Original Title: "Mankun Research | The Murky RWA Circle, 10 Harsh Truths: Don't Let the Scythe Blind You"
Original Author: Lawyer Shao Jiadian, Mankun Blockchain Legal Services
Recently, the trend of RWA (Real World Assets tokenization) has been sweeping through social media in mainland China. From the blockchain circle to the financial sector, from self-media to investment groups, it seems that overnight, RWA has become synonymous with financial freedom. Various "RWA project parties," "full-service providers," and "mentors" have sprung up like mushrooms after rain, all swearing that RWA is the next big opportunity, and if you miss it, you'll regret it for a lifetime. However, the more bustling this circle becomes, the murkier it appears, filled with those looking to cut leeks, hype up air, and sell anxiety, a mix of good and bad. I can't help but want to pour a bucket of cold water on this—this circle is currently a boiling pot of excrement, with a few chives floating on the surface, while underneath, scythes are bubbling away. Today, we won't discuss technical details; instead, let's peel back this layer of the emperor's new clothes and talk about the 10 most heart-wrenching truths in the RWA circle. Buckle up, and let's hit the road.
Truth 1: RWA is a Financing Tool, Not a Wealth-Making Myth
Many people, upon hearing RWA, imagine a scene of overnight wealth, thinking that tossing any asset onto the blockchain will turn it into a shiny "wealth code." Wake up! The core of RWA is to tokenize real-world assets through blockchain technology, turning them into tradable digital assets. In simple terms, it is a financing tool that helps companies activate their assets or provides investors with more choices. It is not a lottery ticket, nor is it a money printer.
Do you think buying RWA tokens means you've bought a "future hundredfold coin"? Stop dreaming. The revenue model of RWA is not much different from traditional financial products; it relies on the cash flow or appreciation potential of the underlying assets. Those who frequently shout "invest in RWA, achieve financial freedom" are mostly looking to cut your leeks. RWA can help companies solve financing issues, but it has nothing to do with the fantasy of ordinary people getting rich.
Truth 2: Legitimate Compliant RWA Products Are Basically Unavailable to Users in Mainland China
If you think RWA is a "feast that everyone can participate in," then I have to pour the first bucket of cold water on you: truly compliant RWA products, such as those issued in Hong Kong and Singapore, are basically out of reach for users in mainland China. Why? Because compliant RWA products must adhere to strict financial regulations, and issuers must ensure the legality of investors' identities and sources of funds, as well as comply with local securities laws, anti-money laundering laws, and other regulations. RWA products in Hong Kong are aimed at qualified investors, who must have proof of assets worth several million Hong Kong dollars and pass strict KYC (Know Your Customer) and AML (Anti-Money Laundering) checks. As an ordinary retail investor from mainland China, you can't even open an account, let alone buy. Those shouting "everyone can invest in RWA" in WeChat groups and Douyin are not compliant products; most are air coins or Ponzi schemes, specifically targeting your wallet.
Truth 3: Anyone Telling You "Investing in RWA Tokens Can Make Money" is Preparing to Cut Your Leeks
One of the most disgusting aspects of the RWA circle in mainland China is the abundance of "air coins" and "Ponzi schemes." The most surreal thing now is that a group of people who can't even distinguish between ABS and REITs have started teaching others how to play with RWA. Their rhetoric is surprisingly consistent: "Traditional assets have poor liquidity? Just put them on the chain! After going on the chain, they can be traded globally 24/7! Holding them means enjoying asset appreciation"… Does that sound familiar? This is exactly the same slogan as the "blockchain will disrupt everything" mantra during the ICO (Initial Coin Offering) boom. These projects, under the banner of RWA, tell you that investing a few thousand yuan to buy their "RWA tokens" will yield hundredfold returns. Brother, sister, where does such a good thing exist? These so-called RWA tokens have no underlying asset support; even their white papers are plagiarized, purely a case of "empty hands catching a white wolf."
