责任编辑：陈钰嘉 2025年全年，美国证券交易委员会（SEC）备案文件中提及区块链的次数呈激增态势，截至8月提及次 数已达约8000次，且这一高位水平一直维持至11月。 在备案文件的提及增量中，比特币相关内容占据主导地位，在所有备案相关表述中占比最大。这一集中 趋势源于2024年初多只现货比特币ETF成功推出后，相关备案及修订文件数量大幅增加；而在2025年全 年，传统资产管理机构也在持续扩充其加密货币相关产品线。 比特币相关提及量的持续高位，与首次代币发行（ICO）、通用加密货币等类别所呈现的周期性波动模 式形成鲜明对比，这表明机构的关注焦点已逐渐向比特币汇聚，将其视为传统金融切入加密领域的主要 合规路径。 2025年全年，美国证券交易委员会（SEC）备案文件中提及区块链的次数呈激增态势，截至8月提及次 数已达约8000次，且这一高位水平一直维持至11月。 在备案文件的提及增量中，比特币相关内容占据主导地位，在所有备案相关表述中占比最大。这一集中 趋势源于2024年初多只现货比特币ETF成功推出后，相关备案及修订文件数量大幅增加；而在2025年全 年，传统资产管理机构也在持续扩充其加密货币相关产品线。 比特 ...

Group 1 - The concept of Real World Assets (RWA) involves tokenizing tangible and intangible assets through blockchain technology, allowing for digital representation and trading of these assets [1][2] - RWA is seen as a bridge between traditional finance and decentralized finance (DeFi), with various financial institutions exploring tokenization of deposits, bonds, and other assets [2][3] - The regulatory framework in Hong Kong has been evolving to support RWA, with initiatives like the Ensemble tokenization sandbox launched by the Hong Kong Monetary Authority and the Securities and Futures Commission [3][4] Group 2 - RWA differs from previous blockchain applications like NFTs and ICOs, as it focuses on real asset value, with tokens representing actual asset rights such as real estate and bonds [5][6] - The tokenization process for RWA is based on assets that have legal recognition and measurable cash flows, contrasting with the speculative nature of NFTs and the high-risk profile of ICOs [5][6] - Current challenges in RWA include asset verification, cross-border structuring, and governance, with many projects still in early stages and facing regulatory hurdles [6][9] Group 3 - There is a growing interest in RWA projects in mainland China, particularly in sectors like renewable energy, but regulatory differences pose challenges for companies looking to issue RWA in Hong Kong [8][9] - Companies must establish special purpose vehicles (SPVs) to navigate the regulatory landscape and ensure compliance when tokenizing assets across borders [9][10] - The financial attributes of RWA align more closely with traditional capital market logic, necessitating a thorough understanding of the underlying asset's legitimacy and compliance requirements [9][10]