Dusk's Citadel KYC system issues NFT-based "licenses" — a user gets verified once (for something like age or residency), a License Provider issues a consumable license on-chain, and a Service Provider can then verify that license off-chain without ever seeing the underlying personal data. The whole identity layer is already live and functional. But when I looked into what this compliance infrastructure was actually built for, it turns out Dusk's regulatory partner NPEX currently only holds an MTF (Multilateral Trading Facility) license — the DLT-TSS license, which is what's actually needed to natively issue and tokenize regulated assets on-chain, is still "in progress." So the privacy-preserving identity layer is sitting there fully ready, but the actual legal gateway for the regulated asset issuance this system was designed to support is still waiting on approval.

If the identity infrastructure matured before the asset issuance layer did, the question is: what's actually bottlenecking the RWA pipeline — the tech, or the regulation?
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