• Lise has obtained an EU license to launch Europe’s first tokenized inventory trade for small and medium-sized enterprises.
• The DLT TSS license allows blockchain-based buying and selling and cost infrastructure.
• Lise is planning its first tokenized IPO in early 2026, backed by a significant French financial institution.

Lightning Inventory Change (Lise), a brand new buying and selling platform headquartered in France, has obtained a Distributed Ledger Expertise Buying and selling and Settlement (DLT TSS) license from the Authority for Prudential Supervision and Decision (ACPR).

The approval is a significant step in the direction of the launch of what Leeds says is Europe’s first absolutely tokenized inventory trade solely for small and medium-sized enterprises (SMEs).

“This approval permits us to function Europe’s first equity-only tokenized inventory trade,” Mark Kepenegyan, managing director of Lise, mentioned in a LinkedIn assertion saying the milestone.

Backed by main French monetary establishments similar to BNP Paribas and BPI France, Lise operates as a subsidiary of Cliptown. Cliptown is an organization branded as a “neo trade for start-ups and small companies” that focuses on digital property.

The trade goals to bridge conventional finance and blockchain innovation, offering a regulated venue for small and medium-sized enterprises to boost capital by means of tokenized fairness choices.

Perceive the DLT TSS license and its position

The DLT TSS license falls beneath the European Union’s DLT pilot scheme, which supplies a regulatory framework for market infrastructure utilizing distributed ledger expertise.

The DLT pilot regime, launched in March 2023, governs the buying and selling and settlement of monetary devices that qualify as cryptoassets beneath the Markets in Monetary Devices Directive (MiFID II).

In accordance with Lise, this license will allow the creation of next-generation market infrastructure by integrating each market and post-trade capabilities inside a single system.

This method combines the roles of a Multilateral Buying and selling Facility (MTF) and a Central Securities Depository (CSD), enabling a extra streamlined and environment friendly buying and selling atmosphere.

The corporate described the transfer as a “important change in the way in which monetary markets function” and instructed that blockchain-based funds have the potential to considerably cut back transaction prices and processing occasions whereas enhancing transparency and safety.

Tokenized IPO scheduled to launch in 2026

Lise’s approval follows its emergence from stealth in April 2025, when the corporate outlined a mission to “basically rethink” the idea of an preliminary public providing (IPO).

By leveraging blockchain expertise, Lise plans to create a safe and cost-effective different to conventional listings.

“The primary tokenized IPO is anticipated to happen in early 2026, following completion of issuer onboarding and ultimate operational readiness testing,” Kepenegyan instructed Cointelegraph.

The corporate hopes its debut tokenized IPO will function a proof of idea for its mannequin, with plans to tokenize 10 extra IPOs in 2027.

This initiative has attracted consideration from a number of main European banks.

In August, Caseis, the asset companies arm of French banking group Credit score Agricole, acquired a minority stake in Kliptown to assist the event of Leeds.

Mr. Caseis mentioned the transfer is in step with the corporate’s long-term digital asset technique and dedication to remodeling monetary market infrastructure.

Lise’s tokenization drive comes as momentum for tokenized securities grows throughout Europe.

Earlier this 12 months, crypto exchanges similar to Gemini and Kraken started providing tokenized securities to EU prospects beneath the EU’s evolving regulatory framework.

With regulatory approval and assist from present monetary gamers, Lise’s entry marks a milestone in Europe’s transition to blockchain-based capital markets and has the potential to reshape the way in which small and medium-sized companies entry capital within the digital age.