AML obligations for non-traditional asset classes?

Been diving into AML requirements lately and something's not quite clear. For traditional banks and brokers, it's fairly straightforward with KYC/CDD. But with the rise of tokenized assets and fractional ownership of real estate or art on blockchains, where does the AML burden typically land? Is it on the platform facilitating the tokenization, or does the individual investor potentially inherit some obligation depending on the jurisdiction and transaction volume? It feels like a gray area, especially when the underlying asset isn't a regulated security. Any insights on how firms are tackling this without stifling innovation?