# Q1-Q4: 2023 Compliance Acceleration

### 2023 Q1: Project Rise and Defects Exposure

Many RWA projects have emerged in the virtual market, but the shortcomings of immature technology, insufficient liquidity, and vague compliance have become prominent, and the market is skeptical about its sustainability.

### 2023 Q2: Market Participation Increases

Institutions and individuals are accelerating their layout in the RWA field (such as real estate and bond tokenization), but the projects are highly homogeneous and lack substantial asset anchoring.

### 2023 Q3: Hong Kong's regulatory framework is clarified

Hong Kong has issued clear virtual asset regulations, clearly supporting the direction of RWA, and many exchanges have obtained licenses to promote the compliance process.

### 2023 Q4: Risk Exposure and Regulatory Response

Hong Kong has accelerated the stablecoin sandbox pilot, but some RWA projects in the market are suspected of Ponzi schemes (high-yield promises, capital disk models), which has caused concerns about asset transparency and regulatory enforcement.
