Lise Wins EU’s First License for Tokenized Stock Exchange
France’s Lise Exchange has change into the primary European platform licensed to commerce and settle listed shares solely on blockchain.
The milestone marks a significant leap within the area’s regulated digital asset infrastructure.
France Leads Europe’s Shift to 24/7 Regulated Digital Markets
The Autorité de contrôle prudentiel et de résolution (ACPR), Banque de France, and Autorité des marchés financiers (AMF) granted the corporate a DLT Trading and Settlement System (DLT TSS) license. The license operates underneath the European Central Bank (ECB) and the European Securities and Markets Authority (ESMA) oversight.
Lise is now the primary alternate to mix the features of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD). The MTF matches patrons and sellers, whereas the CSD data possession of natively tokenized equities. These tokenized shares exist solely as cryptographic data however retain full shareholder rights and ISIN codes.
Instant Settlement Meets Institutional Regulation
The launch comes amid a surge in tokenized belongings. The 2025 RWA Report shows that their market has grown 224% since early 2024. The information indicators speedy institutional adoption throughout Treasuries, credit score, and equities. Lise’s mannequin may anchor this shift towards tokenized equities inside the EU’s regulatory perimeter.
ESMA’s June 2025 evaluation of the DLT Pilot Regime discovered solely three energetic infrastructures: CSD Prague, 21X AG, and 360X AG. It recommended decreasing entry obstacles to draw main issuers. The report additionally recognized Lise and Kriptown as superior French candidates and confused that entry to central financial institution cash stays key for scaling.
Salman Banaei, Plume’s General Counsel, instructed BeInCrypto that compliance with KYC, AML, asset backing, and clear redemption is important for institutional belief.
From imaginative and prescient to actuality: the story of a market shift
Globally, regulators are converging on related requirements. The US Securities and Exchange Commission has approved Plume as a registered switch agent for tokenized securities, linking on-chain shareholder information with the DTCC. In Europe, Standard Chartered Bank has expanded its custody partnership with OKX. The transfer permits establishments to commerce whereas conserving belongings underneath financial institution custody in step with MiCA. Meanwhile, Ondo Global Markets has onboarded over $300 million in tokenized shares and ETFs in only one month, strengthening Europe’s real-world-asset (RWA) ecosystem.
Together, these developments mark tokenization’s evolution from pilots to mainstream finance. For Europe, Lise’s license locations Paris on the forefront. It bridges blockchain effectivity with central-bank credibility and lays the muse for an always-on capital market.
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