国家金融与发展实验室副主任杨涛：并非“万物皆可RWA”，金融创新需要把握好价值与安全“跷跷板”

Core Insights - The rise of technology is profoundly reshaping the financial landscape, with the integration of technology and finance driving innovation and providing robust services to the real economy [1][2] - The discussion around Real World Asset (RWA) tokenization is gaining traction, focusing on low liquidity standardized financial assets, non-standard financial assets, and non-financial entity assets [1][5] Group 1: RWA Tokenization - RWA tokenization refers to mapping real-world assets like real estate, bonds, and art onto the blockchain, represented by a digital certificate [1] - The essence of RWA is to tokenize compliant real-world assets, allowing them to enter the Web3 space, with a focus on improving liquidity and providing new financing channels [5][6] - RWA can lower investment thresholds, making previously exclusive projects accessible to ordinary investors, thus diversifying asset allocation [6] Group 2: Regulatory Considerations - The global regulatory understanding of RWA risks is still in its early stages, necessitating a classification-based regulatory approach based on the underlying asset's attributes and market liquidity [2][10] - Regulatory frameworks should avoid limitations that stifle innovation while ensuring adequate oversight to prevent risks associated with RWA activities [10][11] - The need for a robust compliance framework, including KYC and AML, is essential for managing RWA effectively [10] Group 3: Challenges and Opportunities - While RWA tokenization offers potential benefits, it also faces challenges such as the need for clear property rights and stable asset values to ensure true on-chain value [9] - The liquidity of low-liquidity assets may not be significantly improved if underlying issues persist, indicating that not all assets are suitable for tokenization [7] - The focus should be on enhancing the stability of on-chain financial activities by providing stable underlying assets for decentralized finance (DeFi) [6]