France Approves First Fully Tokenized Stock Exchange for SMEs
France is taking a major step toward modernizing financial markets with the launch of Lightning Stock Exchange (Lise) — a new platform designed to enable fully tokenized equity trading for small and medium-sized enterprises (SMEs). The exchange, backed by BNP Paribas, Bpifrance, and Crédit Agricole, plans to hold its first tokenized IPO in early 2026, potentially reshaping how European companies raise capital.
The Prudential Supervision and Resolution Authority (ACPR) granted Lise a DLT Trading and Settlement (TSS) license, officially authorizing it to operate a tokenized equity exchange under the European Union’s DLT Pilot Regime. This framework allows financial instruments to be issued, traded, and settled on distributed ledger technology (DLT) — the same system underpinning blockchain.
“This approval authorizes us to operate the first tokenized stock exchange dedicated to equities in Europe,” said Mark Kepeneghian, managing director of Lise.
A New Model for IPOs Through Tokenization
Lise’s approach seeks to reinvent the initial public offering (IPO) process by using tokenization to make listings faster, cheaper, and more transparent. Traditional IPOs often involve multiple intermediaries, extended timelines, and high costs. By contrast, tokenized IPOs allow investors to purchase blockchain-based representations of shares, simplifying issuance and settlement in real time.
“Lise is developing a unique market infrastructure powered by asset tokenization,” the firm said, highlighting that this model enhances security, reduces costs, and streamlines compliance.
The first tokenized IPOs are expected in the first quarter of 2026, following system testing and issuer onboarding. Lise plans to tokenize up to 10 additional IPOs in 2027 as part of its expansion phase.
Financial institutions are taking note. Crédit Agricole’s asset servicing unit, Caceis, recently acquired a minority stake in Lise’s parent company, Kriptown, to support the exchange’s rollout.
“This investment aligns with our long-term strategy for digital assets and underscores our commitment to transforming market infrastructure,” Caceis said in a statement.
The Future of Tokenized Securities in Europe
The emergence of Lise comes amid a growing European push toward tokenized financial markets. Earlier this year, major platforms such as Gemini and Kraken introduced tokenized securities products for EU investors.
By targeting SMEs — often underserved by traditional exchanges — Lise aims to democratize access to public capital, offering a new era of efficiency and innovation in European finance.
France’s first tokenized stock exchange may mark the beginning of a broader shift toward blockchain-based capital markets across Europe.
Disclaimer
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