一文读懂“RWA的标准化流程”

Core Insights - The article discusses the standardized process of tokenizing Real World Assets (RWA) into blockchain-tradable tokens, emphasizing the importance of legal compliance, technical implementation, and market operations. Group 1: Asset Selection and Evaluation - The process begins with asset selection and evaluation, focusing on assets with clear ownership and stable cash flows, such as commercial real estate, bonds, accounts receivable, green energy projects, and intellectual property [6] - Assets with ownership disputes or legal restrictions on circulation, such as mortgaged properties or certain state-owned equities, are excluded [6] - Legal verification of asset ownership is conducted through lawyers or notary institutions to ensure no encumbrances exist [6] Group 2: Legal Compliance and Structure Design - A compliance framework is established using Special Purpose Vehicles (SPVs) to hold assets and achieve bankruptcy isolation [6] - Licensing and regulatory requirements must be met, including obtaining local licenses for security tokens and adhering to KYC/AML processes [6] - Cross-jurisdictional coordination is necessary for assets that span multiple regions, ensuring compliance with both the asset's location and the issuance location [6] Group 3: Tokenization and Technical Implementation - The tokenization design involves standardization and layered structuring, allowing for different risk preferences through priority and subordinate tokens [4] - The choice of blockchain platform is critical, with options for public chains for global investors or consortium chains for local compliance [6] - Off-chain and on-chain data synchronization is essential for maintaining accurate asset information [7] Group 4: Issuance, Trading, and Ongoing Operations - The issuance process includes defining token distribution, revenue sharing, and redemption rules [8] - Liquidity management strategies are necessary to address potential trading depth issues for niche assets [8] - Continuous operations involve automated revenue distribution through smart contracts, regular asset audits, and compliance reporting to regulatory bodies [8] Group 5: Key Challenges and Strategies - Legal compliance challenges include cross-border judicial conflicts, which can be mitigated by choosing jurisdictions like Singapore and Hong Kong [8] - Data authenticity risks can be addressed through multi-source verification and off-chain notarization [8] - Technical security concerns, such as smart contract vulnerabilities, require third-party audits and insurance mechanisms [8] Conclusion - The essence of the RWA standardization process is a closed loop of legal verification, structured splitting, on-chain mapping, compliant issuance, and ongoing operations, aiming to enhance asset liquidity through tokenization while ensuring strict compliance and technical security [8]