- 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