Text | RWA Knowledge Circle

Editor|RWA Knowledge Circle

1. Policy support creates trillion-level market opportunities

The Hong Kong SAR government's latest Digital Asset Development Policy Declaration 2.0 clearly states that it will promote the tokenization of physical assets such as precious metals, non-ferrous metals and renewable energy. This move instantly ignited the market's enthusiasm for the tokenization of real-world assets (RWA). Redstone predicts that 10%-30% of global assets will complete the tokenization transformation between 2030 and 2034. Faced with this blue ocean, companies are gearing up, but they need to be aware that the design of the token economic model and the construction of a compliance framework are the key to success or failure. If the incentive mechanism is unbalanced or relies on an inefficient DAO governance system, it is very easy to cause a conflict of interest between the company and the token holders.

2. The Dilemma of Tokenization under the High Wall of Regulation

While Hong Kong is actively promoting asset tokenization, global regulatory barriers remain a major obstacle. Taking the United States as an example, the game between token rights and equity has always been subject to a strong regulatory framework. Since the SEC applied the Howey test to the RWA field in 2017, most tokens have been classified as securities. The complex regulatory system introduced by the SEC in 2019 further compressed the compliance space, which was particularly fatal for small and medium-sized enterprises - they could not afford the cost of a multinational legal team, nor could they cope with the risk of regulatory arbitrage in different jurisdictions. This pressure forced companies to turn to private equity financing - supporting protocol development through venture capital, and distributing tokens after completion. In order to avoid regulatory risks, companies even need to completely cut off from the protocols they developed, avoid holding tokens or conducting value guidance. Although this model of "transfer of protocol governance rights + commercialization of complementary products" achieves formal compliance, it lays deep hidden dangers.

3. Triple structural risks emerge

The current model is exposing three fatal flaws:

• Misaligned incentive mechanisms force companies to divert value to the equity side, weakening the vitality of the token economy;
• DAO governance is stuck in an inefficient cycle, with incentive distortions in the foundation’s operations and collective decision-making becoming rigid due to insufficient participation from token holders;
• Legal risks have not been fundamentally eliminated, and the SEC continues to investigate related companies. For small and medium-sized enterprises, these risks are exponentially magnified: millions of dollars in legal consulting costs devour limited funds, cross-border compliance processes extend the issuance cycle by 6-12 months, and the unlimited liability risk of DAOs is more likely to bankrupt entrepreneurs.

Although the United States, Singapore and other places have established exclusive regulatory systems for digital assets, the RWA Accelerator's professional empowerment in economic model optimization, compliance framework design and operational strategy planning is still the core hub for opening up the "last mile" of issuance, and solving the dilemma through three core services: building standardized compliance templates to reduce legal costs by more than 90%, designing a DAO limited liability structure to eliminate joint risks, and establishing a cross-border compliance fast track to shorten the issuance cycle to within 3 months.

IV. The key path to breaking through the compliance bottleneck

Reducing the risk of securitization requires the reconstruction of the rights distribution system. The RWA accelerator can separate the on-chain control rights from the legal entity by deconstructing the right to economic benefits, voting decision-making rights, information rights and legal enforcement rights. This design allows the infrastructure control rights granted by the token to exist independently - even if the founding team withdraws, the on-chain power mechanism continues to operate. Different from securities holders, the asset rights of token holders are completely defined by code and are economically independent. Although their value is partially dependent on off-chain operations, the regulatory boundaries of securities laws can be effectively circumvented through the compliance architecture design of the accelerator.

5. Future prospects of technological evolution and regulatory integration

The gap between equity and currency rights is being bridged rapidly in the process of technological iteration. Mainstream blockchain technology has realized the proceduralization of corporate actions such as dividend distribution and equity split, and compliant securities tokenization has gradually become an industry standard solution. Although the current compliance path can resolve basic risks, small and medium-sized enterprises still face three advanced challenges when they are facing global layout: in terms of technological gap, the shortage of blockchain development talents continues to push up the adaptation cost, and core links such as cross-chain asset mapping are forced to rely on external support, while the rapid iteration of public chain standards forces enterprises to fall into the pressure of continuous technological upgrades; in terms of regulatory fragmentation, there are significant differences in the recognition standards of "independent operation agreements" in major financial centers, and the off-chain asset audit requirements and governance token taxation systems have formed regulatory conflicts in key markets; in terms of legal vacuum zones, different judicial systems have fundamental differences in the nature of the "ultimate control rights" of token holders, and most regions have not yet established a clear legal framework for the recognition of the responsibilities of decentralized organizations.

This global three-dimensional dilemma of accelerated technology iteration, fragmented regulatory standards, and vague legal definitions highlights the core value of the RWA accelerator: based on the regulatory sandbox mechanism in Hong Kong, China, Singapore, etc. , dynamically calibrate regional compliance solutions , provide enterprises with localized technology adaptation solutions, and simultaneously build a cross-legal responsibility isolation mechanism. When technical standards, regulatory frameworks, and professional services form a synergy, the RWA track will usher in explosive growth, and those who take the lead in layout will surely reap the first wave of dividends in the industry.