Lise receives DLT license to launch tokenized exchange

French exchange Lise has received a DLT license from ACPR to launch the first tokenized stock exchange for SMEs.

A new stock exchange is emerging in France, Lightning Stock Exchange (Lise), which is preparing to launch a fully tokenized stock market for SMEs.

The ACPR regulator has granted Lise a DLT trading and settlement (TSS) license, paving the way for the launch of Europe’s first tokenized stock exchange.

“This is the authorization for the first tokenized stock exchange in Europe,” said Lise Managing Director Marc Kepenegian.

Backed by big banks

Lise is a subsidiary of Kriptown, which is backed by BNP Paribas, Bpifrance and Crédit Agricole through their Caceis structure.

Kriptown positions itself as a “neo-exchange for startups and SMEs”, with a focus on digital assets and tokenized financial instruments.

What is a DLT TSS license

The DLT TSS license operates within the DLT Pilot Regime — an EU legislative initiative that regulates the use of distributed ledger technology in financial markets.

It allows companies to combine the functions of an exchange (MTF) and a depository (CSD) in a single infrastructure — this simplifies clearing and settlements without intermediaries.

This approach, as Lise notes, “fundamentally changes the way financial markets work.”

Tokenized IPOs — a new format for going public

Lise came out of the shadows in April 2025 with the ambition to “completely rethink IPOs.”

The company is developing a market infrastructure based on asset tokenization, which reduces the costs of public listing and increases security.

The first tokenized IPOs are scheduled for early 2026, after the completion of testing and onboarding of issuers.
In 2027, the company plans another 10 tokenized IPOs, which will serve as confirmation of the viability of the new model.

Crédit Agricole investments and the trend in Europe

Caceis, a subsidiary of Crédit Agricole, acquired a minority stake in Kriptown in August to support the launch of Lise.

This is our contribution to the transformation of financial infrastructure through digital ecosystems,” Caceis said.

The launch of Lise is an important milestone for the tokenized securities market in the EU. Earlier this year, Gemini and Kraken already introduced their solutions for tokenized assets in Europe, and now France is claiming the role of the main tokenization hub in the region.