, adding extra regulatory costs related to sensitive data and cross-border capital [3]. Group 2: Investor Behavior - Currently, RWA projects in Hong Kong's sandbox are limited to qualified investors, primarily institutions, which leads to more rational investment decisions and reduces the likelihood of speculative behavior [4]. - An example is provided where a real estate token financing project failed due to the high premium over market value, demonstrating that qualified investors are less likely to take risks compared to retail investors [5]. Group 3: Future Outlook - The company expresses optimism about the future of RWA projects, citing the proven credibility of blockchain technology in providing decentralized trust and the potential for tokenizing quality assets to lower transaction costs [6]. - The ultimate goal is to democratize access to high-quality assets, which are currently monopolized by traditional financial institutions, aligning with the direction of Hong Kong's Web3.0 efforts [6].
德林控股陈宁迪：拥抱优质金融资产，拥抱未来！