The Hong Kong Policy Declaration 2.0 ignites the RWA track. How to bridge the last mile of issuance?

Text|RWA Knowledge Circle

RWA Knowledge Circle

1. Policy tailwinds create trillion-level market opportunities

The Hong Kong Special Administrative Region Government's latest release of the "Digital Asset Development Policy Declaration 2.0" clearly aims to promote the tokenization of physical assets such as precious metals, non-ferrous metals, and renewable energy. This move has instantly ignited the market's enthusiasm for the tokenization of real-world assets (RWA). Predictions from Redstone indicate that between 2030 and 2034, 10%-30% of global assets will complete the tokenization transformation. In the face of this blue ocean, enterprises are eagerly preparing, but they must recognize that the design of the token economic model and the construction of a compliance framework are key to success or failure. If the incentive mechanism is unbalanced or relies on an inefficient DAO governance system, it can easily lead to conflicts of interest between enterprises and token holders.

2. The Tokenization Predicament Under Regulatory High Walls

As Hong Kong actively promotes 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 constrained by 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 framework introduced by the SEC in 2019 further constricted the compliance space, particularly forming a fatal constraint for small and medium-sized enterprises—they are both unable to bear the costs of multinational legal teams and difficult to cope with the regulatory arbitrage risks of different jurisdictions. This pressure forces companies to turn to private equity financing—developing agreements supported by venture capital, with tokens distributed only after completion. To avoid regulatory risks, companies may even need to completely sever ties with the agreements they developed, avoiding holding tokens or conducting value guidance. Although this model of "transferring governance rights + commoditization of complementary goods" achieves formal compliance, it buries deep-seated hidden dangers.

Three, the threefold structural risks come to light.

The current model is exposing three major fatal flaws:

The misalignment of incentive mechanisms forces companies to channel value towards the equity side, weakening the vitality of the token economy.

DAO governance falls into an inefficient cycle, with incentive distortions in the foundation's operations, while collective decision-making becomes rigid due to insufficient participation from token holders.

The legal risks have not been fundamentally eliminated, and the SEC continues to investigate related enterprises. For small and medium-sized enterprises, these risks are exponentially magnified: legal consulting costs easily reaching millions of dollars consume limited funds, cross-border compliance processes extend the issuance cycle by 6 to 12 months, and the unlimited liability risks of DAOs are more likely to bankrupt entrepreneurs.

Despite the establishment of dedicated regulatory frameworks for digital assets in places like the United States and Singapore, the professional empowerment of the RWA Accelerator in optimizing economic models, designing compliance frameworks, and planning operational strategies remains the core hub to bridge the "last mile" of issuance. It addresses challenges through three core services: constructing standardized compliance templates to reduce legal costs by over 90%, designing a DAO limited liability structure to eliminate joint liability risks, and establishing a cross-border compliance fast track to compress the issuance cycle to within 3 months.

4. The Key Path to Compliance Breakthroughs

Reducing securitization risks requires a reconstruction of the rights distribution system. The RWA Accelerator can decouple economic rights, voting rights, information rights, and legal enforcement rights, separating on-chain control from legal entities. This design allows the control rights conferred by tokens to exist independently—even if the founding team exits, the on-chain power mechanism continues to operate. Unlike securities holders, the asset rights of token holders are fully defined by code and are economically independent. Although their value partially relies on off-chain operations, the compliant architecture design of the accelerator can effectively avoid the regulatory boundaries of securities law.

5. The Future Landscape of Technological Evolution and Regulatory Integration

The gap between equity and token rights is being rapidly bridged through technological iteration. Mainstream blockchain technology has achieved the proceduralization of corporate actions such as dividend distribution and equity splitting, and compliant security tokenization is gradually becoming the industry standard solution. Although the current compliance path can mitigate fundamental risks, small and medium-sized enterprises still face three advanced challenges when pursuing globalization: in terms of technological gaps, the ongoing shortage of blockchain development talent continues to drive up adaptation costs, forcing core aspects such as cross-chain asset mapping to rely on external support, while the rapid iteration of public chain standards puts enterprises under continuous pressure for technological upgrades; regarding regulatory fragmentation, there are significant differences in the recognition standards for "independent operating protocols" among major financial centers, leading to regulatory conflicts in key markets between off-chain asset audit requirements and governance token taxation; in terms of legal vacuum, there are fundamental discrepancies in different judicial systems regarding the nature of "ultimate control" for token holders, and the vast majority of regions have yet to establish a clear legal framework for the liability of decentralized organizations.

The global three-dimensional dilemma characterized by accelerated technological iteration, fragmented regulatory standards, and ambiguous legal definitions highlights the core value of the RWA accelerator: based on the regulatory sandbox mechanisms in places like Hong Kong/Singapore, dynamically calibrating regional compliance solutions to provide localized technological adaptation plans, while simultaneously building cross-jurisdictional liability isolation mechanisms. When technological standards, regulatory frameworks, and professional services form a synergistic effect, the RWA sector will experience explosive growth, and those who take the lead will undoubtedly reap the first wave of industry dividends.