Hong Kong's first RWA industry white paper released: The idea that everything can be RWA is a false proposition

PANews reported on August 7th that, according to 36Kr, the "Real-World Asset Warranty (RWA) Industry Development Research Report - Industry Edition 2025" was released in Hong Kong today, systematically proposing criteria and a framework for RWA asset screening. With the rapid development of the tokenization of real-world assets (RWAs), the market has been rife with the idea that "everything can be RWA." The report points out that not all assets are suitable for RWA tokenization, and that the notion of "everything can be RWA" is a false proposition. Assets that successfully achieve large-scale implementation must meet three key thresholds: value stability, clear legal title, and verifiable off-chain data.