Even more outrageous, some projects engage in multi-level distribution and recruit people for commissions, which is no different from a pyramid scheme. You may see "profits" in the short term after investing, but that's just the front leeks feeding the back leeks; once the Ponzi scheme collapses, your principal won't even bubble up. Don't believe those lies that "RWA is the future of blockchain" or "missing RWA means missing wealth"; real RWA is a serious financial product, not a casino for you to gamble your life savings.
Truth 4: If Companies Want to Do RWA, They Should Find Brokers, Lawyers, and Accountants, Not "Middlemen"
Companies looking to do RWA also need to be discerning. There is a bizarre phenomenon in the RWA circle: a group of self-proclaimed "full-service RWA providers" are more active than brokers, accountants, and lawyers combined. Many "full-service RWA providers" and "mentors" have emerged in mainland China, boasting that they can help you put assets on the chain, issue tokens, and sell globally. Haha, most of these people are just middlemen, doing nothing more than acting as brokers to earn a consulting fee from you.
Doing RWA properly is similar to doing ABS (Asset-Backed Securities) or REITs (Real Estate Investment Trusts); you need to find a professional team of brokers, lawyers, and accountants. They will help you design transaction structures, navigate regulatory approvals, conduct due diligence, and valuation. What can middlemen do? They can't even figure out the compliance process; at most, they can draw you a big pie and charge you a "service fee." If a company wants to do RWA, don't be fooled by these "mentors"; finding reliable financial institutions is the right path.
Truth 5: Not Everything Can Be RWA; Assets That Can't Be Sold Off-Chain Are Useless On-Chain
A classic line in the RWA circle is: "Traditional assets have poor liquidity? Just put them on the chain! After going on the chain, they can be traded globally!" As if any asset tossed onto the blockchain will become a hot commodity. Brother, be realistic! If an asset can't be sold off-chain, why would it sell just because it's on-chain? The essence of RWA is asset securitization, and the core is the quality and revenue model of the underlying assets. If your asset is a mess, like a pile of unwanted inventory or an unsellable office building, putting it on the chain won't change that. Poor asset liquidity fundamentally stems from poor asset quality, and it has nothing to do with being on-chain.
Investors in Hong Kong are not fools; they are smart money. When they invest in RWA, they look at cash flow, risk exposure, and exit mechanisms. Your "annualized 20%" revenue model can be seen through at a glance. RWA is not magic; the logic of assets remains unchanged whether on-chain or off-chain. Those promoting "everything can be RWA" are merely trying to get you to spend money to make mistakes, so they can profit from it.
Truth 6: You Don't Have to Set Up a Entity in Hainan; Data Compliance Isn't That Mystical
There is also a "mystical" operation in the mainland RWA circle: many project parties say that to do RWA, you must set up an entity in Hainan to handle data compliance for outbound data. Please, is it really that exaggerated? Data going abroad does need to be compliant, but national regulations like the "Measures for Security Assessment of Outbound Data" have already established processes; not all data going abroad requires approval, only the cross-border transmission of sensitive data needs to be filed or assessed for safety. The compliance requirements for outbound data depend on various factors, such as the type of data and the outbound scenario; not every situation requires going to Hainan.
Moreover, Hainan's special policies mainly target offshore business in the free trade port, not the only way for RWA. For companies doing RWA, the core is to navigate the compliance process, such as finding lawyers to outline data compliance plans and communicating with regulators for filing. Don't listen to those who say "you must go to Hainan" or "Hainan is the paradise for RWA"; the path to compliance has always been transparent, so why all the twists and turns?
Truth 7: RWA Products in Hong Kong Basically Have No Secondary Market; Global Trading? Dream On!
