- Lise gains EU license to launch Europe’s first tokenized equity exchange for SMEs.
- The DLT TSS license enables blockchain-based trading and settlement infrastructure.
- Lise plans its first tokenized IPO in early 2026, backed by major French banks.
Lightning Stock Exchange (Lise), a new trading platform headquartered in France, has secured a Distributed Ledger Technology Trading and Settlement (DLT TSS) license from the Prudential Supervision and Resolution Authority (ACPR).
The approval marks a major step toward launching what Lise describes as Europe’s first fully tokenized equity exchange dedicated to small and medium-sized enterprises (SMEs).
“This approval authorizes us to operate the first tokenized stock exchange dedicated to equities in Europe,” said Lise’s managing director, Mark Kepeneghian, in a LinkedIn statement announcing the milestone.
Backed by leading French financial institutions including BNP Paribas and Bpifrance, Lise operates as a subsidiary of Kriptown — a company that brands itself as a “neo-exchange for startups and SMEs” focused on digital assets.
The exchange aims to bridge traditional finance with blockchain innovation, offering a regulated venue for SMEs to raise capital through tokenized equity offerings.
Understanding the DLT TSS license and its role
The DLT TSS license falls under the European Union’s DLT Pilot Regime, which provides a regulatory framework for market infrastructures using distributed ledger technology.
Introduced in March 2023, the DLT Pilot Regime governs the trading and settlement of financial instruments that qualify as crypto assets under the Markets in Financial Instruments Directive (MiFID II).
According to Lise, the license enables the creation of next-generation market infrastructure by integrating both market and post-trade functions within a single system.
This approach combines the roles of multilateral trading facilities (MTFs) and central securities depositories (CSDs), allowing for a more streamlined and efficient trading environment.
The company described the move as a “profound shift in how financial markets operate,” suggesting that blockchain-based settlement could significantly reduce transaction costs and processing times while improving transparency and security.
Tokenized IPOs set for launch in 2026
Lise’s approval follows its emergence from stealth in April 2025, when the company outlined its mission to “fundamentally rethink” the concept of initial public offerings (IPOs).
By leveraging blockchain technology, Lise plans to create a secure and cost-efficient alternative to traditional public listings.
“The first tokenized IPOs are expected to take place in early 2026, following the completion of issuer onboarding and final operational readiness testing,” Kepeneghian told Cointelegraph.
The company expects its debut tokenized IPO to serve as a proof-of-concept for its model, with plans to tokenize 10 additional IPOs in 2027.
The initiative has attracted attention from several major European banks.
In August, Caceis — the asset servicing arm of French banking group Crédit Agricole — acquired a minority stake in Kriptown to support Lise’s development.
Caceis said the move aligns with its long-term digital asset strategy and commitment to transforming financial market infrastructure.
Lise’s tokenization push comes amid growing momentum for tokenized securities across Europe.
Earlier this year, crypto exchanges such as Gemini and Kraken began offering tokenized securities to EU clients under the bloc’s evolving regulatory framework.
With its regulatory approval and backing from established financial players, Lise’s entry marks a milestone in Europe’s shift toward blockchain-based capital markets — one that could reshape how SMEs access funding in the digital age.
