With the continuous development of the global digital economy and Web3 technology, tokenization of Real World Assets (RWA) is gradually becoming an important direction for connecting traditional finance and blockchain ecosystems. In order to explore the operational mechanism, market status, potential regulatory considerations, and potential impact on the Chinese market of RWA, Beijing Gaopeng (Yangzhou) Law Firm and Jiangsu Sushui Xuntong Certified Public Accountants jointly released a research report titled "RWA Development Research Report 2025: Legal, Regulatory, and Market Outlook" today. This report can be regarded as the first RWA field research report jointly released by legal and financial institutions in China, hoping to provide some reference for compliance exploration of asset digitization.

The release of this report coincides with a period of transformation in global financial markets. The challenges faced by traditional finance in terms of asset liquidity, trading efficiency, and entry barriers make RWA seen as a potential force for improvement. RWA aims to transform real assets such as real estate, bonds, and commodities into on chain digital tokens through blockchain technology, in order to enhance asset liquidity, transparency, and accessibility. Some argue that RWA may bring certain optimizations to traditional financial infrastructure and potentially inject new vitality into the market.

The RWA Development Research Report 2025 analyzes the core logic of RWA, which attempts to map real-world value to the digital world through asset digitization and on chain ownership confirmation, on chain circulation and trading, smart contract automation, and oracle bridging of off chain data. The report elaborates on several potential values that RWA may bring: firstly, it aims to enhance asset liquidity and market efficiency, attempting to solve the problems of traditional assets being difficult to divide and having poor liquidity; Secondly, it may enhance investment accessibility and inclusive financial value, and lower the investment threshold for certain high-yield assets; Thirdly, utilizing the transparency and immutability of blockchain may help enhance the transparency and security of assets; Fourthly, RWA attempts to introduce the value of real assets into the decentralized finance (DeFi) ecosystem, which may unleash the composability of the DeFi ecosystem and promote the emergence of some innovative financial products; Finally, compared to volatile crypto native assets, RWA products may have relatively stable cash flow and return characteristics in certain situations, or help diversify investment portfolio risks.

Report Table of Contents

At the global regulatory level, the report provides a preliminary overview of the regulatory frameworks for RWA and stablecoins in major economies, demonstrating a gradually forming consensus on regulatory trends. From the principle of "same activities, same risks, same regulations" advocated by the International Financial Stability Board (FSB), to the implementation of the European Union's "Crypto Asset Market Regulation" (MiCA), to the exploration of digital assets in the United States, Singapore, and Hong Kong, the world is trying to build a relatively complete digital asset regulatory system. Especially the "Hong Kong Digital Asset Development Policy Declaration 2.0" released by the Hong Kong Special Administrative Region government also indicates its willingness to explore in the field of digital assets.

For the Chinese Mainland market, the report briefly discusses the development status of RWA and "Real Data Assets (RDA)" and their possible compliance challenges. In combination with the RWA project practice in Chinese Mainland, the report preliminarily analyzes the legal and technical considerations under the "blockchain+Internet of Things" model, and provides some thinking directions for domestic investors to participate in RWAs, including the legal interpretation of foreign exchange control and cross-border capital flow restrictions, as well as tax considerations and risk management system construction of domestic and foreign tax policies. The report believes that in the context of the integration of digital economy and real economy in Chinese Mainland, RWA may be a possible way to activate the value of data elements and promote industrial upgrading.

Looking ahead, the report provides an outlook on the evolution of RWA market size, institutional involvement, the role of stablecoins, and the potential of emerging RWA asset classes such as computing power, while also pointing out potential legal and technological challenges that may accompany them.

The research results jointly released by Gaopeng Law Firm and Su Tax Certified Public Accountants are based on the knowledge accumulation of both parties in their respective professional fields, hoping to provide a multidimensional observation for the RWA field through the combination of legal and financial perspectives. The main authors of the report, Lawyer Zhang Yunhao and Certified Public Accountant Qiu Meiyuan, both believe that the reform of digital assetization and asset digitization cannot be achieved without close cooperation between law firms and clubs. Law firms provide guidance for innovative solutions in legal compliance, structural design, and risk prevention; Accounting firms provide support in tax planning, asset valuation, and financial consulting.

The release of this report aims to provide some new perspectives for industry participants and investors interested in RWA, and to assist the industry in further research and exploration of the digital finance field.

View the RWA Development Research Report 2025: Legal, Regulatory, and Market Outlook

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