France Launches Lise to Pioneer Europe’s First Fully Tokenized Equity Market

France is taking a major step in modernizing its financial markets with the launch of the Lightning Stock Exchange (Lise), a fully tokenized equity platform designed for small and medium-sized enterprises (SMEs). Backed by leading French banks and armed with a new regulatory license, Lise aims to bring blockchain efficiency to traditional stock listings and reshape how companies go public.

Regulatory Green Light Paves Way for Tokenized IPOs in 2026

Targeting its first tokenized initial public offering (IPO) in early 2026, Lise plans to become Europe’s first fully tokenized equity exchange dedicated to SMEs. Headquartered in France, the platform has obtained a Distributed Ledger Technology Trading and Settlement System (DLT TSS) license from the country’s Prudential Supervision and Resolution Authority (ACPR). 

This authorization marks a significant milestone, enabling Lise to operate as a regulated tokenized stock exchange for equities within the European Union.

Mark Kepeneghian, CEO of Lise, noted that the approval positions the platform as the first regulated tokenized stock exchange for equities in Europe. In his view, this move represents a significant step forward in the region’s push toward a digital market infrastructure. Kepeneghian added that the authorization places Lise at the forefront of Europe’s transition toward digital market infrastructure.

This license allows us to operate the first fully tokenized equity exchange in Europe, offering a direct response to real-world financing challenges. It opens capital markets to SMEs and midcaps, and channels private savings into productive European businesses.

Mark Kepeneghian

Major French financial institutions, including BNP Paribas and Bpifrance, back the exchange. It operates as a subsidiary of Kriptown, which describes itself as a “neo-exchange” for startups and SMEs, bridging traditional finance and digital assets.

Lise Leverages EU’s DLT License to Merge Trading and Settlement on One Platform

The DLT TSS license operates under the European Union’s DLT Pilot Regime, a regulatory framework introduced in March 2023 to oversee the trading and settlement of financial instruments using blockchain-based systems.

The regime creates a controlled environment for market participants to test distributed ledger technology (DLT) while ensuring compliance with the EU’s Markets in Financial Instruments Directive (MiFID II). It also aims to foster innovation without compromising investor protection or market stability.

With this license, Lise can merge trading and post-trade functions within a single digital infrastructure. This structure integrates multilateral trading facilities (MTFs) and central securities depositories (CSDs), enabling transactions to settle more quickly and efficiently—a significant shift in the operation of financial markets.

Lise Prepares to Redefine IPOs with Tokenized Equity Launch in 2026

Lise emerged from stealth in April 2025 with a mission to fundamentally rethink the IPO process through asset tokenization. The company seeks to simplify listings, reduce costs, and expand access to public funding for smaller firms. By issuing shares as digital tokens, Lise aims to streamline investor participation and improve liquidity.

According to Kepeneghian, the first tokenized IPOs are scheduled for early 2026, once issuer onboarding and final operational testing are complete. The initial offering will serve as a proof of concept for Lise’s tokenized equity model, and the exchange plans to launch up to ten additional tokenized IPOs by 2027.

Caceis Joins Lise’s Push to Build Europe’s Tokenized Market Infrastructure

Lise’s vision has drawn strong support from established financial players. Caceis, the asset-servicing arm of Crédit Agricole, acquired a minority stake in Kriptown in August to help finance the exchange’s launch.

Caceis said the investment reinforces its commitment to driving digital transformation in the financial sector. The move aligns with the bank’s broader strategy to expand its footprint in digital assets and build long-term infrastructure for tokenized markets.

Lise’s entry into Europe’s capital markets highlights growing institutional interest in tokenized securities. It follows similar developments from exchanges such as Gemini and Kraken, which began offering tokenized securities products to European investors earlier this year.