I don't think it's a different problem, in the case of those physical certificates, it was always the case that the issuer could change the rules, and make it invalid, same as we've seen with currencies.

Even if we eliminate KYC altogether, which I doubt goes away, you'll always have bitcoin as your fall back, that's your money, you don't need extra layer, bitcoin is the trust layer. When you leave bitcoin you're taking risk, there's no way to mitigate that,

I like RGB don't get me wrong, I just think its a solution still in need of a problem and as shitcoins have proven the need is oversold.