According to @julian2kwan, the RWA licensing environment has shifted from a no-blueprint phase to a mature regime where regulators now have 5-6 years of proposal experience, resulting in higher approval standards and long applicant queues that make licensing harder in a new way for both web2 and web3 firms, source: @julian2kwan. Kwan noted that earlier movers like IxsFinance pursued licensing ahead of the curve and are positioned for a coming global surge in RWAs, source: @julian2kwan. Kwan’s description highlights execution and approval timing constraints that traders should consider when tracking RWA initiatives, source: @julian2kwan.