What financial-grade details need to be fulfilled on the 'NPEX line'? Let's not talk about privacy concepts, execution layer architecture, token economics, or repeat the points mentioned earlier. Because if NPEX is to undertake tokenized securities, it fundamentally hinges on the completeness of exchange-level processes, rather than just a statement of 'supporting RWA'.
Firstly, there is asset admission and holder management. Securities cannot be transferred casually like ordinary tokens; they inevitably involve whitelists, investor classifications, transfer restrictions, and in certain cases, mandatory freezing or recovery mechanisms. If NPEX is to truly launch, it must transform these rules into configurable, auditable, and reusable modules, rather than letting each issuer write their own set of contracts and hope for the best. For me, the maturity of this aspect directly determines whether it can engage with institutional issuers, rather than merely staying at the level of 'conceptual cooperation'.
Secondly, the trading process itself. Securities trading is not just about 'sending a swap'; it must at least express real demands such as limit orders, matching, partial fills, order cancellations, and settlement delays. More importantly, a large number of compliance events will arise during the trading process: an account triggers a position limit, a transaction triggers geographic restrictions, a transfer requires additional disclosure or approval. If NPEX wants to run steadily, these events must be clearly recorded and auditable to restore the transaction chain, otherwise, you cannot explain to regulators 'why the system allowed or rejected this transaction'.
Thirdly, post-issuance management. The most troublesome aspect of securities is not the issuance itself, but the subsequent corporate actions and information disclosures: dividends, stock splits, buybacks, voting, beneficiary changes, and rights confirmation under multi-party custody. If NPEX does not have a clear asset lifecycle management system, practical usage will be stuck at 'not knowing how to maintain after issuance'. I will be very concerned about whether it can standardize these actions into processes, rather than leaving them for offline manual handling.
Finally, the integration with on-chain privacy capabilities. Here, I will not repeat the technical details; I will only state the requirements: transaction and holding information should not be exposed to the entire network by default, but the system must be able to provide compliance proof and verifiable records when the rules require it.
