黄金RWA国际发展与前景展望｜封面专题

Core Viewpoint - The article discusses the transformation of physical gold into on-chain digital assets through Real World Asset (RWA) products, highlighting its role as a bridge between traditional finance and the digital economy, while exploring the international development models, challenges, and future prospects of gold RWA [2][3]. International Development Models of Gold RWA - The global gold RWA market exhibits diverse development patterns, shaped by the financial infrastructure, regulatory environment, and market characteristics of different countries and regions [5]. - In the United States, the market is driven by strict regulatory frameworks, with the SEC classifying most RWAs as securities, leading to a market-driven model where private innovation precedes regulatory guidelines [6]. - Europe adopts a legislative-led approach, balancing innovation and regulation, with initiatives like DORA and MiCA to standardize crypto and token businesses, fostering an innovation-friendly environment [7]. - Japan employs a pragmatic regulatory strategy, gradually amending laws to create space for gold RWA development, focusing on compliance and risk control rather than rapid innovation [8]. - Hong Kong aims to become an Asian hub for gold RWA through proactive policies, promoting tokenized gold investment products and enhancing its position as a digital financial center [9]. Challenges Facing Gold RWA Development - Gold RWA faces multiple challenges, primarily in regulatory compliance, technical risks, and market acceptance [11]. - Regulatory and compliance challenges include ensuring clear ownership of physical gold, legal recognition of gold RWA, and adherence to various jurisdictional regulations, complicating cross-border transactions [12]. - Technical risks involve ensuring data security, accurate rights mapping on the blockchain, and addressing vulnerabilities in smart contracts and private key management [13]. - Market acceptance is growing, with a compound annual growth rate exceeding 30%, but liquidity remains a significant issue, as the market lacks a robust liquidity structure to support trading activities [15].