The topic of RWA (Real World Assets) has been widely discussed in the community, but frankly, most projects are stuck in the same vicious cycle: wanting compliance means exposing all data, while protecting privacy makes regulatory approval difficult. Traditional financial institutions are watching blockchain technology closely but are also sticking to the principle of "data confidentiality first," making them hesitant to truly jump in.

Tokenization of real-world assets sounds simple, but the actual operation is much more complex than just issuing an NFT. Taking the example of bringing securities worth 300 million euros onto the chain, issuers worry about competitors arbitraging transaction details or sensitive information being leaked, while regulators require every transaction to be traceable and auditable. These two demands are often contradictory, like two natural enemies.

The truly interesting solutions come from the application of zero-knowledge proofs. Without revealing specific transaction amounts or participant identities, they can prove to regulators that the transaction fully complies with regulations—like a metaphor: you pass an exam, and the teacher knows your score but doesn't need to see how you solved each question. This "precise fuzziness" perfectly meets the dual needs of institutional investors who want to protect trade secrets but must also comply with regulations.

What is most worth paying attention to is not just promises on paper but real projects in practice. The Dutch stock exchange NPEX has tokenized securities worth 300 million euros on the blockchain, using zero-knowledge proof technology to handle custody and transaction privacy issues, while fully complying with the EU MiCA regulatory framework. It is well known that doing financial compliance in Europe is challenging, and successfully implementing such a project under strict regulation proves that this is not just a theoretical technical solution but a feasible path tested in real-world scenarios.