According to @julian2kwan, regulated digital-asset rails progressed via 2018 tokenisation, 2019 licensing, 2020 real-world-asset (RWA) infrastructure, 2021 IXS, and indicate 2025 will involve banks and custodians, a timeline traders can use to track institutional market access and venue readiness; source: @julian2kwan (X, Nov 28, 2025). For trading execution and risk control, focus on 2025 bank/custodian custody rollouts, licensing updates, and issuance/flow data in tokenized RWAs as operational milestones implied by this progression; source: @julian2kwan (X, Nov 28, 2025).