RWA and the Structural Shift in Global Capital Markets
As the global financial architecture evolves, tokenisation of real-world assets (RWA) is emerging as a structural force reshaping capital markets. From family offices seeking stable cross-border allocations to asset managers looking for new digital financing models, RWA is becoming a critical focus area.
Within this shift, Switzerland is quietly positioning itself as a strategic hub connecting China and the European Union, and linking traditional assets with blockchain-native financial systems.
The Structural Value of RWA: Turning Traditional Assets into Financial Infrastructure
At its core, RWA enables real-world assets such as real estate, private equity, receivables, or credit instruments to be digitised, fragmented, and issued in a compliant, on-chain format. This unlocks massive pools of illiquid assets, enhancing tradability and financing efficiency.
RWA is not just a technical solution. It requires coordinated execution across legal, financial, and compliance domains. For asset managers and family offices, it introduces new capabilities:
- Enhanced Liquidity
Assets previously considered illiquid can now be priced and exited through on-chain marketplaces. - Cross-Border Allocation Efficiency
Compliant tokenisation lowers legal friction and trust costs in international deployment. - Access to Diversified Asset Classes
Investors can reach high-quality assets previously out of scope due to geographic, structural, or regulatory constraints.
Why Switzerland? A Strategic Jurisdiction for Institutional RWA
As global regulators tighten controls and compliance risks increase, Switzerland offers a unique combination of neutrality, regulatory clarity, and financial infrastructure strength making it a preferred jurisdiction for RWA deployment.
- Regulatory Leadership
Switzerland was among the first to define clear digital asset classifications. FINMA’s guidance on payment, utility, and security tokens provides a robust legal foundation for compliant token issuance.
- Legal Infrastructure
Swiss law supports trusted asset custody, SPV structures, and investor protections. This allows the creation of secure RWA issuance frameworks that meet both Chinese and European legal and tax standards.
- Financial Center of Gravity
Zurich, Lugano, and other financial hubs concentrate private banks, custodians, and digital asset service providers making Switzerland one of Europe’s most competitive issuance centers for on-chain financial products.
A Bridge for Chinese and European Asset Owners
Chinese high-net-worth families and corporates continue to expand internationally, while European manufacturers and luxury groups are exploring new financing structures. Switzerland provides a trusted, low-friction platform where these interests converge.
Three key trends illustrate this shift:
- Chinese asset holders are moving offshore structures to Switzerland for enhanced creditworthiness and access to European markets.
- Italian firms show growing interest in on-chain capital solutions that preserve traditional equity governance while gaining financial flexibility.
- Family offices are evolving from early curiosity to formal allocation interest in RWA but still lack full execution capability and reliable information flow.
Switzerland vs. Hong Kong: A Jurisdictional Perspective
Switzerland
Structured, Mature, and Legally Robust
Switzerland offers a highly developed legal and regulatory framework. FINMA began regulating digital assets as early as 2018, and RWA issuance can rely on SPVs, trusts, and custodial accounts for asset segregation and investor protection. The DLT Act, integrated into civil and corporate law, provides stability for long-term institutional deployment.
Hong Kong
Flexible and Rapidly Evolving
With a common law foundation and regulatory innovation from the SFC, Hong Kong is accelerating its support for digital assets and tokenisation. RWA projects benefit from its flexible structuring options and open regulatory stance. However, challenges remain regarding integration with Mainland China’s data, capital, and compliance controls. These limitations may affect scalability and innovation for RWA use cases originating from or relying on China’s domestic environment.