Lightning Stock Exchange (Lise), a new stock exchange headquartered in France, is entering the market with bold ambitions to launch a fully tokenized equity exchange dedicated to small and medium-sized enterprises (SMEs).
France’s Prudential Supervision and Resolution Authority (ACPR) has issued Lise a DLT trading and settlement (TSS) license, paving the way for its tokenized equity exchange in Europe.
“This approval authorizes us to operate the first tokenized stock exchange dedicated to equities in Europe,” Lise managing director Mark Kepeneghian said in a statement.
Backed by major French banks such as BNP Paribas and Bpifrance, Lise is a subsidiary of Kriptown, which positions itself as a “neo-exchange for startups and SMEs” with a focus on digital assets.
What is the DLT TSS license?
The DLT TSS license is an authorization under the European Union’s DLT Pilot Regime, or a set of regulations for market infrastructures using distributed ledger technology (DLT).
Entered into force in March 2023, the DLT Pilot Regime provides the legal framework for trading and settlement of transactions in crypto assets that qualify as financial instruments under the Markets in Financial Instruments Directive (MiFID II).
The DLT TSS license enables Lise to create the next-generation market infrastructure, combining “both market and post-trade functions within a single infrastructure,” the company said.
Rethinking IPOs with tokenization
Lise’s DLT TSS license news came months after the firm emerged from stealth in April 2025 with a mission to “fundamentally rethink” the concept of the initial public offering (IPO).
“Lise is developing a unique market infrastructure powered by asset tokenization,” the company said at the time, emphasizing that this approach ensures a high level of security while reducing the costs associated with IPOs and 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.
Targeting a launch in the first quarter of 2026, the executive stated that Lise’s first tokenized IPO would serve as a proof-of-concept for the model, and the firm expects to tokenize 10 more IPOs in 2027.
Crédit Agricole among investors
Some major European banks have placed a bet on Lise’s tokenization efforts in IPOs.
Caceis, the asset servicing banking group of the French banking giant Crédit Agricole, acquired a minority stake in Kriptown to support Lise’s launch in August.
“With this move, Caceis reaffirms its commitment to driving transformation in the financial sector and fostering digital ecosystems that promote innovation,” the company said, adding:
“The investment is in line with Caceis’ long-term strategy for digital assets, which it has been pursuing for several years to support the transformation of market infrastructure.”
Lise’s tokenization efforts in Europe mark a milestone in the growing trend for tokenized securities, with major crypto exchanges such as Gemini and Kraken debuting tokenized securities products for EU customers earlier this year.