RWA发展研究报告2025法律、临管与市场前瞻.pdfVIP

摘要····································································································································5

致谢····································································································································6

一、引言：RWA的崛起与数字金融新范式·······························································7

1.1RWA概念、定义与核心逻辑······················································································7

1.2RWA兴起的背景：传统金融痛点与区块链赋能··················································9

1.3RWA的分类与典型案例分析····················································································10

1.4RWA与传统加密货币的本质区别与融合趋势····················································12

二、RWA的投资价值与优势深度剖析···································································15

2.1提升资产流动性与市场效率······················································································15

2.2增强投资可访问性与普惠金融价值········································································16

2.3提升透明度与安全性···································································································17

2.4释放DEFI生态可组合性····························································································18

2.5收益稳定性与风险分散价值·····················································································18

三、全球RWA监管框架与政策演进：比较分析·················································20

3.1国际组织（FSB,BCBS,BIS）的监管原则与最新报告解读·····························20

3.2美国RWA与稳定币监管：GENIUS法案、SEC立场与HOWEY测试的最

新应用与挑战························································································································22

3.3欧盟MICA法规对RWA的影响与实施进展······················································23

3.4新加坡MAS的RWA与数字资产监管实践··················