In a bustling ballroom in central Bangkok, nearly 400 investors, entrepreneurs, and technologists convened at OnChain 2024, Asia’s premiere real-world asset (RWA) conference, signaling a renewed optimism in the web3 industry. Hosted by Saison International, the event served as a testament to the growing interest in the tokenisation of tangible assets, marking a pivotal moment in the evolution of finance.
Addressing the attendees, Kosuke Mori, CEO of Saison International, expressed a sentiment of burgeoning warmth amidst the volatility that often characterises the fintech landscape. His words underscored the burgeoning potential of web3, the latest iteration of the World Wide Web integrating decentralised finance (DeFi), blockchain technologies, and token-based economics.
Real-world assets, encapsulating tangible assets brought onto the blockchain, represent a promising avenue for the future of finance, according to Mori. This sentiment is echoed by the Boston Consulting Group, which forecasts the asset tokenisation market to burgeon to a staggering $16 trillion by 2030, marking a significant milestone for the industry.
Yet, the journey towards realising this lofty ambition is fraught with challenges. Despite its decade-old inception, asset tokenisation has been hindered by technological complexities and regulatory hurdles, impeding its widespread adoption. At OnChain 2024, experts deliberated on the regulatory landscape, underscoring the need for a harmonised approach to navigate the intricate web of compliance requirements across jurisdictions.
Bruno Batavia, Director of Emerging Tech at Valor Capital Group, highlighted the jurisdictional nuances shaping the regulatory framework, emphasizing the global nature of RWAs. Narun Popattanachai, Senior Legal Counsel at the Office of the Council of State Thailand, echoed this sentiment, stressing the multifaceted nature of legal and regulatory compliance.
Despite the challenges, success stories offer glimmers of hope. Henry Zhang, founder of DigiFT, a decentralised exchange for on-chain real-world assets, exemplifies the pioneering spirit driving the industry forward. With a vision rooted in the future of finance, Zhang’s platform has secured a capital markets license from the Monetary Authority of Singapore (MAS), marking a significant milestone in the journey towards mainstream adoption.
However, Zhang acknowledges the uphill battle ahead, citing investor education as a critical barrier to adoption. While the market for tokenised assets remains nascent, the promise of trillions in value looms large, fueling optimism and propelling the industry forward.
In the face of uncertainty, belief in the transformative power of blockchain and decentralised finance remains unwavering. As stakeholders continue to navigate the complexities of the evolving landscape, the journey towards a $16 trillion market for real-world assets is underway, driven by a noble vision of the future of finance.
