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### 🏗️ RWA Tokenization Issuance Framework (From Asset On-chain to Tokenization)
According to the flowchart in the image, this framework can be divided into **Domestic Compliance Layer**, **Cross-border and SPV Layer**, **Blockchain Layer**, and **Investor Layer**, four core parts:
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#### 1. Domestic Compliance Layer (Real World Asset Confirmation and Custody)
- Underlying Assets: Real world assets to be tokenized (such as real estate, debt, equity, etc.).
- Custodian: Domestic banks or trusts responsible for the custody and confirmation of assets, ensuring clear ownership and asset isolation.
- Operating Entity: Responsible for the daily operation and management of assets, generating asset data through the asset operation service system.