In a landmark step for European finance, Paris-based Lightning Stock Exchange (Lise) has become the first company in Europe authorized to operate a fully tokenized equity marketplace, marking a major breakthrough in the region’s digital asset regulation.
The exchange announced Thursday that it has received a DLT TSS license from France’s banking regulator ACPR, officially bringing blockchain-based stock trading into the mainstream financial system.
A New Model for European Capital Markets
The license, granted under the EU’s Distributed Ledger Technology Pilot Regime, allows Lise to function simultaneously as a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD) within a single digital infrastructure. Developed in coordination with the Banque de France, European Securities and Markets Authority (ESMA), AMF, and the European Central Bank, the approval signals the European Union’s intent to modernize capital markets through secure tokenization frameworks.
Unlike traditional exchanges that rely on multiple intermediaries, Lise’s blockchain-based architecture enables direct issuance, trading, and settlement of tokenized shares, cutting costs and reducing settlement times from days to minutes.
“This license allows us to operate the first fully tokenized equity exchange in Europe, offering a direct response to real-world financing challenges,” said Mark Kepeneghian, CEO of Lise.
Focus on Small and Midcap Companies
Lise’s primary target is the SME and midcap IPO market in France, a sector long constrained by limited access to capital. The platform will cater to companies with market capitalizations below €500 million, aiming for at least half of its listed issuers to be small enterprises under €200 million.
Backed by prominent shareholders including CACEIS (a Crédit Agricole subsidiary), BNP Paribas, and Bpifrance, the exchange aims to democratize equity financing by using tokenization to make investment in smaller firms more accessible and transparent for both retail and institutional investors.
Lise expects to launch its first IPOs in early 2026, focusing on strategic industries such as energy, infrastructure, and defense, areas where capital formation remains essential for Europe’s long-term competitiveness.
Tokenization as Europe’s Financial Frontier
The approval positions France at the forefront of tokenized securities innovation, competing with markets like Switzerland and Singapore that have already advanced in digital asset infrastructure. By embedding distributed ledger technology (DLT) directly into its exchange model, Lise bridges the gap between traditional equity markets and blockchain finance, offering a real-world use case for Europe’s emerging tokenization policy.
For policymakers, Lise serves as a regulatory testbed for how blockchain can be used to streamline compliance, improve market efficiency, and enhance transparency, without disrupting investor protections.
For investors, it signals the beginning of a new phase in European capital markets, one where stocks, bonds, and real-world assets can trade as seamlessly as crypto tokens.
A Preview of Finance’s Digital Future
As the global tokenization race accelerates, France’s approval of Lise underscores a growing shift among regulators toward embracing blockchain-based market infrastructure rather than resisting it. If successful, the Lightning Stock Exchange could inspire a new generation of regulated, digital-first marketplaces, redefining how companies raise capital and how investors gain access to Europe’s growth economy.
With its blend of compliance, innovation, and institutional backing, Lise represents a pivotal experiment in bringing traditional finance onto the blockchain, not as a disruption, but as its next evolution.