Lightning Stock Exchange Tokenized IPO Launch Approved in France
DLT License Secured for Tokenized Equity Exchange
Lightning Stock Exchange (Lise), a new French stock exchange, has received a distributed ledger technology (DLT) trading and settlement (TSS) license from France’s Prudential Supervision and Resolution Authority (ACPR). This approval enables Lise to establish the first dedicated tokenized equity exchange for small and medium-sized enterprises (SMEs) in Europe, according to Lise managing director Mark Kepeneghian. Reporting via Cointelegraph.
The DLT TSS license falls under the European Union’s DLT Pilot Regime, which has been in effect since March 2023. This regime provides a legal foundation for market infrastructures utilizing distributed ledger technology for trading and settlement of crypto assets categorized as financial instruments under MiFID II.
Market Impact and Strategic Backing
Lise, a subsidiary of Kriptown and positioning itself as a “neo-exchange” for startups and SMEs, is supported by prominent French banks, including BNP Paribas and Bpifrance. In August, Caceis, the asset servicing group of Crédit Agricole, acquired a minority stake in Kriptown to back the Lise launch.
The DLT TSS license permits Lise to merge market and post-trade functions within a unified structure, combining elements typical of both multilateral trading facilities (MTFs) and central securities depositories (CSDs). “This marks a profound shift in how financial markets operate,” according to the company’s statement.
Caceis indicated its investment supports progress in financial innovation, stating it aims to foster digital ecosystems that advance sector transformation. This move comes amid growing interest in tokenized securities across Europe, as other major platforms like Gemini and Kraken introduced tokenized products for EU customers earlier in 2024.
Next Steps for Lightning Stock Exchange Tokenized IPOs
Lise emerged from stealth in April 2025, announcing plans to “fundamentally rethink” the initial public offering (IPO) process using blockchain-based asset tokenization. The platform claims this approach can deliver enhanced security and significantly lower costs associated with traditional IPOs and public listings.
Lise’s first tokenized IPO is scheduled for early 2026, pending issuer onboarding and final operational testing. The debut offering will serve as a proof-of-concept for the tokenized IPO model. The exchange intends to handle up to ten additional tokenized IPOs throughout 2027, potentially providing greater access to capital markets for European SMEs.
For more updates on crypto and tokenized finance, see the cryptocurrency section on Vizi.
