As the intersection between traditional finance and blockchain technology and crypto assets deepens, RWA is becoming a replacement for traditional financial tools such as securitization and IPO. A better solution brings new ideas and new methods to the circulation and trading methods of assets.

Simply put, the basic process of compliant issuance of RWA projects is as follows: Select the right assets ➡ Determine the issuance plan ➡ Asset evaluation and audit ➡ Building tokenization The platform issues tokens ➡ Obtained regulatory approval for compliance issuance

Today, Sajie's team combines practical experience and the latest RWA success stories to "choose the underlying assets" Let’s talk about RWA with three perspectives: “Selecting the Issuing Plan” and “Selecting the Issuing Region”.

From the practical experience of Sajie's team, it is the most important thing to issue RWA projects at this stage The core is to learn to correctly select the underlying assets for issuing RWA projects.

Authentic, crypto assets are becoming an important tool for reconstructing the world's financial landscape, but due to the limitations of our cognition and the differences in the basic national conditions of each country, the new generation The development and popularity of things (especially things with financial attributes) must go through a slow process, which leads to the different acceptance of crypto assets in different countries and jurisdictions. Therefore, correctly selecting an underlying asset will help to give RWA projects a more reasonable, reliable and visual "value"; on the other hand, there are also Helps become a truly viable "financial innovation" project in the eyes of regulators, rather than an illegal fundraising or financial fraud project.

From the current successful RWA projects with relatively loud voices and good compliance in my country's market, the choice of underlying assets generally has the following characteristics :

(1) Physical assets;

(2) Has the attributes of "green economy" ;

(3) Can generate stable cash flow;

(4)The overall value of the production is moderate and the market price is stable in the long run.

It is worth noting that the reason why there are currently many low-level assets with "green economy" attributes is mainly because most companies choose to issue RWA. The land is in Hong Kong, my country, and is issued in compliance through the Ensemble sandbox launched by the Hong Kong Monetary Authority. At present, the first phase of the Ensemble sandbox experiment is to tokenize traditional financial assets and real-world assets, focusing on four topics: (1) fixed income and investment funds; (2) liquidity management; (3) Green and sustainable finance; (4) and trade and supply chain financing.

Among them, green and sustainable finance are basically the key items that our local companies are most likely to bet on scores when selecting RWA underlying assets. , Therefore, the two successful projects we have seen in the market at present: the charging piles of a new group and the photovoltaic power station of a Xin Technology are all such underlying assets.

Of course, with the development of the entire market and the increase in opportunities for overseas RWA platforms, Sa Jie's team believes that the "green economy" will still be the choice of underlying assets. One of the important considerations at the time, but it will not become the decisive factor. After all, the essence of underlying assets is the core of giving RWA projects value. It is the key to be able to generate stable cash flow and have high market recognition.

From the current market practical experience, RWA currently has two main issuance plans, one is the Direct issue model (Direct issue model) ); one is the Asset-Backed Model.

The so-called direct issuance model, partners can simply understand it as a relatively simple ICO, which is usually the owner of the asset as the issuer at the same time, and As an accounting tool, blockchain issues corresponding tokens while registering assets. This model is currently used more frequently on overseas private RWA platforms. Since my country's 2017 "Announcement of the People's Bank of China and Seven other departments on Preventing the Risk of Token Issuance and Financing" (9.4 Announcement) clearly stated that the ICO behavior is "illegal disclosure without approval without approval" After the financing behavior, this model has basically disappeared in my country.

The asset support model has gradually become the mainstream choice for the issuance of RWA projects in compliance (mainly in Hong Kong), and in essence, there are a large number of issuance plans for this kind of issuance.Drawing on the idea of ​​"asset securitization" in traditional finance, although ICOs also require to issue tokens, this type of token can actually be regarded as a new securities that can represent the economic rights and interests of underlying assets. In actual operation, the asset issuer will register the underlying assets in a system outside the blockchain. After a third party purchases the assets, it will introduce traditional licensed custody institutions to custody the underlying assets, and then the issuer will ICO in accordance with the corresponding proportion.

In general, the compliance of the asset support model is higher than that of the direct issuance model, which is more in line with the idea of ​​Hong Kong in my country, but the issuance cost will also be higher. , so it is more suitable for underlying assets of a larger scale.

At present, the RWA track around the world is a period of blooming and "barbaric" growth. Except for a few other countries, my country, take the lead in crypto assets. With strict regulatory measures and jurisdictions, a large number of RWA projects are developing rapidly, and the methods and platforms of issuance are varied.

Combined with our practical experience, Sajie team believes that our company wants to complete financing through the combination of its own high-quality products and the crypto world, and the first choice of RWA issuance The region is still Hong Kong. This is mainly based on two considerations.

First of all, the Hong Kong Monetary Authority has established the Ensemble sandbox. The purpose of this sandbox is to explore the establishment of innovative financial market infrastructure based on blockchain platforms. The issuance of tokenized assets and the technical interoperability between tokenized deposits and wCBDC are the focus of sandbox project testing, so a good RWA is likely to shine in sandbox projects.

Secondly, several mainland companies have had successful issuance experience in Hong Kong, and the regulatory standards of Ensemble Sandbox are already clear. If compliance requirements can be met , the possibility of carrying out RWA in Hong Kong is high. Moreover, the current financing scale of RWA has reached the level of 100 million yuan, which is almost equivalent to a small IPO. The financing benefits that RWA can bring to customers are actually not small.

Combined with the above advantages, when my country has not yet established a sandbox for RWA regulatory measures and ICO behaviors that are explicitly prohibited, RWA in Hong Kong may be a Chinese enterprise. Optimal solution.

Sa Jie's team reminds that the construction of Hong Kong's capital market is relatively mature, which requires our local enterprises to go to Hong Kong.When RWA is in compliance with Hong Kong's financial regulatory requirements. The issuance cost of RWA naturally includes the due diligence requirements for traditional asset securitization business: professional lawyers, accountants, etc. need to conduct due diligence on underlying assets to confirm that the ownership of assets is clear and compliant, and ensure that on-chain data and authenticity are ensured. Asset anchorage, smart contract compliance, etc.

In general, Sajie's team believes that RWA will gradually become a thriving financial tool in the future, providing enterprises with a newer and more effective financing channels. However, there are also many suspected frauds on the market with RWA skins. For example, the Sajie team once received a consultation from a customer, who claimed that they had more than a dozen genuine "Ru Kiln" products and wanted to use them as their underlying assets. Issuing RWA... So, friends should keep their eyes open, never invest blindly, and be careful not to be deceived.