Opinion of: Kevin de Patoul, co-founder and CEO of Keyrock
There is a certain already seen in crypto at the moment. The active of the real world (RWAS), the tokenized funds and the Onchain treasure goods are all fashionable words that we have spoken for years. In 2022, when the media beating exceeded actual adoption, A BCG report Projected that the total size of tokenized assets could reach 16 dollars by 2030. Current market capitalization is $ 50 billion in 2025.
This time, it seems a little different, and it is not only because giants like Blackrock launch monetary market funds in Tokenized or that the USDC of Circle becomes the de facto settlement layer for onchain cash obligations.
This is because the story has finally collided with reality: real companies, real cash flows and real conformity.
However, despite all this momentum, one thing always leads to industry on the verge of regression: the continuation of an idealized regulatory framework.
Progress requires iteration, not perfection
The future of finance is digital. Each asset class, real estate obligations, will possibly exist in a tokenized form, and when it will, it must offer much more than a simple digital replica. Digitization means faster, cheaper and more accessible markets.
None of this matters if institutions cannot allocate a large -scale capital. The institutions are and will always be allergic to uncertainty. The problem is not that the regulators did not act. The current approach favors theoretical exhaustiveness on practical clarity.
In relation: Stablescoin laws are not aligned – and the big fish benefits
Universal frameworks, seamless cross -border rules and global harmonization sound well on paper. In practice, however, they led to paralysis. People talk about tradfi with a “global diet”. But it is not clear if it is strictly true. Basel III in Europe is not the same as banking rules in the United States. The crypto is not unique. Global finance, in general, is partitioned. The expectation of an elusive and unique solution in a size will delay progress.
The reality of this fragmentation is visible on the main markets. In the United States, token actions are clearly defined as titles. Mica offers a welcome global game book in Europe, but its limits are already obvious, especially in fields like DEFI. Singapore authorizes tokenized obligations for institutional investors while blocking the participation of the open retail sale.
These examples are not regulatory failures. They are proof that the regulations are changing. The challenge is not a regulatory ambiguity, but rather the absence of market infrastructure and high demand, with rails in place but ultimately underused. Markets can work with imperfect rules. They cannot work if everyone stays on the sidelines.
The cost of waiting
Institutions do not hesitate because they don’t like blockchain. This is because no one wants to explain to a board of directors or a regulator why they supported the assets that could be considered by retroactively in violation of existing laws.
Banque transition costs are found in dismantling and reconstruction, which makes it difficult to justify this overhaul of what they still consider a niche market. In some regions, you can start capital and services with confidence. In others, even minor license gaps force players to sit on the sidelines.
Uncertainty does not only the slowdown in adoption. The uncertainty increases the cost of legal opinions, obliges companies to ring the fence of whole commercial units and paralyzed cross -border liquidity. Each jurisdiction becomes its own legal mine field. It’s more than a technological problem. This is a systemic problem deeply rooted with regulatory clarity.
Clarity unlocks the capital, even if it’s messy
The truth is that crypto does not need perfect global regulation to prosper. Traditional capital markets have been operating for decades in executives that are far from uniform. What matters is a level of clarity and basic coherence, enough for companies to assess and risk risk. Take a banking shadow: a system of 60 billions of dollars which exists alongside formal and non -external regulations. It’s complex and imperfect, but it works.
It is not a question of deregulation. It is a question of distinguishing the necessary guarantees and inaccessible idealism. The prevention of fraud and the protection of investors, but they do not require a flawless global framework.
For regulators, the way is to prioritize iterative clarity and publication rules even if they are evolving. Progress today are better than perfection tomorrow. For financial institutions, the most important risk is to be late. The tokenization will not expect certainty and agile players are already built in jurisdictions that provide feasible advice. For cryptographic manufacturers, the challenge is to stop waiting for external validation and operating in legal frameworks available today, while actively pressure for progressive improvements.
Tokenization solves real problems – if we leave it
The value of token is not only a novelty for cryptographic initiates. It is a question of solving real problems – of settlement times measured in days, not seconds, in capital linked to reconciliations and asset classes locked behind jurisdictional walls.
Stablecoins showed the plan. When regulators provide clarity, even imperfect clarity, adoption explodes. Tokenized titles can follow – but only if we stop treating the regulations as a binary choice between “perfect” and “broken”. Some criticisms may consider this to be content with mediocrity, but iterative progress is the way in which financial systems mature.
From theory to reality
The crypto has exceeded the memes speculative. We are dealing with positive cash companies that have made real money. If there was a moment to embrace iterative progress, it is now. Companies wishing to operate in a clear, but scalable regulatory environment will define the next chapter of finance.
Progress is equivalent to momentum, not perfection. If the industry is forced to wait on the sidelines in full, the revolution of digital assets will remain frustrating.
Opinion of: Kevin de Patoul, co-founder and CEO of Keyrock.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
