The crypto space has been touting RWA tokenization, but few projects have actually been implemented. Recently, I saw a collaboration case between Dusk Network and the licensed Dutch exchange NPEX, which finally clarified what true asset onboarding looks like.

This partnership is not just a simple combination of blockchain and finance. They built a complete system, which I will break down into three parts.

**Technology Layer**: Provided by Dusk as the underlying support. The key is their Zedger privacy token standard—specifically designed for financial assets. What's the biggest concern when onboarding assets? Privacy leaks and regulatory blind spots. Zedger allows authorized parties to audit transaction records through its underlying protocol, protecting user privacy while meeting compliance requirements. This truly solves a major problem.

**Regulatory License**: Managed by NPEX. They are a legitimate entity regulated by the Dutch Financial Markets Authority (AFM), equipped with KYC/AML processes and financial operation qualifications. This means all on-chain activities are within a regulatory framework from start to finish, not just skirting the edges.

**Real Assets**: The existing assets on the NPEX platform—over €300 million worth of tokenized bonds, fund shares, and other tangible assets. These are not made-up altcoins but traditional assets with clear legal ownership, cash flows, and valuation.

When these three components come together, the ecosystem gets up and running. Dusk’s token acts as both network fuel and governance tool.

From a broader perspective, this case provides a path for global small and medium exchanges and investment banks: instead of building a blockchain from scratch, they can directly leverage existing compliant infrastructure, combined with their licenses and asset pools, to quickly launch the next generation of financial services. Real-time settlement, global liquidity, automated compliance—these once-fantastical ideas are now truly becoming reality.