Another common "myth" in the RWA circle is that RWA tokens can be traded globally, with unbeatable liquidity. What’s the reality? The Hong Kong SFC is particularly cautious about secondary trading; currently, RWA products issued in Hong Kong have only opened up very limited inter-institutional trading. AntChain's charging pile RWA and Xunying Group's battery swap cabinet RWA are essentially still private placement products, and retail investors can't even access the trading interface. Why? Because RWA is essentially securitized assets, subject to strict financial regulation, and trading must comply with securities laws and trading platform rules. Do you think buying an RWA token means you can trade it globally 24/7 like Bitcoin? Dream on! RWA products in Hong Kong are usually traded among institutional investors or qualified investors, and retail investors have no chance to get involved. Those touting "global circulation of RWA" are mostly using "blockchain" as a gimmick; in reality, it's just a closed funding pool. Liquidity? Nonexistent.
Truth 8: The RWA Track is Not a Wealth Code for Ordinary People; Don't Be Fooled by Anxiety Marketing
One of the most annoying aspects of the RWA circle is the overwhelming anxiety marketing. Phrases like "RWA is the future of blockchain," "missing RWA means missing wealth," and "ordinary people can also turn their fortunes with RWA" can really make one feel nauseous. Brother, RWA is a serious financial track that combines asset securitization and blockchain technology; what does it have to do with ordinary people making money? Those who can truly profit from the RWA track are either professional financial institutions or players who understand asset operations. Ordinary retail investors? At most, they can buy some compliant RWA products and earn fixed returns, which is no different from buying bonds. Those promoting "RWA can make you rich overnight" are just trying to get you to spend money on their "courses" or "tokens." Don't let anxiety hijack you; RWA is not your lifeline.
Truth 9: Compliance and Regulation Are the Soul of RWA; RWA Without Compliance is Just an Empty Promise
The greatest value of RWA lies in compliance and regulation. Without these two, what difference does RWA have from air coins? Compliant RWA products must have clear underlying assets, transparent transaction structures, and be subject to scrutiny by financial regulatory agencies. The reason RWA in Hong Kong is reliable is that it is under the strict regulation of the SFC (Securities and Futures Commission of Hong Kong), ensuring the protection of investors' rights. In contrast, how many of those "RWA projects" in mainland China are truly compliant? Most don't even have a white paper; where the assets are and how the returns come are all based on mere words. If you invest money and the project party runs away, who will you cry to? The soul of RWA is compliance and regulation; without these two, any "RWA" is just an unguaranteed empty promise.
Truth 10: The Cost of Issuing RWA is Not Low; It May Be Higher Than Traditional Financing
The last point is that many people think RWA is a "low-cost financing magic tool," but that's not the case at all. The issuance of RWA involves asset evaluation, legal due diligence, transaction structure design, blockchain development, and regulatory approval—what step doesn't cost money? When you add it all up, the cost of issuing RWA may be higher than traditional loans or equity financing. Especially for small and medium-sized enterprises, wanting to issue RWA means facing high upfront costs, such as legal fees, audit fees, and technology development fees. RWA projects in Hong Kong can easily cost several million Hong Kong dollars, which very few mainland enterprises can afford. So, don't listen to those claims that "RWA is the savior for small and medium-sized enterprises"; financing methods should depend on the company's own situation, and RWA is not a cure-all.
Conclusion: Wake Up, RWA is Not Your Lifeline
The purpose of writing this article is not to deny the value of RWA—asset tokenization is indeed a future trend. It makes asset securitization more efficient and transparent, and it is indeed a direction for the combination of blockchain and finance. But the problem is: this circle is currently too restless, too eager for quick success, and treats leeks as fools. The air coins that cut leeks, the anxiety-selling marketing accounts, and the middlemen charging exorbitant fees have turned a serious financial track into a chaotic mess.
Ordinary people wanting to participate in RWA can at most buy some compliant RWA products for stable returns; don't expect to get rich overnight. Companies wanting to do RWA should find professional institutions to navigate the compliance process and not be scammed by "full-service providers." RWA is not a myth, nor is it a casino. Recognize these 10 truths, and don't let your wallet become someone else's leek field. If after reading this article, you still want to jump into the fire pit of RWA—then please, before you jump, tell me your wallet key, and I'll keep it safe for you.
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