#RWA资产代币化 Seeing the latest quarterly report from the Hong Kong Securities and Futures Commission, my mind flashed back to the scene in 2017. Back then, everyone was shouting about the blockchain revolution, but what was the result? A complete mess. Today, with the tokenized product asset scale surging by 557%, I’m not excited; instead, I find myself falling into a familiar contemplation.

This kind of growth rate alone warrants caution. I have experienced too many narratives of "exponential growth"—each accompanied by frantic investors and regulatory after-the-fact remedies. But this time feels a bit different; Hong Kong’s approach gives me a different impression.

From the wild growth of Bitcoin in 2013, to the ICO bubble in 2017, and now to RWA and tokenized assets, the trajectory is clear—evolving from speculative tools to financial infrastructure. The HK SFC approving 11 spot virtual asset ETFs and 8 tokenized money market funds is not a declaration of innovation victory; it’s a gradual absorption of new technology into the financial system.

What’s most interesting is that regulators are promoting innovation while also warning about risks. In 2017, we didn’t hear such voices, and everyone knows what happened next. This time, risk warnings and market growth are happening simultaneously, indicating that the system has learned. But smart regulation doesn’t mean participants are smart—history tells me that someone will inevitably repeat the mistakes of the previous cycle.

The tokenization market is indeed poised for takeoff, but what I care more about is whether we can avoid repeating the same mistakes this time.