#RWA与代币化资产 Seeing Hong Kong's move, what flashes through my mind is the ICO boom of 2017. Back then, everyone was shouting revolution and disrupting finance, but most projects vanished into smoke, leaving behind a mess of trapped retail investors. History always teaches us that the power of technology and the wisdom of regulation must go hand in hand; otherwise, it’s a disaster.

This wave of RWA is different. Hong Kong’s push for stablecoin regulations and the establishment of a regulatory sandbox are not about restricting innovation but about protecting it through a systemic framework. Over my more than ten years in the industry, I’ve seen countless projects and deeply understand one principle: compliance costs are high, but the cost of violations is even higher.

What I find truly interesting is this perspective—industry players boldly experimenting with combining RWA and Web3. What does this mean? It means we are finally moving out of the phase of "virtual assets self-indulgence" and beginning to connect the on-chain world with the real economy. Real estate, bonds, art, supply chain assets... once tokenized, these will see a qualitative leap in liquidity.

But I’ve also seen too many overhyped projects. RWA is not a magic key; underlying infrastructure, risk assessment, and compliance certification—any problem in these areas can cause the entire system to collapse. Hong Kong emphasizes developer ecosystems, which is correct—ecosystem determines survival rate.

Looking into 2024 and beyond, asset tokenization is indeed the main trend, but those that will truly survive are not the most radical concepts, but those that tightly integrate compliance and innovation. This time, I am willing to believe in the power of the system.