French Regulator Approves LISE As Europe’s First Tokenized Exchange

Paris-based Lightning Stock Exchange (LISE) has secured approval from France’s financial regulator, ACPR, to operate as the first fully tokenized equity exchange in Europe.

The license, granted under the EU’s Distributed Ledger Technology Pilot Regime, allows Lise to merge trading and settlement within a single blockchain infrastructure, a structure designed to streamline equity issuance and secondary trading.

The authorization, according to industry sources, was shaped with input from the Banque de France, ESMA, AMF, and the European Central Bank, establishing Lise as a fully regulated counterpart to traditional exchanges.

It combines the functions of a Multilateral Trading Facility (MTF) and a Central Securities Depository (CSD), offering real-time, atomic settlement. Backed by BNP Paribas, CACEIS, and Bpifrance, Lise targets small and midcap European companies valued under €500M, with at least half of listed issuers expected to be SMEs.

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